AUDUSD=X vs. SDEU.L
AUDUSD=X (AUD/USD) is a currency, while SDEU.L (iShares Germany Government Bond UCITS ETF (Dist)) is European Government Bonds fund tracking the Bloomberg Euro Agg Govt TR EUR. Over the past 10 years, AUDUSD=X returned -0.44%/yr vs -1.08%/yr for SDEU.L. At a 0.42 correlation, their price movements are largely independent.
Performance
AUDUSD=X vs. SDEU.L - Performance Comparison
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Different Trading Currencies
AUDUSD=X is traded in USD, while SDEU.L is traded in GBP. To make them comparable, the SDEU.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AUDUSD=X achieves a 5.54% return, which is significantly higher than SDEU.L's -1.61% return. Over the past 10 years, AUDUSD=X has outperformed SDEU.L with an annualized return of -0.44%, while SDEU.L has yielded a comparatively lower -1.08% annualized return.
AUDUSD=X
- 1D
- -0.08%
- 1M
- -2.95%
- YTD
- 5.54%
- 6M
- 5.93%
- 1Y
- 7.81%
- 3Y*
- 1.34%
- 5Y*
- -1.78%
- 10Y*
- -0.44%
SDEU.L
- 1D
- -0.07%
- 1M
- -0.49%
- YTD
- -1.61%
- 6M
- -1.29%
- 1Y
- -1.85%
- 3Y*
- 3.33%
- 5Y*
- -3.99%
- 10Y*
- -1.08%
AUDUSD=X vs. SDEU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AUDUSD=X AUD/USD | 5.54% | 7.81% | -9.12% | -0.06% | -6.27% | -5.58% | 9.75% | -0.37% | -9.73% | 8.36% |
SDEU.L iShares Germany Government Bond UCITS ETF (Dist) | -1.61% | 11.34% | -5.80% | 8.51% | -22.46% | -9.88% | 11.78% | 1.74% | -2.72% | 11.56% |
Correlation
The correlation between AUDUSD=X and SDEU.L is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since May 8, 2012 | 0.42 |
The correlation between AUDUSD=X and SDEU.L shifts across timeframes, from 0.42 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AUDUSD=X vs. SDEU.L — Risk / Return Rank
AUDUSD=X
SDEU.L
AUDUSD=X vs. SDEU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AUD/USD (AUDUSD=X) and iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L). 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.
| AUDUSD=X | SDEU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.97 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | -0.33 | +1.81 |
| Martin ratioReturn relative to average drawdown | 3.83 | -0.73 | +4.56 |
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Drawdowns
AUDUSD=X vs. SDEU.L - Drawdown Comparison
The maximum AUDUSD=X drawdown since its inception was -47.87%, which is greater than SDEU.L's maximum drawdown of -41.52%. Use the drawdown chart below to compare losses from any high point for AUDUSD=X and SDEU.L.
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Drawdown Indicators
| AUDUSD=X | SDEU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.87% | -41.52% | -6.35% |
Max Drawdown (1Y)Largest decline over 1 year | -4.20% | -5.67% | +1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -13.83% | -10.32% | -3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -22.74% | -33.95% | +11.21% |
Max Drawdown (10Y)Largest decline over 10 years | -29.18% | -37.02% | +7.84% |
Current DrawdownCurrent decline from peak | -36.06% | -27.83% | -8.23% |
Average DrawdownAverage peak-to-trough decline | -25.87% | -22.07% | -3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.69% | 2.55% | -0.86% |
Volatility
AUDUSD=X vs. SDEU.L - Volatility Comparison
The current volatility for AUD/USD (AUDUSD=X) is 2.13%, while iShares Germany Government Bond UCITS ETF (Dist) (SDEU.L) has a volatility of 2.43%. This indicates that AUDUSD=X experiences smaller price fluctuations and is considered to be less risky than SDEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AUDUSD=X | SDEU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.13% | 2.43% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 5.99% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.64% | 8.06% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.08% | 10.12% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.66% | 9.32% | +0.34% |
Frequently Asked Questions
AUDUSD=X and SDEU.L have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for AUDUSD=X and SDEU.L
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