GBP=X vs. USD=X

Last updated Apr 3, 2026

Compare and contrast key facts about USD/GBP (GBP=X) and USD Cash (USD=X).

Performance

GBP=X vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in USD/GBP (GBP=X) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

GBP=X vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBP=X USD/GBP	1.87%	-7.12%	1.75%	-5.00%	11.89%	0.95%	-2.94%	-3.80%	5.93%	-8.65%
USD=X USD Cash	1.87%	-7.12%	1.75%	-5.00%	11.89%	0.95%	-2.94%	-3.80%	5.93%	-8.65%

Different Trading Currencies

GBP=X is traded in GBP, while USD=X is traded in USD. To make them comparable, the USD=X values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GBP=X achieves a 1.87% return, which is significantly higher than USD=X's 1.65% return. Over the past 10 years, GBP=X has outperformed USD=X with an annualized return of 0.76%, while USD=X has yielded a comparatively lower 0.66% annualized return.

GBP=X

• 1D: 0.61%
• 1M: 0.99%
• YTD: 1.87%
• 6M: 1.61%
• 1Y: -1.71%
• 3Y*: -2.08%
• 5Y*: 0.90%
• 10Y*: 0.76%

USD=X

• 1D: 0.00%
• 1M: 0.77%
• YTD: 1.65%
• 6M: 1.39%
• 1Y: -1.93%
• 3Y*: -1.93%
• 5Y*: 0.86%
• 10Y*: 0.66%

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

Return for Risk

GBP=X vs. USD=X — Risk / Return Rank

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

GBP=X

GBP=X Risk / Return Rank: 55
GBP=X Sharpe Ratio Rank: 46
GBP=X Sortino Ratio Rank: 44
GBP=X Omega Ratio Rank: 45
GBP=X Calmar Ratio Rank: 71
GBP=X Martin Ratio Rank: 71

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.

GBP=X vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/GBP (GBP=X) and USD Cash (USD=X). 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.

	GBP=X	USD=X	Difference
Sharpe ratio Return per unit of total volatility	-0.20	-0.15	-0.05
Sortino ratio Return per unit of downside risk	-0.24	-0.16	-0.08
Omega ratio Gain probability vs. loss probability	0.97	0.98	-0.01
Calmar ratio Return relative to maximum drawdown	0.50	0.34	+0.16
Martin ratio Return relative to average drawdown	1.19	0.76	+0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBP=X vs. USD=X - Sharpe Ratio Comparison

The current GBP=X Sharpe Ratio is -0.20, which is lower than the USD=X Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of GBP=X and USD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GBP=X	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	-0.15	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.10	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.07	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.22	0.00

Correlation

The correlation between GBP=X and USD=X is 1.00, 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.

Drawdowns

GBP=X vs. USD=X - Drawdown Comparison

The maximum GBP=X drawdown since its inception was -22.85%, roughly equal to the maximum USD=X drawdown of -22.85%. Use the drawdown chart below to compare losses from any high point for GBP=X and USD=X.

Drawdown Indicators

	GBP=X	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-22.85%	0.00%	-22.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	0.00%	-8.11%
Max Drawdown (5Y) Largest decline over 5 years	-22.85%	0.00%	-22.85%
Max Drawdown (10Y) Largest decline over 10 years	-22.85%	0.00%	-22.85%
Current Drawdown Current decline from peak	-19.22%	0.00%	-19.22%
Average Drawdown Average peak-to-trough decline	-10.98%	0.00%	-10.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	0.00%	+2.48%

Volatility

GBP=X vs. USD=X - Volatility Comparison

The current volatility for USD/GBP (GBP=X) is 2.60%, while USD Cash (USD=X) has a volatility of 2.89%. This indicates that GBP=X experiences smaller price fluctuations and is considered to be less risky than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBP=X	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	2.89%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	5.02%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	6.77%	6.21%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.26%	7.11%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.29%	7.93%	+1.36%