FXF vs. PSP
FXF (Invesco CurrencyShares® Swiss Franc Trust) and PSP (Invesco Global Listed Private Equity ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity Index. Both are passively managed. Over the past 10 years, FXF returned 1.05%/yr vs 8.12%/yr for PSP. At a 0.14 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 1.44%/yr for PSP.
Performance
FXF vs. PSP - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -0.56% return, which is significantly higher than PSP's -11.42% return. Over the past 10 years, FXF has underperformed PSP with an annualized return of 1.05%, while PSP has yielded a comparatively higher 8.12% annualized return.
FXF
- 1D
- 0.23%
- 1M
- -1.07%
- YTD
- -0.56%
- 6M
- -0.05%
- 1Y
- 1.46%
- 3Y*
- 3.71%
- 5Y*
- 2.14%
- 10Y*
- 1.05%
PSP
- 1D
- 0.27%
- 1M
- -0.85%
- YTD
- -11.42%
- 6M
- -10.38%
- 1Y
- -5.41%
- 3Y*
- 9.76%
- 5Y*
- 0.38%
- 10Y*
- 8.12%
FXF vs. PSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.56% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
PSP Invesco Global Listed Private Equity ETF | -11.42% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
Correlation
The correlation between FXF and PSP is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2006 | 0.14 |
The correlation between FXF and PSP shifts across timeframes, from 0.14 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. PSP — Risk / Return Rank
FXF
PSP
FXF vs. PSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco Global Listed Private Equity ETF (PSP). 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 | PSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.97 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.30 | -0.24 | +0.54 |
| Martin ratioReturn relative to average drawdown | 0.64 | -0.54 | +1.18 |
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Drawdowns
FXF vs. PSP - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum PSP drawdown of -85.40%. Use the drawdown chart below to compare losses from any high point for FXF and PSP.
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Drawdown Indicators
| FXF | PSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -85.40% | +49.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -22.37% | +17.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -22.94% | +14.42% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -47.16% | +35.17% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -47.16% | +32.12% |
Current DrawdownCurrent decline from peak | -18.83% | -15.75% | -3.08% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -30.67% | +9.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 10.12% | -7.83% |
Volatility
FXF vs. PSP - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.84%, while Invesco Global Listed Private Equity ETF (PSP) has a volatility of 7.43%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than PSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | PSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 7.43% | -5.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.53% | 16.48% | -10.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.42% | 20.15% | -12.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 23.85% | -15.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 22.47% | -14.90% |
FXF vs. PSP - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than PSP's 1.44% expense ratio.
Dividends
FXF vs. PSP - Dividend Comparison
FXF has not paid dividends to shareholders, while PSP's dividend yield for the trailing twelve months is around 6.52%.
| 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% |
PSP Invesco Global Listed Private Equity ETF | 6.52% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
Frequently Asked Questions
FXF and PSP have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (7.43%) compared to FXF (1.84%). In terms of maximum drawdown, FXF dropped -35.58% vs PSP's -85.40%.
On 10-year performance, PSP leads with 8.12% vs 1.05% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSP has performed better with a 8.12% return vs 1.05%. 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 1.44% for PSP.
PSP has the higher dividend yield at 6.52%, compared with 0.00% for FXF.
FXF is categorized as Currency, while PSP is Global Equities. FXF tracks Swiss Franc, while PSP tracks Red Rocks Global Listed Private Equity Index. Their fees differ too: 0.40% for FXF and 1.44% for PSP.
FXF currently has the higher Sharpe Ratio (0.20 vs -0.27), 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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