FXF vs. PHDG
FXF (Invesco CurrencyShares® Swiss Franc Trust) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 10 years, FXF returned 1.08%/yr vs 7.14%/yr for PHDG. Their 0.02 correlation means their historical movements had little consistent relationship. FXF charges 0.40%/yr vs 0.39%/yr for PHDG.
Performance
FXF vs. PHDG - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -3.50% return, which is significantly lower than PHDG's 9.47% return. Over the past 10 years, FXF has underperformed PHDG with an annualized return of 1.08%, while PHDG has yielded a comparatively higher 7.14% annualized return.
FXF
- 1D
- -0.17%
- 1M
- -1.09%
- 6M
- -4.81%
- YTD
- -3.50%
- 1Y
- -3.38%
- 3Y*
- 1.52%
- 5Y*
- 1.83%
- 10Y*
- 1.08%
- ALL TIME*
- 1.60%
PHDG
- 1D
- -0.16%
- 1M
- 0.44%
- 6M
- 8.74%
- YTD
- 9.47%
- 1Y
- 14.71%
- 3Y*
- 8.21%
- 5Y*
- 4.01%
- 10Y*
- 7.14%
- ALL TIME*
- 5.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.99M | $3.23M | $5.41M | |
| $1.28M | $774.65K | $908.35K |
FXF vs. PHDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -3.50% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
Correlation
The correlation between FXF and PHDG is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.02 |
Over the past year, FXF and PHDG have become more correlated (0.23) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
FXF vs. PHDG — Risk / Return Rank
FXF
PHDG
FXF vs. PHDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco S&P 500 Downside Hedged ETF (PHDG). 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 | PHDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 2.38 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.15 | 7.41 | -8.56 |
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Drawdowns
FXF vs. PHDG - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for FXF and PHDG.
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Drawdown Indicators
| FXF | PHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -17.70% | -17.88% |
Max Drawdown (1Y)Largest decline over 1 year | -7.15% | -6.36% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -14.78% | +6.26% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -17.06% | +5.07% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -17.06% | +2.02% |
Current DrawdownCurrent decline from peak | -21.23% | -5.95% | -15.28% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -6.23% | -14.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 2.04% | +0.94% |
Volatility
FXF vs. PHDG - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.75%, while Invesco S&P 500 Downside Hedged ETF (PHDG) has a volatility of 2.14%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | PHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 2.14% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 9.37% | -3.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.39% | 11.41% | -4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.31% | 11.37% | -3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 12.10% | -4.53% |
FXF vs. PHDG - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is higher than PHDG's 0.39% expense ratio.
Dividends
FXF vs. PHDG - Dividend Comparison
FXF has not paid dividends to shareholders, while PHDG's dividend yield for the trailing twelve months is around 1.70%.
| 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% |
PHDG Invesco S&P 500 Downside Hedged ETF | 1.70% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
Frequently Asked Questions
FXF and PHDG have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (2.14%) compared to FXF (1.75%). In terms of maximum drawdown, FXF dropped -35.58% vs PHDG's -17.70%.
On 10-year performance, PHDG leads with 7.14% vs 1.08% for FXF. On fees, PHDG is cheaper at 0.39% per year. On volatility, FXF has been the lower-risk option at 1.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PHDG has performed better with a 7.14% return vs 1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.40% for FXF.
PHDG has the higher dividend yield at 1.70%, compared with 0.00% for FXF.
FXF is categorized as Currency, while PHDG is Equity Hedged. FXF tracks Swiss Franc, while PHDG tracks S&P 500 Dynamic VEQTOR Index. Their fees differ too: 0.40% for FXF and 0.39% for PHDG.
PHDG currently has the higher Sharpe Ratio (1.33 vs -0.47), 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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