SPICHA.SW vs. USD=X
SPICHA.SW (UBS Core SPI ETF CHF dis) is Europe Equities fund tracking the Swiss Performance Index (SPI), while USD=X (USD Cash) is a currency. Over the past 10 years, SPICHA.SW returned 8.36%/yr vs -1.92%/yr for USD=X. At a 0.09 correlation, their price movements are largely independent.
Performance
SPICHA.SW vs. USD=X - Performance Comparison
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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 9.82% return, which is significantly higher than USD=X's 2.43% return. Over the past 10 years, SPICHA.SW has outperformed USD=X with an annualized return of 8.36%, while USD=X has yielded a comparatively lower -1.92% annualized return.
SPICHA.SW
- 1D
- 0.00%
- 1M
- 2.88%
- 6M
- 9.99%
- YTD
- 9.82%
- 1Y
- 19.78%
- 3Y*
- 10.54%
- 5Y*
- 5.26%
- 10Y*
- 8.36%
- ALL TIME*
- 8.68%
USD=X
- 1D
- 0.00%
- 1M
- 0.55%
- 6M
- 2.89%
- YTD
- 2.43%
- 1Y
- 1.85%
- 3Y*
- -2.09%
- 5Y*
- -2.43%
- 10Y*
- -1.92%
- ALL TIME*
- -1.94%
SPICHA.SW vs. USD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPICHA.SW UBS Core SPI ETF CHF dis | 9.82% | 17.65% | 6.05% | 5.82% | -16.70% | 23.29% | 3.83% | 29.94% | -8.35% | 19.42% |
USD=X USD Cash | 2.43% | -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 -0.17, 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 | -0.17 |
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 18, 2011 | 0.09 |
The correlation between SPICHA.SW and USD=X shifts across timeframes, from -0.17 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPICHA.SW vs. USD=X — Risk / Return Rank
SPICHA.SW
USD=X
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPICHA.SW vs. USD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS Core SPI ETF CHF 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.
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.
| SPICHA.SW | USD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.06 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 0.39 | +1.51 |
| Martin ratioReturn relative to average drawdown | 7.24 | 0.89 | +6.35 |
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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.
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Drawdown Indicators
| SPICHA.SW | USD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.92% | -41.14% | +14.22% |
Max Drawdown (1Y)Largest decline over 1 year | -10.52% | -6.64% | -3.88% |
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 DrawdownCurrent decline from peak | -1.45% | -33.65% | +32.20% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -22.03% | +16.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 2.63% | +0.12% |
Volatility
SPICHA.SW vs. USD=X - Volatility Comparison
UBS Core SPI ETF CHF dis (SPICHA.SW) has a higher volatility of 3.11% compared to USD Cash (USD=X) at 1.71%. 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.
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Volatility by Period
| SPICHA.SW | USD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.11% | 1.71% | +1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 9.29% | 5.97% | +3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 6.42% | +4.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.21% | 6.89% | +6.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.77% | 6.31% | +7.46% |
Frequently Asked Questions
SPICHA.SW and USD=X have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for SPICHA.SW and USD=X
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