ISHG vs. FXF
ISHG (iShares 1-3 Year International Treasury Bond ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, ISHG returned -0.18%/yr vs 1.17%/yr for FXF. A 0.71 correlation means they provide meaningful diversification when combined. ISHG charges 0.35%/yr vs 0.40%/yr for FXF.
Performance
ISHG vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, ISHG achieves a -1.21% return, which is significantly higher than FXF's -2.34% return. Over the past 10 years, ISHG has underperformed FXF with an annualized return of -0.18%, while FXF has yielded a comparatively higher 1.17% annualized return.
ISHG
- 1D
- 0.06%
- 1M
- -1.04%
- 6M
- -0.60%
- YTD
- -1.21%
- 1Y
- -0.54%
- 3Y*
- 3.44%
- 5Y*
- -0.95%
- 10Y*
- -0.18%
FXF
- 1D
- -0.18%
- 1M
- -1.55%
- 6M
- -1.27%
- YTD
- -2.34%
- 1Y
- -2.03%
- 3Y*
- 2.53%
- 5Y*
- 1.93%
- 10Y*
- 1.17%
ISHG vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHG iShares 1-3 Year International Treasury Bond ETF | -1.21% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.34% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between ISHG and FXF is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.71 |
The correlation between ISHG and FXF shifts across timeframes, from 0.71 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ISHG vs. FXF — Risk / Return Rank
ISHG
FXF
ISHG vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year International Treasury Bond ETF (ISHG) 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.
| ISHG | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.96 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | -0.32 | +0.14 |
| Martin ratioReturn relative to average drawdown | -0.37 | -0.75 | +0.38 |
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Drawdowns
ISHG vs. FXF - Drawdown Comparison
The maximum ISHG drawdown since its inception was -37.24%, roughly equal to the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for ISHG and FXF.
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Drawdown Indicators
| ISHG | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.24% | -35.58% | -1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -6.50% | +1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -8.21% | -8.52% | +0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -22.29% | -11.99% | -10.30% |
Max Drawdown (10Y)Largest decline over 10 years | -25.56% | -15.04% | -10.52% |
Current DrawdownCurrent decline from peak | -23.17% | -20.28% | -2.89% |
Average DrawdownAverage peak-to-trough decline | -18.46% | -20.83% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 2.72% | -0.43% |
Volatility
ISHG vs. FXF - Volatility Comparison
The current volatility for iShares 1-3 Year International Treasury Bond ETF (ISHG) is 1.58%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.76%. This indicates that ISHG experiences smaller price fluctuations and is considered to be less risky 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
| ISHG | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.76% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.92% | 5.67% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.49% | 7.36% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.59% | 8.30% | -0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.91% | 7.56% | -0.65% |
ISHG vs. FXF - Expense Ratio Comparison
ISHG has a 0.35% expense ratio, which is lower than FXF's 0.40% expense ratio.
Dividends
ISHG vs. FXF - Dividend Comparison
ISHG's dividend yield for the trailing twelve months is around 1.47%, while FXF has not paid dividends to shareholders.
| 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% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.47% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
ISHG and FXF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.76%) compared to ISHG (1.58%). In terms of maximum drawdown, ISHG dropped -37.24% vs FXF's -35.58%.
On 10-year performance, FXF leads with 1.17% vs -0.18% for ISHG. On fees, ISHG is cheaper at 0.35% per year. On volatility, ISHG has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.17% return vs -0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISHG is cheaper with a 0.35% expense ratio, compared with 0.40% for FXF.
ISHG has the higher dividend yield at 1.47%, compared with 0.00% for FXF.
ISHG is categorized as International Government Bonds, while FXF is Currency. ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year, while FXF tracks Swiss Franc. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.35% for ISHG and 0.40% for FXF.
ISHG currently has the higher Sharpe Ratio (-0.13 vs -0.28), 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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