FXF vs. GBTC
Compare and contrast key facts about Invesco CurrencyShares® Swiss Franc Trust (FXF) and Grayscale Bitcoin Trust (BTC) (GBTC).
FXF is a passively managed fund by Invesco that tracks the performance of the Swiss Franc. It was launched on Jun 26, 2006.
Performance
FXF vs. GBTC - Performance Comparison
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FXF vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.45% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
GBTC Grayscale Bitcoin Trust (BTC) | -22.40% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -82.10% | 1,787.72% |
Returns By Period
In the year-to-date period, FXF achieves a -0.45% return, which is significantly higher than GBTC's -22.40% return. Over the past 10 years, FXF has underperformed GBTC with an annualized return of 1.02%, while GBTC has yielded a comparatively higher 58.56% annualized return.
FXF
- 1D
- 0.62%
- 1M
- -1.96%
- YTD
- -0.45%
- 6M
- -0.01%
- 1Y
- 10.60%
- 3Y*
- 4.51%
- 5Y*
- 2.88%
- 10Y*
- 1.02%
GBTC
- 1D
- 0.55%
- 1M
- -1.56%
- YTD
- -22.40%
- 6M
- -42.46%
- 1Y
- -21.01%
- 3Y*
- 48.01%
- 5Y*
- 0.84%
- 10Y*
- 58.56%
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Return for Risk
FXF vs. GBTC — Risk / Return Rank
FXF
GBTC
FXF vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Grayscale Bitcoin Trust (BTC) (GBTC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FXF | GBTC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.09 | -0.47 | +1.55 |
Sortino ratioReturn per unit of downside risk | 1.82 | -0.41 | +2.23 |
Omega ratioGain probability vs. loss probability | 1.21 | 0.95 | +0.26 |
Calmar ratioReturn relative to maximum drawdown | 2.21 | -0.38 | +2.59 |
Martin ratioReturn relative to average drawdown | 5.49 | -0.80 | +6.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXF | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.09 | -0.47 | +1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.01 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | 0.71 | -0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.67 | -0.50 |
Correlation
The correlation between FXF and GBTC is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FXF vs. GBTC - Dividend Comparison
Neither FXF nor GBTC has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust (BTC) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Drawdowns
FXF vs. GBTC - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for FXF and GBTC.
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Drawdown Indicators
| FXF | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -89.91% | +54.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.82% | -49.55% | +44.73% |
Max Drawdown (5Y)Largest decline over 5 years | -13.03% | -85.80% | +72.77% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -89.91% | +74.87% |
Current DrawdownCurrent decline from peak | -18.73% | -46.10% | +27.37% |
Average DrawdownAverage peak-to-trough decline | -20.87% | -43.48% | +22.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 23.39% | -21.44% |
Volatility
FXF vs. GBTC - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 2.11%, while Grayscale Bitcoin Trust (BTC) (GBTC) has a volatility of 12.99%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.11% | 12.99% | -10.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 36.80% | -31.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.81% | 45.30% | -35.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.31% | 64.19% | -55.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.60% | 82.56% | -74.96% |