FXF vs. IAU

Last updated Jun 9, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and IAU (iShares Gold Trust) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, FXF returned 1.04%/yr vs 12.71%/yr for IAU. At a 0.43 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.25%/yr for IAU.

Performance

FXF vs. IAU - Performance Comparison

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

Returns By Period

In the year-to-date period, FXF achieves a -0.97% return, which is significantly lower than IAU's 0.26% return. Over the past 10 years, FXF has underperformed IAU with an annualized return of 1.04%, while IAU has yielded a comparatively higher 12.71% annualized return.

FXF

• 1D: -0.26%
• 1M: -2.70%
• YTD: -0.97%
• 6M: 0.83%
• 1Y: 2.42%
• 3Y*: 3.92%
• 5Y*: 1.79%
• 10Y*: 1.04%

IAU

• 1D: 0.20%
• 1M: -8.43%
• YTD: 0.26%
• 6M: 3.08%
• 1Y: 30.27%
• 3Y*: 29.88%
• 5Y*: 17.71%
• 10Y*: 12.71%

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

FXF vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-0.97%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
IAU iShares Gold Trust	0.26%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between FXF and IAU is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006	0.43

Return for Risk

FXF vs. IAU — Risk / Return Rank

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

FXF

FXF Risk / Return Rank: 14
FXF Sharpe Ratio Rank: 15
FXF Sortino Ratio Rank: 14
FXF Omega Ratio Rank: 13
FXF Calmar Ratio Rank: 16
FXF Martin Ratio Rank: 15

IAU

IAU Risk / Return Rank: 33
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 31
IAU Omega Ratio Rank: 38
IAU Calmar Ratio Rank: 34
IAU Martin Ratio Rank: 29

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. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and iShares Gold Trust (IAU). 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	IAU	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.14	-0.82
Sortino ratio: Return per unit of downside risk	0.55	1.52	-0.98
Omega ratio: Gain probability vs. loss probability	1.06	1.23	-0.17
Calmar ratio: Return relative to maximum drawdown	0.50	1.52	-1.01
Martin ratio: Return relative to average drawdown	1.10	3.80	-2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXF vs. IAU - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is 0.33, which is lower than the IAU Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of FXF and IAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXF	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	1.14	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.99	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.80	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.61	-0.44

Drawdowns

FXF vs. IAU - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for FXF and IAU.

Drawdown Indicators

	FXF	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-45.14%	+9.56%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-20.04%	+15.22%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-20.04%	+11.52%
Max Drawdown (5Y) Largest decline over 5 years	-13.03%	-20.93%	+7.90%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-21.82%	+6.78%
Current Drawdown Current decline from peak	-19.16%	-19.88%	+0.72%
Average Drawdown Average peak-to-trough decline	-20.84%	-15.97%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	7.99%	-5.79%

Volatility

FXF vs. IAU - Volatility Comparison

The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.78%, while iShares Gold Trust (IAU) has a volatility of 5.64%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	5.64%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	5.59%	23.33%	-17.74%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	26.68%	-19.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	18.02%	-9.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	15.94%	-8.37%

FXF vs. IAU - Expense Ratio Comparison

FXF has a 0.40% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

FXF vs. IAU - Dividend Comparison

Neither FXF nor IAU has paid dividends to shareholders.

Position	TTM	2025	2024	2023
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXF and IAU in my portfolio?

FXF and IAU have a correlation of 0.43, 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 IAU?

IAU has higher volatility (5.64%) compared to FXF (1.78%). In terms of maximum drawdown, FXF dropped -35.58% vs IAU's -45.14%.

Which ETF is better, FXF or IAU?

On 10-year performance, IAU leads with 12.71% vs 1.04% for FXF. On fees, IAU is cheaper at 0.25% per year. On volatility, FXF has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXF or IAU?

Over the 10-year period, IAU has performed better with a 12.71% return vs 1.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.40% for FXF.

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

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

What is the main difference between FXF and IAU?

FXF is categorized as Currency, while IAU is Gold. FXF tracks Swiss Franc, while IAU tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXF and 0.25% for IAU.

Which has better risk-adjusted returns?

IAU currently has the higher Sharpe Ratio (1.14 vs 0.33), 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.