Swiss Franc vs S&P 500 since 1972
374% × 6,939%
Updated July 2026 · BLS / FRED · daily closing prices (not exportable)
Since 1972, Swiss Franc is up 374% against the dollar and S&P 500 is 6,939% in dollars. S&P 500 held up better. Held as cash, Swiss Franc earns no interest, so that line is the exchange rate, not a return.
Base 100 since 1972
Why compare Swiss Franc and S&P 500
The Swiss franc is the classic safe-haven currency, the one money flows toward when markets break, and the S&P 500 is the benchmark of American stocks, so this duel sets a refuge against an engine of growth. The franc is an exchange rate held as cash it earns no interest, so its line is only the move against the dollar, not a return. The index is a real asset, the price index of the 500 largest U.S. companies, and its total-return figure with dividends would be higher. The durable pattern is a study in opposites: the franc trends slowly higher and jumps in crises, prized for stability, while stocks compound over the long run but make you sit through deep drawdowns. It is the world's calmest cash against a stake in corporate earnings.
Returns by window
| Window | Swiss Franc | S&P 500 |
|---|---|---|
| 1 year | -1% | 15% |
| 5 years | 11% | 66% |
| 10 years | 19% | 237% |
| since 1972 | 374% | 6,939% |
The price of return: risk
| Asset | Annual volatility | Worst drop |
|---|---|---|
| Swiss Franc | 11% | -47% |
| S&P 500 | 15% | -53% |
$10,000 in each, since 1972
| Asset | Value today |
|---|---|
| Swiss Franc | $47,435 |
| S&P 500 | $703,882 |
Frequently asked questions
Swiss Franc or S&P 500: which held up better?
Since 1972, S&P 500 is ahead in dollar terms. But a currency held as cash earns no interest, so its figure is the move against the U.S. dollar, not a return.
Is a currency line a return?
No. Holding cash in any currency earns no interest by itself, so the line is only the exchange-rate move against the dollar. A real asset (gold, an index) carries a return — that contrast is the point of this page.
Does the bigger move mean the better holding?
Not on its own — yield and risk matter, and this is not investment advice. The page shows the dollar move and the largest drop; for cash, also weigh the interest you could earn elsewhere.
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Descriptive, educational content computed from official public data. Not investment advice. Past performance does not guarantee future results.