FXF vs. GLD
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 0.93%/yr vs 11.05%/yr for GLD. Their 0.43 correlation means their historical movements had little consistent relationship. Both charge a 0.40% expense ratio.
Performance
FXF vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.29% return, which is significantly higher than GLD's -6.25% return. Over the past 10 years, FXF has underperformed GLD with an annualized return of 0.93%, while GLD has yielded a comparatively higher 11.05% annualized return.
FXF
- 1D
- -0.42%
- 1M
- -0.60%
- 6M
- -4.69%
- YTD
- -2.29%
- 1Y
- -0.92%
- 3Y*
- 2.38%
- 5Y*
- 1.77%
- 10Y*
- 0.93%
- ALL TIME*
- 1.67%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.96M | $3.14M | $5.24M | |
| $2.38B | $2.40B | $2.72B |
FXF vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.29% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
GLD SPDR Gold Shares | -6.25% | 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 historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.43 |
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Return for Risk
FXF vs. GLD — Risk / Return Rank
FXF
GLD
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 ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.17 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 0.86 | -0.86 |
| Martin ratioReturn relative to average drawdown | -0.01 | 1.86 | -1.87 |
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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.
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Drawdown Indicators
| FXF | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -45.56% | +9.98% |
Max Drawdown (1Y)Largest decline over 1 year | -7.27% | -26.40% | +19.13% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -26.40% | +17.88% |
Max Drawdown (5Y)Largest decline over 5 years | -11.76% | -26.40% | +14.64% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -26.40% | +11.36% |
Current DrawdownCurrent decline from peak | -20.24% | -25.08% | +4.84% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -16.21% | -4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 12.18% | -9.09% |
Volatility
FXF vs. GLD - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 2.25%, while SPDR Gold Shares (GLD) has a volatility of 6.40%. 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.
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Volatility by Period
| FXF | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 6.40% | -4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 23.52% | -18.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.38% | 28.13% | -20.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 18.49% | -10.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 16.14% | -8.57% |
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
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.
GLD has higher volatility (6.40%) compared to FXF (2.25%). In terms of maximum drawdown, FXF dropped -35.58% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.05% vs 0.93% for FXF. Both ETFs have the same 0.40% expense ratio. On volatility, FXF has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.05% return vs 0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF and GLD have the same expense ratio: 0.40% per year.
FXF and GLD have nearly identical dividend yields, around 0.00%.
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.
GLD currently has the higher Sharpe Ratio (0.81 vs -0.00), 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.
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