FXF vs. XYLD
FXF (Invesco CurrencyShares® Swiss Franc Trust) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 10 years, FXF returned 1.08%/yr vs 8.14%/yr for XYLD. Their -0.02 correlation means they have often moved in opposite directions in the past. FXF charges 0.40%/yr vs 0.60%/yr for XYLD.
Performance
FXF vs. XYLD - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -3.50% return, which is significantly lower than XYLD's 6.98% return. Over the past 10 years, FXF has underperformed XYLD with an annualized return of 1.08%, while XYLD has yielded a comparatively higher 8.14% annualized return.
FXF
- 1D
- -0.17%
- 1M
- -1.09%
- 6M
- -4.81%
- YTD
- -3.50%
- 1Y
- -3.38%
- 3Y*
- 1.52%
- 5Y*
- 1.83%
- 10Y*
- 1.08%
- ALL TIME*
- 1.60%
XYLD
- 1D
- 0.15%
- 1M
- 2.28%
- 6M
- 6.06%
- YTD
- 6.98%
- 1Y
- 16.60%
- 3Y*
- 11.30%
- 5Y*
- 7.72%
- 10Y*
- 8.14%
- ALL TIME*
- 8.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.99M | $3.23M | $5.41M | |
| $39.54M | $38.84M | $31.76M |
FXF vs. XYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -3.50% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
XYLD Global X S&P 500 Covered Call ETF | 6.98% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
Correlation
The correlation between FXF and XYLD is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013 | -0.02 |
The correlation between FXF and XYLD shifts across timeframes, from -0.02 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. XYLD — Risk / Return Rank
FXF
XYLD
FXF vs. XYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Global X S&P 500 Covered Call ETF (XYLD). 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 | XYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.89 | ||
| Sortino ratioReturn per unit of downside risk | -4.09 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.54 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 3.20 | -3.68 |
| Martin ratioReturn relative to average drawdown | -1.15 | 16.66 | -17.81 |
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Drawdowns
FXF vs. XYLD - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for FXF and XYLD.
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Drawdown Indicators
| FXF | XYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -33.46% | -2.12% |
Max Drawdown (1Y)Largest decline over 1 year | -7.15% | -5.29% | -1.86% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -15.53% | +7.01% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -18.66% | +6.67% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -33.46% | +18.42% |
Current DrawdownCurrent decline from peak | -21.23% | -0.51% | -20.72% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -3.68% | -17.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 1.01% | +1.97% |
Volatility
FXF vs. XYLD - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.75% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.57%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | XYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 1.57% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | 5.80% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.39% | 6.98% | +0.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.31% | 11.25% | -2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 14.15% | -6.58% |
FXF vs. XYLD - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than XYLD's 0.60% expense ratio.
Dividends
FXF vs. XYLD - Dividend Comparison
FXF has not paid dividends to shareholders, while XYLD's dividend yield for the trailing twelve months is around 10.63%.
| 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% |
XYLD Global X S&P 500 Covered Call ETF | 10.63% | 10.51% | 11.54% | 10.51% | 13.43% | 9.07% | 7.93% | 5.76% | 7.12% | 5.18% | 3.23% | 4.65% |
Frequently Asked Questions
FXF and XYLD have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.75%) compared to XYLD (1.57%). In terms of maximum drawdown, FXF dropped -35.58% vs XYLD's -33.46%.
On 10-year performance, XYLD leads with 8.14% vs 1.08% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, XYLD has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XYLD has performed better with a 8.14% return vs 1.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.60% for XYLD.
XYLD has the higher dividend yield at 10.63%, compared with 0.00% for FXF.
FXF is categorized as Currency, while XYLD is Derivative Income. FXF tracks Swiss Franc, while XYLD tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.40% for FXF and 0.60% for XYLD.
XYLD currently has the higher Sharpe Ratio (2.43 vs -0.47), 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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