FXF vs. GLD

Last updated Jul 12, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and GLD (SPDR Gold Shares) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, FXF returned 1.17%/yr vs 11.48%/yr for GLD. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

FXF vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Swiss Franc Trust (FXF) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXF achieves a -2.34% return, which is significantly higher than GLD's -4.87% return. Over the past 10 years, FXF has underperformed GLD with an annualized return of 1.17%, while GLD has yielded a comparatively higher 11.48% annualized return.

FXF

• 1D: -0.18%
• 1M: -1.55%
• 6M: -1.27%
• YTD: -2.34%
• 1Y: -2.03%
• 3Y*: 2.53%
• 5Y*: 1.93%
• 10Y*: 1.17%

GLD

• 1D: -0.31%
• 1M: -2.47%
• 6M: -9.04%
• YTD: -4.87%
• 1Y: 21.95%
• 3Y*: 28.08%
• 5Y*: 17.38%
• 10Y*: 11.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXF vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-2.34%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
GLD SPDR Gold Shares	-4.87%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between FXF and GLD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.43

Return for Risk

FXF vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXF

FXF Risk / Return Rank: 6
FXF Sharpe Ratio Rank: 7
FXF Sortino Ratio Rank: 6
FXF Omega Ratio Rank: 6
FXF Calmar Ratio Rank: 7
FXF Martin Ratio Rank: 6

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 28
GLD Sortino Ratio Rank: 26
GLD Omega Ratio Rank: 31
GLD Calmar Ratio Rank: 23
GLD Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXF vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and SPDR Gold Shares (GLD). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FXF	GLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	0.84	-1.11
Sortino ratio: Return per unit of downside risk	-0.36	1.20	-1.56
Omega ratio: Gain probability vs. loss probability	0.96	1.17	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.32	0.89	-1.20
Martin ratio: Return relative to average drawdown	-0.75	2.19	-2.95

FXF vs. GLD - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is -0.28, which is lower than the GLD Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of FXF and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXF vs. GLD - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for FXF and GLD.

Drawdown Indicators

	FXF	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-45.56%	+9.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.50%	-26.21%	+19.71%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-26.21%	+17.69%
Max Drawdown (5Y) Largest decline over 5 years	-11.99%	-26.21%	+14.22%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-26.21%	+11.17%
Current Drawdown Current decline from peak	-20.28%	-23.97%	+3.69%
Average Drawdown Average peak-to-trough decline	-20.83%	-16.18%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	10.56%	-7.84%

Volatility

FXF vs. GLD - Volatility Comparison

The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.76%, while SPDR Gold Shares (GLD) has a volatility of 8.27%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	8.27%	-6.51%
Volatility (6M) Calculated over the trailing 6-month period	5.67%	24.05%	-18.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.36%	27.78%	-20.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.30%	18.34%	-10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.56%	16.08%	-8.52%

FXF vs. GLD - Expense Ratio Comparison

Both FXF and GLD have an expense ratio of 0.40%.

Dividends

FXF vs. GLD - Dividend Comparison

Neither FXF nor GLD has paid dividends to shareholders.

Position	TTM	2025	2024	2023
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXF and GLD in my portfolio?

FXF and GLD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXF or GLD?

GLD has higher volatility (8.27%) compared to FXF (1.76%). In terms of maximum drawdown, FXF dropped -35.58% vs GLD's -45.56%.

Which ETF is better, FXF or GLD?

On 10-year performance, GLD leads with 11.48% vs 1.17% for FXF. Both ETFs have the same 0.40% expense ratio. On volatility, FXF has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXF or GLD?

Over the 10-year period, GLD has performed better with a 11.48% return vs 1.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or GLD?

FXF and GLD have the same expense ratio: 0.40% per year.

Which ETF pays a higher dividend yield, FXF or GLD?

FXF and GLD have nearly identical dividend yields, around 0.00%.

What is the main difference between FXF and GLD?

FXF is categorized as Currency, while GLD is Gold. FXF tracks Swiss Franc, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.84 vs -0.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.