FXF vs. PSQ
FXF (Invesco CurrencyShares® Swiss Franc Trust) and PSQ (ProShares Short QQQ) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, FXF returned 1.06%/yr vs -19.15%/yr for PSQ. At a correlation of -0.02, they often move in opposite directions. FXF charges 0.40%/yr vs 0.95%/yr for PSQ.
Performance
FXF vs. PSQ - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -0.80% return, which is significantly higher than PSQ's -14.02% return. Over the past 10 years, FXF has outperformed PSQ with an annualized return of 1.06%, while PSQ has yielded a comparatively lower -19.15% annualized return.
FXF
- 1D
- -0.15%
- 1M
- -1.65%
- YTD
- -0.80%
- 6M
- -0.32%
- 1Y
- 1.23%
- 3Y*
- 4.05%
- 5Y*
- 1.88%
- 10Y*
- 1.06%
PSQ
- 1D
- -0.65%
- 1M
- -0.23%
- YTD
- -14.02%
- 6M
- -14.04%
- 1Y
- -24.40%
- 3Y*
- -17.58%
- 5Y*
- -13.78%
- 10Y*
- -19.15%
FXF vs. PSQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.80% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
PSQ ProShares Short QQQ | -14.02% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
Correlation
The correlation between FXF and PSQ is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
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 |
The correlation between FXF and PSQ shifts across timeframes, from -0.20 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. PSQ — Risk / Return Rank
FXF
PSQ
FXF vs. PSQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and ProShares Short QQQ (PSQ). 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 | PSQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.53 | ||
| Sortino ratioReturn per unit of downside risk | +2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.78 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.87 | +1.12 |
| Martin ratioReturn relative to average drawdown | 0.54 | -1.81 | +2.35 |
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Drawdowns
FXF vs. PSQ - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for FXF and PSQ.
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Drawdown Indicators
| FXF | PSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -98.26% | +62.68% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -26.86% | +21.89% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -49.65% | +41.13% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -60.91% | +48.23% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -88.98% | +73.94% |
Current DrawdownCurrent decline from peak | -19.02% | -98.20% | +79.18% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -73.99% | +53.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 12.96% | -10.68% |
Volatility
FXF vs. PSQ - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.81%, while ProShares Short QQQ (PSQ) has a volatility of 7.39%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | PSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 7.39% | -5.58% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 13.75% | -8.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 17.23% | -9.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 22.59% | -14.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 22.34% | -14.77% |
FXF vs. PSQ - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than PSQ's 0.95% expense ratio.
Dividends
FXF vs. PSQ - Dividend Comparison
FXF has not paid dividends to shareholders, while PSQ's dividend yield for the trailing twelve months is around 5.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
PSQ ProShares Short QQQ | 5.09% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
Frequently Asked Questions
FXF and PSQ have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSQ has higher volatility (7.39%) compared to FXF (1.81%). In terms of maximum drawdown, FXF dropped -35.58% vs PSQ's -98.26%.
On 10-year performance, FXF leads with 1.06% vs -19.15% for PSQ. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.81%. 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 1.06% return vs -19.15%. 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 0.95% for PSQ.
PSQ has the higher dividend yield at 5.09%, compared with 0.00% for FXF.
FXF is categorized as Currency, while PSQ is Inverse Equities. FXF tracks Swiss Franc, while PSQ tracks NASDAQ-100 Index (-100%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXF and 0.95% for PSQ.
FXF currently has the higher Sharpe Ratio (0.17 vs -1.36), 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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