FXF vs. SH
FXF (Invesco CurrencyShares® Swiss Franc Trust) and SH (ProShares Short S&P500) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while SH is a Inverse Equities fund tracking the S&P 500 (-100%). Both are passively managed. Over the past 10 years, FXF returned 1.06%/yr vs -12.83%/yr for SH. At a correlation of -0.03, they often move in opposite directions. FXF charges 0.40%/yr vs 0.90%/yr for SH.
Performance
FXF vs. SH - 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 SH's -6.39% return. Over the past 10 years, FXF has outperformed SH with an annualized return of 1.06%, while SH has yielded a comparatively lower -12.83% 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%
SH
- 1D
- -0.50%
- 1M
- 1.30%
- YTD
- -6.39%
- 6M
- -6.43%
- 1Y
- -15.90%
- 3Y*
- -11.96%
- 5Y*
- -8.68%
- 10Y*
- -12.83%
FXF vs. SH - 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% |
SH ProShares Short S&P500 | -6.39% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between FXF and SH is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | -0.03 |
Over the past year, the inverse relationship between FXF and SH has strengthened: their correlation has moved from -0.03 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FXF vs. SH — Risk / Return Rank
FXF
SH
FXF vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.81 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.82 | +1.07 |
| Martin ratioReturn relative to average drawdown | 0.54 | -1.47 | +2.02 |
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Drawdowns
FXF vs. SH - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for FXF and SH.
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Drawdown Indicators
| FXF | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -94.66% | +59.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -18.16% | +13.19% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -38.82% | +30.30% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -44.53% | +31.85% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -76.12% | +61.08% |
Current DrawdownCurrent decline from peak | -19.02% | -94.53% | +75.51% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -67.75% | +46.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 10.13% | -7.85% |
Volatility
FXF vs. SH - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.81%, while ProShares Short S&P500 (SH) has a volatility of 4.33%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 4.33% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 9.59% | -4.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 12.28% | -4.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 16.91% | -8.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 18.04% | -10.47% |
FXF vs. SH - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than SH's 0.90% expense ratio.
Dividends
FXF vs. SH - Dividend Comparison
FXF has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.43%.
| 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% |
SH ProShares Short S&P500 | 4.43% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
FXF and SH 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.
SH has higher volatility (4.33%) compared to FXF (1.81%). In terms of maximum drawdown, FXF dropped -35.58% vs SH's -94.66%.
On 10-year performance, FXF leads with 1.06% vs -12.83% for SH. 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 -12.83%. 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 0.90% for SH.
SH has the higher dividend yield at 4.43%, compared with 0.00% for FXF.
FXF is categorized as Currency, while SH is Inverse Equities. FXF tracks Swiss Franc, while SH tracks S&P 500 (-100%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXF and 0.90% for SH.
FXF currently has the higher Sharpe Ratio (0.17 vs -1.22), 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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