IAU vs. FXF
IAU (iShares Gold Trust) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, IAU returned 11.43%/yr vs 1.16%/yr for FXF. At a 0.43 correlation, their price movements are largely independent. IAU charges 0.25%/yr vs 0.40%/yr for FXF.
Performance
IAU vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -7.17% return, which is significantly lower than FXF's -2.51% return. Over the past 10 years, IAU has outperformed FXF with an annualized return of 11.43%, while FXF has yielded a comparatively lower 1.16% annualized return.
IAU
- 1D
- -0.20%
- 1M
- -5.02%
- 6M
- -12.66%
- YTD
- -7.17%
- 1Y
- 19.36%
- 3Y*
- 26.56%
- 5Y*
- 17.02%
- 10Y*
- 11.43%
- ALL TIME*
- 10.67%
FXF
- 1D
- -0.36%
- 1M
- -0.69%
- 6M
- -1.20%
- YTD
- -2.51%
- 1Y
- -1.57%
- 3Y*
- 1.94%
- 5Y*
- 1.98%
- 10Y*
- 1.16%
- ALL TIME*
- 1.66%
IAU vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -7.17% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.51% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between IAU and FXF is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.43 |
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Return for Risk
IAU vs. FXF — Risk / Return Rank
IAU
FXF
IAU vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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.
| IAU | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.97 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | -0.24 | +0.97 |
| Martin ratioReturn relative to average drawdown | 1.72 | -0.55 | +2.27 |
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Drawdowns
IAU vs. FXF - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for IAU and FXF.
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Drawdown Indicators
| IAU | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -35.58% | -9.56% |
Max Drawdown (1Y)Largest decline over 1 year | -26.36% | -6.72% | -19.64% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -8.52% | -17.84% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -11.99% | -14.37% |
Max Drawdown (10Y)Largest decline over 10 years | -26.36% | -15.04% | -11.32% |
Current DrawdownCurrent decline from peak | -25.81% | -20.42% | -5.39% |
Average DrawdownAverage peak-to-trough decline | -16.00% | -20.83% | +4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.25% | 2.88% | +8.37% |
Volatility
IAU vs. FXF - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 6.34% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.86%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.34% | 1.86% | +4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 24.03% | 5.76% | +18.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.86% | 7.44% | +20.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.36% | 8.32% | +10.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 7.57% | +8.48% |
IAU vs. FXF - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than FXF's 0.40% expense ratio.
Dividends
IAU vs. FXF - Dividend Comparison
Neither IAU nor FXF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IAU and FXF have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (6.34%) compared to FXF (1.86%). In terms of maximum drawdown, IAU dropped -45.14% vs FXF's -35.58%.
On 10-year performance, IAU leads with 11.43% vs 1.16% for FXF. On fees, IAU is cheaper at 0.25% per year. On volatility, FXF has been the lower-risk option at 1.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.43% return vs 1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.40% for FXF.
IAU and FXF have nearly identical dividend yields, around 0.00%.
IAU is categorized as Gold, while FXF is Currency. IAU tracks LBMA Gold Price, while FXF tracks Swiss Franc. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for IAU and 0.40% for FXF.
IAU currently has the higher Sharpe Ratio (0.70 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.
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