FXF vs. VTIVX

Last updated Jun 25, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and VTIVX (Vanguard Target Retirement 2045 Fund) are both funds - FXF is a Currency fund tracking the Swiss Franc, while VTIVX is a Target Retirement Date fund managed by Vanguard. Over the past 10 years, FXF returned 0.94%/yr vs 11.48%/yr for VTIVX. At a 0.11 correlation, their price movements are largely independent. FXF charges 0.40%/yr vs 0.08%/yr for VTIVX.

Performance

FXF vs. VTIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Swiss Franc Trust (FXF) and Vanguard Target Retirement 2045 Fund (VTIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXF achieves a -2.83% return, which is significantly lower than VTIVX's 8.58% return. Over the past 10 years, FXF has underperformed VTIVX with an annualized return of 0.94%, while VTIVX has yielded a comparatively higher 11.48% 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%

VTIVX

• 1D: -1.67%
• 1M: -0.21%
• YTD: 8.58%
• 6M: 7.80%
• 1Y: 20.93%
• 3Y*: 17.32%
• 5Y*: 8.88%
• 10Y*: 11.48%

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

FXF vs. VTIVX - 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%
VTIVX Vanguard Target Retirement 2045 Fund	8.58%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	24.94%	-7.89%	19.16%

Correlation

The correlation between FXF and VTIVX 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	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.11

Over the past year, FXF and VTIVX have become more correlated (0.38) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

FXF vs. VTIVX — Risk / Return Rank

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

FXF

FXF Risk / Return Rank: 7
FXF Sharpe Ratio Rank: 7
FXF Sortino Ratio Rank: 6
FXF Omega Ratio Rank: 6
FXF Calmar Ratio Rank: 7
FXF Martin Ratio Rank: 6

VTIVX

VTIVX Risk / Return Rank: 55
VTIVX Sharpe Ratio Rank: 54
VTIVX Sortino Ratio Rank: 50
VTIVX Omega Ratio Rank: 53
VTIVX Calmar Ratio Rank: 54
VTIVX Martin Ratio Rank: 63

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. VTIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Vanguard Target Retirement 2045 Fund (VTIVX). 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	VTIVX	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	1.99	-2.20
Sortino ratio: Return per unit of downside risk	-0.25	2.75	-3.00
Omega ratio: Gain probability vs. loss probability	0.97	1.37	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.24	2.70	-2.93
Martin ratio: Return relative to average drawdown	-0.62	11.64	-12.27

FXF vs. VTIVX - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is -0.21, which is lower than the VTIVX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FXF and VTIVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXF vs. VTIVX - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum VTIVX drawdown of -51.69%. Use the drawdown chart below to compare losses from any high point for FXF and VTIVX.

Drawdown Indicators

	FXF	VTIVX	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-51.69%	+16.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.50%	-8.30%	+1.80%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-13.40%	+4.88%
Max Drawdown (5Y) Largest decline over 5 years	-11.99%	-25.10%	+13.11%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-31.42%	+16.38%
Current Drawdown Current decline from peak	-20.68%	-2.25%	-18.43%
Average Drawdown Average peak-to-trough decline	-20.83%	-6.32%	-14.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	1.92%	+0.53%

Volatility

FXF vs. VTIVX - Volatility Comparison

The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.96%, while Vanguard Target Retirement 2045 Fund (VTIVX) has a volatility of 4.75%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than VTIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	VTIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	4.75%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	5.66%	9.36%	-3.70%
Volatility (1Y) Calculated over the trailing 1-year period	7.44%	11.28%	-3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	13.61%	-5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	14.77%	-7.20%

FXF vs. VTIVX - Expense Ratio Comparison

FXF has a 0.40% expense ratio, which is higher than VTIVX's 0.08% expense ratio.

Dividends

FXF vs. VTIVX - Dividend Comparison

FXF has not paid dividends to shareholders, while VTIVX's dividend yield for the trailing twelve months is around 2.30%.

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%
VTIVX Vanguard Target Retirement 2045 Fund	2.30%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both FXF and VTIVX in my portfolio?

FXF and VTIVX 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.

Which is riskier, FXF or VTIVX?

VTIVX has higher volatility (4.75%) compared to FXF (1.96%). In terms of maximum drawdown, FXF dropped -35.58% vs VTIVX's -51.69%.

Which has better risk-adjusted returns?

VTIVX currently has the higher Sharpe Ratio (1.99 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.