VWO vs. FXF
VWO (Vanguard FTSE Emerging Markets ETF) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, VWO returned 9.11%/yr vs 1.05%/yr for FXF. At a 0.15 correlation, their price movements are largely independent. VWO charges 0.08%/yr vs 0.40%/yr for FXF.
Performance
VWO vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, VWO achieves a 13.17% return, which is significantly higher than FXF's -0.56% return. Over the past 10 years, VWO has outperformed FXF with an annualized return of 9.11%, while FXF has yielded a comparatively lower 1.05% annualized return.
VWO
- 1D
- 2.17%
- 1M
- 4.11%
- YTD
- 13.17%
- 6M
- 15.35%
- 1Y
- 29.26%
- 3Y*
- 16.84%
- 5Y*
- 5.83%
- 10Y*
- 9.11%
FXF
- 1D
- 0.23%
- 1M
- -1.07%
- YTD
- -0.56%
- 6M
- -0.05%
- 1Y
- 1.46%
- 3Y*
- 3.71%
- 5Y*
- 2.14%
- 10Y*
- 1.05%
VWO vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VWO Vanguard FTSE Emerging Markets ETF | 13.17% | 25.60% | 10.59% | 9.25% | -17.98% | 1.26% | 15.17% | 20.75% | -14.76% | 31.49% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.56% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between VWO and FXF is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.15 |
Over the past year, VWO and FXF have become more correlated (0.35) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
VWO vs. FXF — Risk / Return Rank
VWO
FXF
VWO vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) 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.
| VWO | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.04 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 0.30 | +2.34 |
| Martin ratioReturn relative to average drawdown | 9.28 | 0.64 | +8.64 |
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Drawdowns
VWO vs. FXF - Drawdown Comparison
The maximum VWO drawdown since its inception was -67.68%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for VWO and FXF.
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Drawdown Indicators
| VWO | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.68% | -35.58% | -32.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.17% | -4.97% | -6.20% |
Max Drawdown (3Y)Largest decline over 3 years | -17.37% | -8.52% | -8.85% |
Max Drawdown (5Y)Largest decline over 5 years | -32.60% | -11.99% | -20.61% |
Max Drawdown (10Y)Largest decline over 10 years | -36.39% | -15.04% | -21.35% |
Current DrawdownCurrent decline from peak | -0.57% | -18.83% | +18.26% |
Average DrawdownAverage peak-to-trough decline | -15.80% | -20.83% | +5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 2.29% | +0.87% |
Volatility
VWO vs. FXF - Volatility Comparison
Vanguard FTSE Emerging Markets ETF (VWO) has a higher volatility of 6.98% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.84%. This indicates that VWO'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
| VWO | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.98% | 1.84% | +5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 14.18% | 5.53% | +8.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.62% | 7.42% | +9.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.51% | 8.33% | +9.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.24% | 7.57% | +11.67% |
VWO vs. FXF - Expense Ratio Comparison
VWO has a 0.08% expense ratio, which is lower than FXF's 0.40% expense ratio.
Dividends
VWO vs. FXF - Dividend Comparison
VWO's dividend yield for the trailing twelve months is around 2.38%, 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% |
VWO Vanguard FTSE Emerging Markets ETF | 2.38% | 2.79% | 3.20% | 3.52% | 4.11% | 2.63% | 1.91% | 3.23% | 2.88% | 2.30% | 2.52% | 3.26% |
Frequently Asked Questions
VWO and FXF have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWO has higher volatility (6.98%) compared to FXF (1.84%). In terms of maximum drawdown, VWO dropped -67.68% vs FXF's -35.58%.
On 10-year performance, VWO leads with 9.11% vs 1.05% for FXF. On fees, VWO is cheaper at 0.08% per year. On volatility, FXF has been the lower-risk option at 1.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VWO has performed better with a 9.11% return vs 1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VWO is cheaper with a 0.08% expense ratio, compared with 0.40% for FXF.
VWO has the higher dividend yield at 2.38%, compared with 0.00% for FXF.
VWO is categorized as Emerging Markets Equities, while FXF is Currency. VWO tracks FTSE Emerging Index, while FXF tracks Swiss Franc. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.08% for VWO and 0.40% for FXF.
VWO currently has the higher Sharpe Ratio (1.77 vs 0.20), 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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