FXF vs. ISHG
FXF (Invesco CurrencyShares® Swiss Franc Trust) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, FXF returned 0.94%/yr vs -0.33%/yr for ISHG. A 0.71 correlation means they provide meaningful diversification when combined. FXF charges 0.40%/yr vs 0.35%/yr for ISHG.
Performance
FXF vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.83% return, which is significantly lower than ISHG's -1.89% return. Over the past 10 years, FXF has outperformed ISHG with an annualized return of 0.94%, while ISHG has yielded a comparatively lower -0.33% annualized return.
FXF
- 1D
- -0.40%
- 1M
- -3.52%
- YTD
- -2.83%
- 6M
- -3.28%
- 1Y
- -1.53%
- 3Y*
- 3.01%
- 5Y*
- 1.88%
- 10Y*
- 0.94%
ISHG
- 1D
- -0.18%
- 1M
- -1.97%
- YTD
- -1.89%
- 6M
- -2.16%
- 1Y
- -0.93%
- 3Y*
- 3.45%
- 5Y*
- -1.17%
- 10Y*
- -0.33%
FXF vs. ISHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.83% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.89% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between FXF and ISHG is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.71 |
The correlation between FXF and ISHG shifts across timeframes, from 0.71 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. ISHG — Risk / Return Rank
FXF
ISHG
FXF vs. ISHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and iShares 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.98 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.19 | -0.05 |
| Martin ratioReturn relative to average drawdown | -0.62 | -0.43 | -0.19 |
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Drawdowns
FXF vs. ISHG - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, roughly equal to the maximum ISHG drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for FXF and ISHG.
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Drawdown Indicators
| FXF | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -37.24% | +1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -5.02% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -8.21% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -22.45% | +10.46% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -25.56% | +10.52% |
Current DrawdownCurrent decline from peak | -20.68% | -23.69% | +3.01% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -18.44% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 2.15% | +0.30% |
Volatility
FXF vs. ISHG - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.96% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.78%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.78% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 5.66% | 4.90% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.44% | 6.55% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 7.59% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 6.93% | +0.64% |
FXF vs. ISHG - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is higher than ISHG's 0.35% expense ratio.
Dividends
FXF vs. ISHG - Dividend Comparison
FXF has not paid dividends to shareholders, while ISHG's dividend yield for the trailing twelve months is around 1.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.48% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
FXF and ISHG have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.96%) compared to ISHG (1.78%). In terms of maximum drawdown, FXF dropped -35.58% vs ISHG's -37.24%.
On 10-year performance, FXF leads with 0.94% vs -0.33% for ISHG. On fees, ISHG is cheaper at 0.35% per year. On volatility, ISHG has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 0.94% return vs -0.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG is cheaper with a 0.35% expense ratio, compared with 0.40% for FXF.
ISHG has the higher dividend yield at 1.48%, compared with 0.00% for FXF.
FXF is categorized as Currency, while ISHG is International Government Bonds. FXF tracks Swiss Franc, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXF and 0.35% for ISHG.
ISHG currently has the higher Sharpe Ratio (-0.14 vs -0.21), 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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