FXF vs. TLT
FXF (Invesco CurrencyShares® Swiss Franc Trust) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, FXF returned 0.98%/yr vs -1.74%/yr for TLT. At a 0.18 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.15%/yr for TLT.
Performance
FXF vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.44% return, which is significantly lower than TLT's 0.77% return. Over the past 10 years, FXF has outperformed TLT with an annualized return of 0.98%, while TLT has yielded a comparatively lower -1.74% annualized return.
FXF
- 1D
- -0.13%
- 1M
- -3.13%
- YTD
- -2.44%
- 6M
- -2.94%
- 1Y
- -0.35%
- 3Y*
- 3.15%
- 5Y*
- 2.00%
- 10Y*
- 0.98%
TLT
- 1D
- 0.13%
- 1M
- 2.20%
- YTD
- 0.77%
- 6M
- 0.38%
- 1Y
- 3.87%
- 3Y*
- -1.89%
- 5Y*
- -6.59%
- 10Y*
- -1.74%
FXF vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.44% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
TLT iShares 20+ Year Treasury Bond ETF | 0.77% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between FXF and TLT is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.18 |
Over the past year, FXF and TLT have become more correlated (0.38) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
FXF vs. TLT — Risk / Return Rank
FXF
TLT
FXF vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.07 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 0.51 | -0.57 |
| Martin ratioReturn relative to average drawdown | -0.14 | 1.22 | -1.36 |
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Drawdowns
FXF vs. TLT - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FXF and TLT.
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Drawdown Indicators
| FXF | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -48.35% | +12.77% |
Max Drawdown (1Y)Largest decline over 1 year | -6.12% | -7.58% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -19.18% | +10.66% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -43.70% | +31.71% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -48.35% | +33.31% |
Current DrawdownCurrent decline from peak | -20.36% | -39.82% | +19.46% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -13.87% | -6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 3.18% | -0.77% |
Volatility
FXF vs. TLT - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.97%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.20%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 2.20% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 6.62% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.48% | 9.48% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.32% | 15.82% | -7.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 14.88% | -7.31% |
FXF vs. TLT - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FXF vs. TLT - Dividend Comparison
FXF has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.54%.
| 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.54% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
FXF and TLT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.20%) compared to FXF (1.97%). In terms of maximum drawdown, FXF dropped -35.58% vs TLT's -48.35%.
On 10-year performance, FXF leads with 0.98% vs -1.74% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, FXF has been the lower-risk option at 1.97%. 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 0.98% return vs -1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.40% for FXF.
TLT has the higher dividend yield at 4.54%, compared with 0.00% for FXF.
FXF is categorized as Currency, while TLT is Government Bonds. FXF tracks Swiss Franc, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXF and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.41 vs -0.05), 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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