FXF vs SPY
Invesco CurrencyShares Swiss Franc 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 | FXF | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $398M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 1 | 505 | |
| YTD Return | -2.52% | +13.75% | |
| 1Y Return | -0.20% | +22.91% | |
| 3Y Return (annualized) | +2.34% | +21.67% | |
| 5Y Return (annualized) | +2.11% | +13.32% | |
| Volatility (annualized) | 9.8% | 15.3% | |
| Max Drawdown | -35.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 21, 2006 | Jan 22, 1993 |
FXF vs SPY Performance
Invesco CurrencyShares Swiss Franc Trust (FXF) 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 FXF returned -0.20% while SPY returned +22.91%. Year to date, FXF is down 2.52% versus a gain of 13.75% for SPY.
Over three years, FXF compounded at +2.34% per year against +21.67% for SPY; over five years the annualized figures are +2.11% and +13.32% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +1.65%. 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 9.8% for FXF. 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 -35.6% for FXF 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 0.26. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FXF 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, FXF currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, FXF or SPY?
FXF 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, FXF or SPY?
Over the past year FXF returned -0.20% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), FXF annualized +1.65% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FXF or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.8% for FXF. Worst drawdown: FXF -35.6% vs SPY -56.5%.
Should I hold both FXF and SPY?
FXF and SPY have a monthly-return correlation of 0.26, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FXF or SPY?
FXF yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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