FXF vs. PPA
FXF (Invesco CurrencyShares® Swiss Franc Trust) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, FXF returned 0.94%/yr vs 17.74%/yr for PPA. At a 0.02 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.58%/yr for PPA.
Performance
FXF vs. PPA - 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 PPA's 9.32% return. Over the past 10 years, FXF has underperformed PPA with an annualized return of 0.94%, while PPA has yielded a comparatively higher 17.74% 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%
PPA
- 1D
- -0.40%
- 1M
- 0.55%
- YTD
- 9.32%
- 6M
- 6.95%
- 1Y
- 25.86%
- 3Y*
- 28.61%
- 5Y*
- 18.19%
- 10Y*
- 17.74%
FXF vs. PPA - 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% |
PPA Invesco Aerospace & Defense ETF | 9.32% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between FXF and PPA is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.02 |
Over the past year, FXF and PPA have become more correlated (0.26) than their long-term average of 0.02, meaning their price movements have been converging.
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Return for Risk
FXF vs. PPA — Risk / Return Rank
FXF
PPA
FXF vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.22 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.90 | -2.13 |
| Martin ratioReturn relative to average drawdown | -0.62 | 5.24 | -5.86 |
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Drawdowns
FXF vs. PPA - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for FXF and PPA.
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Drawdown Indicators
| FXF | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -57.37% | +21.79% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -13.71% | +7.21% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -15.24% | +6.72% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -18.37% | +6.38% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -43.92% | +28.88% |
Current DrawdownCurrent decline from peak | -20.68% | -7.74% | -12.94% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -9.18% | -11.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 4.95% | -2.50% |
Volatility
FXF vs. PPA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.96%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 8.30%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 8.30% | -6.34% |
Volatility (6M)Calculated over the trailing 6-month period | 5.66% | 16.96% | -11.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.44% | 20.14% | -12.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 18.70% | -10.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 20.73% | -13.16% |
FXF vs. PPA - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
FXF vs. PPA - Dividend Comparison
FXF has not paid dividends to shareholders, while PPA's dividend yield for the trailing twelve months is around 0.37%.
| 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% |
PPA Invesco Aerospace & Defense ETF | 0.37% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Frequently Asked Questions
FXF and PPA have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (8.30%) compared to FXF (1.96%). In terms of maximum drawdown, FXF dropped -35.58% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.74% vs 0.94% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.74% return vs 0.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.58% for PPA.
PPA has the higher dividend yield at 0.37%, compared with 0.00% for FXF.
FXF is categorized as Currency, while PPA is Aerospace & Defense. FXF tracks Swiss Franc, while PPA tracks SPADE Defense Index. Their fees differ too: 0.40% for FXF and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (1.29 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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