FXF vs. SPHQ
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 0.94%/yr vs 15.47%/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
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Returns By Period
In the year-to-date period, FXF achieves a -2.83% return, which is significantly lower than SPHQ's 16.64% return. Over the past 10 years, FXF has underperformed SPHQ with an annualized return of 0.94%, while SPHQ has yielded a comparatively higher 15.47% 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%
SPHQ
- 1D
- 0.09%
- 1M
- 3.04%
- YTD
- 16.64%
- 6M
- 14.67%
- 1Y
- 24.86%
- 3Y*
- 22.38%
- 5Y*
- 14.00%
- 10Y*
- 15.47%
FXF vs. SPHQ - 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% |
SPHQ Invesco S&P 500 Quality ETF | 16.64% | 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 26, 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.
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Return for Risk
FXF vs. SPHQ — Risk / Return Rank
FXF
SPHQ
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.
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 | SPHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.33 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 2.81 | -3.04 |
| Martin ratioReturn relative to average drawdown | -0.62 | 11.97 | -12.60 |
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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.
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Drawdown Indicators
| FXF | SPHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -57.83% | +22.25% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -8.90% | +2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -16.57% | +8.05% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -25.04% | +13.05% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -31.60% | +16.56% |
Current DrawdownCurrent decline from peak | -20.68% | -2.84% | -17.84% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -10.67% | -10.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 2.08% | +0.37% |
Volatility
FXF vs. SPHQ - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.96%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 5.80%. 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.
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Volatility by Period
| FXF | SPHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 5.80% | -3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 5.66% | 11.30% | -5.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.44% | 13.41% | -5.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 16.59% | -8.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 17.91% | -10.34% |
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 1.07%.
| 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 | 1.07% | 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
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.
SPHQ has higher volatility (5.80%) compared to FXF (1.96%). In terms of maximum drawdown, FXF dropped -35.58% vs SPHQ's -57.83%.
On 10-year performance, SPHQ leads with 15.47% vs 0.94% for FXF. On fees, SPHQ is cheaper at 0.15% 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, SPHQ has performed better with a 15.47% return vs 0.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHQ is cheaper with a 0.15% expense ratio, compared with 0.40% for FXF.
SPHQ has the higher dividend yield at 1.07%, compared with 0.00% for FXF.
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.
SPHQ currently has the higher Sharpe Ratio (1.87 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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