SPICHA.SW vs. USD=X

Last updated Jun 5, 2026

SPICHA.SW (UBS ETF (CH) – SPI® (CHF) A-dis) is Europe Equities fund tracking the SPI® Index, while USD=X (USD Cash) is a currency. Over the past 10 years, SPICHA.SW returned 7.70%/yr vs -1.87%/yr for USD=X. At a 0.09 correlation, their price movements are largely independent.

Performance

SPICHA.SW vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPICHA.SW achieves a 3.22% return, which is significantly higher than USD=X's 0.59% return. Over the past 10 years, SPICHA.SW has outperformed USD=X with an annualized return of 7.70%, while USD=X has yielded a comparatively lower -1.87% annualized return.

SPICHA.SW

• 1D: 0.82%
• 1M: 1.60%
• YTD: 3.22%
• 6M: 5.42%
• 1Y: 10.32%
• 3Y*: 7.66%
• 5Y*: 4.66%
• 10Y*: 7.70%

USD=X

• 1D: 0.00%
• 1M: 2.86%
• YTD: 0.59%
• 6M: -1.10%
• 1Y: -2.85%
• 3Y*: -4.05%
• 5Y*: -2.26%
• 10Y*: -1.87%

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

SPICHA.SW vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPICHA.SW UBS ETF (CH) – SPI® (CHF) A-dis	3.22%	17.65%	6.05%	5.82%	-16.70%	23.29%	3.83%	29.94%	-8.35%	19.42%
USD=X USD Cash	0.59%	-12.62%	7.88%	-8.95%	1.37%	2.95%	-8.43%	-1.70%	0.97%	-4.25%

Correlation

The correlation between SPICHA.SW and USD=X is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jul 19, 2011	0.09

The correlation between SPICHA.SW and USD=X shifts across timeframes, from -0.13 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPICHA.SW vs. USD=X — Risk / Return Rank

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

SPICHA.SW

SPICHA.SW Risk / Return Rank: 26
SPICHA.SW Sharpe Ratio Rank: 28
SPICHA.SW Sortino Ratio Rank: 27
SPICHA.SW Omega Ratio Rank: 27
SPICHA.SW Calmar Ratio Rank: 23
SPICHA.SW Martin Ratio Rank: 26

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.

SPICHA.SW vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) 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.

	SPICHA.SW	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	0.97	-0.37	+1.35
Sortino ratio: Return per unit of downside risk	1.45	-0.44	+1.89
Omega ratio: Gain probability vs. loss probability	1.18	0.95	+0.23
Calmar ratio: Return relative to maximum drawdown	1.02	-0.38	+1.40
Martin ratio: Return relative to average drawdown	3.55	-0.76	+4.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPICHA.SW vs. USD=X - Sharpe Ratio Comparison

The current SPICHA.SW Sharpe Ratio is 0.97, which is higher than the USD=X Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of SPICHA.SW and USD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPICHA.SW	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	-0.37	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	-0.27	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	-0.25	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	-0.21	+0.77

Drawdowns

SPICHA.SW vs. USD=X - Drawdown Comparison

The maximum SPICHA.SW drawdown since its inception was -26.92%, smaller than the maximum USD=X drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for SPICHA.SW and USD=X.

Drawdown Indicators

	SPICHA.SW	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-26.92%	-41.14%	+14.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.89%	-7.52%	-3.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-17.43%	+1.53%
Max Drawdown (5Y) Largest decline over 5 years	-21.48%	-24.87%	+3.39%
Max Drawdown (10Y) Largest decline over 10 years	-26.92%	-26.13%	-0.79%
Current Drawdown Current decline from peak	-2.21%	-34.85%	+32.64%
Average Drawdown Average peak-to-trough decline	-5.21%	-21.97%	+16.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	2.81%	+0.28%

Volatility

SPICHA.SW vs. USD=X - Volatility Comparison

UBS ETF (CH) – SPI® (CHF) A-dis (SPICHA.SW) has a higher volatility of 3.18% compared to USD Cash (USD=X) at 1.70%. This indicates that SPICHA.SW's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPICHA.SW	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	1.70%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	8.93%	5.96%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	6.47%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	6.90%	+6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.92%	6.32%	+7.60%

Frequently Asked Questions

Can I hold both SPICHA.SW and USD=X in my portfolio?

SPICHA.SW and USD=X have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.