FXF vs. UDN
Compare and contrast key facts about Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco DB US Dollar Index Bearish Fund (UDN).
FXF and UDN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXF is a passively managed fund by Invesco that tracks the performance of the Swiss Franc. It was launched on Jun 26, 2006. UDN is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Short USD Currency Portfolio Index. It was launched on Feb 20, 2007. Both FXF and UDN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FXF vs. UDN - Performance Comparison
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FXF vs. UDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -1.07% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
UDN Invesco DB US Dollar Index Bearish Fund | -1.32% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
Returns By Period
In the year-to-date period, FXF achieves a -1.07% return, which is significantly higher than UDN's -1.32% return. Over the past 10 years, FXF has outperformed UDN with an annualized return of 0.96%, while UDN has yielded a comparatively lower -0.49% annualized return.
FXF
- 1D
- 0.02%
- 1M
- -3.89%
- YTD
- -1.07%
- 6M
- -0.74%
- 1Y
- 9.99%
- 3Y*
- 4.29%
- 5Y*
- 2.75%
- 10Y*
- 0.96%
UDN
- 1D
- 0.67%
- 1M
- -2.23%
- YTD
- -1.32%
- 6M
- -1.54%
- 1Y
- 5.59%
- 3Y*
- 3.05%
- 5Y*
- -0.33%
- 10Y*
- -0.49%
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FXF vs. UDN - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than UDN's 0.77% expense ratio.
Return for Risk
FXF vs. UDN — Risk / Return Rank
FXF
UDN
FXF vs. UDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco DB US Dollar Index Bearish Fund (UDN). 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 | UDN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.02 | 0.76 | +0.27 |
Sortino ratioReturn per unit of downside risk | 1.73 | 1.21 | +0.52 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.14 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.22 | +0.78 |
Martin ratioReturn relative to average drawdown | 5.00 | 2.94 | +2.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXF | UDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 0.76 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | -0.04 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | -0.07 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | -0.10 | +0.27 |
Correlation
The correlation between FXF and UDN is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FXF vs. UDN - Dividend Comparison
FXF has not paid dividends to shareholders, while UDN's dividend yield for the trailing twelve months is around 2.98%.
| 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% |
UDN Invesco DB US Dollar Index Bearish Fund | 2.98% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
Drawdowns
FXF vs. UDN - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum UDN drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FXF and UDN.
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Drawdown Indicators
| FXF | UDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -41.67% | +6.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.82% | -4.54% | -0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -13.03% | -22.75% | +9.72% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -25.72% | +10.68% |
Current DrawdownCurrent decline from peak | -19.24% | -28.22% | +8.98% |
Average DrawdownAverage peak-to-trough decline | -20.87% | -20.55% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 1.88% | +0.05% |
Volatility
FXF vs. UDN - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.98%, while Invesco DB US Dollar Index Bearish Fund (UDN) has a volatility of 2.10%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than UDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | UDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 2.10% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 5.42% | 4.26% | +1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.80% | 7.42% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.31% | 7.43% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.59% | 6.95% | +0.64% |