FXF vs. SPHQ

Last updated Jun 5, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, FXF returned 1.22%/yr vs 15.04%/yr for SPHQ. At a 0.04 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.15%/yr for SPHQ.

Performance

FXF vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXF achieves a 0.11% return, which is significantly lower than SPHQ's 16.16% return. Over the past 10 years, FXF has underperformed SPHQ with an annualized return of 1.22%, while SPHQ has yielded a comparatively higher 15.04% annualized return.

FXF

• 1D: 0.31%
• 1M: -0.84%
• YTD: 0.11%
• 6M: 1.55%
• 1Y: 3.13%
• 3Y*: 4.38%
• 5Y*: 2.07%
• 10Y*: 1.22%

SPHQ

• 1D: 0.59%
• 1M: 6.34%
• YTD: 16.16%
• 6M: 16.98%
• 1Y: 23.69%
• 3Y*: 22.83%
• 5Y*: 14.67%
• 10Y*: 15.04%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXF vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	0.11%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
SPHQ Invesco S&P 500 Quality ETF	16.16%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between FXF and SPHQ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006	0.04

Over the past year, FXF and SPHQ have become more correlated (0.28) than their long-term average of 0.04, meaning their price movements have been converging.

Return for Risk

FXF vs. SPHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXF

FXF Risk / Return Rank: 16
FXF Sharpe Ratio Rank: 16
FXF Sortino Ratio Rank: 15
FXF Omega Ratio Rank: 15
FXF Calmar Ratio Rank: 17
FXF Martin Ratio Rank: 16

SPHQ

SPHQ Risk / Return Rank: 58
SPHQ Sharpe Ratio Rank: 57
SPHQ Sortino Ratio Rank: 59
SPHQ Omega Ratio Rank: 53
SPHQ Calmar Ratio Rank: 55
SPHQ Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXF vs. SPHQ - 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 Quality ETF (SPHQ). 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.

	FXF	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.89	-1.46
Sortino ratio: Return per unit of downside risk	0.70	2.73	-2.03
Omega ratio: Gain probability vs. loss probability	1.08	1.32	-0.24
Calmar ratio: Return relative to maximum drawdown	0.65	2.67	-2.02
Martin ratio: Return relative to average drawdown	1.45	11.39	-9.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXF vs. SPHQ - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is 0.42, which is lower than the SPHQ Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FXF and SPHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXF	SPHQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	1.89	-1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.90	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.84	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.53	-0.36

Drawdowns

FXF vs. SPHQ - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for FXF and SPHQ.

Drawdown Indicators

	FXF	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-57.83%	+22.25%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-8.90%	+4.08%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-16.57%	+8.05%
Max Drawdown (5Y) Largest decline over 5 years	-13.03%	-25.04%	+12.01%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-31.60%	+16.56%
Current Drawdown Current decline from peak	-18.28%	0.00%	-18.28%
Average Drawdown Average peak-to-trough decline	-20.84%	-10.70%	-10.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.08%	+0.08%

Volatility

FXF vs. SPHQ - Volatility Comparison

The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.73%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 3.33%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	3.33%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	5.56%	10.18%	-4.62%
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	12.62%	-5.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	16.45%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	17.86%	-10.29%

FXF vs. SPHQ - Expense Ratio Comparison

FXF has a 0.40% expense ratio, which is higher than SPHQ's 0.15% expense ratio.

Dividends

FXF vs. SPHQ - Dividend Comparison

FXF has not paid dividends to shareholders, while SPHQ's dividend yield for the trailing twelve months is around 1.03%.

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%
SPHQ Invesco S&P 500 Quality ETF	1.03%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both FXF and SPHQ in my portfolio?

FXF and SPHQ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXF or SPHQ?

SPHQ has higher volatility (3.33%) compared to FXF (1.73%). In terms of maximum drawdown, FXF dropped -35.58% vs SPHQ's -57.83%.

Which ETF is better, FXF or SPHQ?

On 10-year performance, SPHQ leads with 15.04% vs 1.22% for FXF. On fees, SPHQ is cheaper at 0.15% per year. On volatility, FXF has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXF or SPHQ?

Over the 10-year period, SPHQ has performed better with a 15.04% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or SPHQ?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.40% for FXF.

Which ETF pays a higher dividend yield, FXF or SPHQ?

SPHQ has the higher dividend yield at 1.03%, compared with 0.00% for FXF.

What is the main difference between FXF and SPHQ?

FXF is categorized as Currency, while SPHQ is S&P 500. FXF tracks Swiss Franc, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.40% for FXF and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.89 vs 0.42), 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.