FXC vs SPY
Invesco CurrencyShares Canadian Dollar Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FXC | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $69M | $789.1B | |
| Dividend Yield | 0.27% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | -1.45% | +13.68% | |
| 1Y Return | -0.98% | +21.53% | |
| 3Y Return (annualized) | -0.05% | +21.44% | |
| 5Y Return (annualized) | -1.22% | +13.18% | |
| Volatility (annualized) | 8.7% | 15.3% | |
| Max Drawdown | -37.9% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 21, 2006 | Jan 22, 1993 |
FXC vs SPY Performance
Invesco CurrencyShares Canadian Dollar Trust (FXC) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FXC returned -0.98% while SPY returned +21.53%. Year to date, FXC is down 1.45% versus a gain of 13.68% for SPY.
Over three years, FXC compounded at -0.05% per year against +21.44% for SPY; over five years the annualized figures are -1.22% and +13.18% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs -0.94%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.7% for FXC. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -37.9% for FXC and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FXC charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, FXC currently yields 0.27% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, FXC or SPY?
FXC has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, FXC or SPY?
Over the past year FXC returned -0.98% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), FXC annualized -0.94% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FXC or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.7% for FXC. Worst drawdown: FXC -37.9% vs SPY -56.5%.
Should I hold both FXC and SPY?
FXC and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FXC or SPY?
FXC yields 0.27% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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