Until last year, the Swiss franc also tended to perform like a safe haven when economic times got tough. But as the European debt crisis festered, and the Swiss franc grew more appealing by contrast, Swiss authorities tired of trying to curb their currency’s strength announced in September that they would set a floor under the currency’s relationship to the euro.

They have solved their strong-currency problem — and then some. The Swiss franc has dropped significantly as the euro has weakened, and at the moment, it is not offering a safe port in a storm.

Still, both the Swiss franc and the yen have netted gains for bearish portfolios in the past. Guggenheim’s Anthony Davidow notes that “last year at this time, there was a flight from the euro, and buying of the Swiss franc or the yen.”

Tom Lydon, chief executive of Global Trends Investments, an investment advisory firm, recommends including the CurrencyShares Swiss Franc Trust, a single-currency ETF based on the Swiss franc, in a bearish portfolio.

“With more problems popping up out of the euro-zone peripheral states, the depressed franc will again attract greater interest from safe-haven investors, especially from euro-currency holders.

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