FXF vs. VOO
FXF (Invesco CurrencyShares® Swiss Franc Trust) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FXF is a Currency fund tracking the WM/Reuters Swiss Franc Closing Spot Rate, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FXF returned 0.93%/yr vs 15.14%/yr for VOO. Their 0.06 correlation means their historical movements had little consistent relationship. FXF charges 0.40%/yr vs 0.03%/yr for VOO.
Performance
FXF vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.29% return, which is significantly lower than VOO's 10.16% return. Over the past 10 years, FXF has underperformed VOO with an annualized return of 0.93%, while VOO has yielded a comparatively higher 15.14% annualized return.
FXF
- 1D
- -0.42%
- 1M
- -0.60%
- 6M
- -4.69%
- YTD
- -2.29%
- 1Y
- -0.92%
- 3Y*
- 2.38%
- 5Y*
- 1.77%
- 10Y*
- 0.93%
- ALL TIME*
- 1.67%
VOO
- 1D
- 0.71%
- 1M
- 0.26%
- 6M
- 8.58%
- YTD
- 10.16%
- 1Y
- 21.58%
- 3Y*
- 19.42%
- 5Y*
- 12.83%
- 10Y*
- 15.14%
- ALL TIME*
- 14.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.96M | $3.14M | $5.24M | |
| $3.82B | $3.78B | $5.44B |
FXF vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.29% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
VOO Vanguard S&P 500 ETF | 10.16% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between FXF and VOO is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.06 |
Over the past year, FXF and VOO have become more correlated (0.27) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
FXF vs. VOO — Risk / Return Rank
FXF
VOO
FXF vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 2.21 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.01 | 9.44 | -9.44 |
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Drawdowns
FXF vs. VOO - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FXF and VOO.
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Drawdown Indicators
| FXF | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -33.99% | -1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -7.27% | -8.90% | +1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -18.69% | +10.17% |
Max Drawdown (5Y)Largest decline over 5 years | -11.76% | -24.52% | +12.76% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -33.99% | +18.95% |
Current DrawdownCurrent decline from peak | -20.24% | -1.38% | -18.86% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -3.67% | -17.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 2.08% | +1.01% |
Volatility
FXF vs. VOO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 2.25%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.54%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 3.54% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 10.10% | -5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.38% | 12.82% | -5.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 16.93% | -8.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 18.01% | -10.44% |
FXF vs. VOO - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
FXF vs. VOO - Dividend Comparison
FXF has not paid dividends to shareholders, while VOO'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% |
VOO Vanguard S&P 500 ETF | 1.07% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
FXF and VOO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (3.54%) compared to FXF (2.25%). In terms of maximum drawdown, FXF dropped -35.58% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.14% vs 0.93% for FXF. On fees, VOO is cheaper at 0.03% per year. On volatility, FXF has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.14% return vs 0.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.40% for FXF.
VOO has the higher dividend yield at 1.07%, compared with 0.00% for FXF.
FXF is categorized as Currency, while VOO is S&P 500. FXF tracks WM/Reuters Swiss Franc Closing Spot Rate, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXF and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.53 vs -0.00), 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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