CZK=X vs. FXE

Last updated Apr 2, 2026

Compare and contrast key facts about US Dollar/Czech Koruna FX (CZK=X) and Invesco CurrencyShares® Euro Currency Trust (FXE).

FXE is a passively managed fund by Invesco that tracks the performance of the Euro. It was launched on Dec 9, 2005.

Performance

CZK=X vs. FXE - Performance Comparison

The chart below illustrates the hypothetical performance of a CZK 10,000 investment in US Dollar/Czech Koruna FX (CZK=X) and Invesco CurrencyShares® Euro Currency Trust (FXE). The values are adjusted to include any dividend payments, if applicable.

CZK=X vs. FXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CZK=X US Dollar/Czech Koruna FX	3.27%	-15.48%	8.78%	-0.77%	3.06%	1.85%	-5.24%	1.09%	5.38%	-17.14%
FXE Invesco CurrencyShares® Euro Currency Trust	1.95%	-3.21%	4.23%	4.06%	-3.71%	-6.12%	2.29%	-1.85%	-0.21%	-6.33%

Different Trading Currencies

CZK=X is traded in CZK, while FXE is traded in USD. To make them comparable, the FXE values have been converted to CZK using the latest available exchange rates.

Returns By Period

In the year-to-date period, CZK=X achieves a 3.27% return, which is significantly higher than FXE's 1.95% return. Over the past 10 years, CZK=X has underperformed FXE with an annualized return of -1.10%, while FXE has yielded a comparatively higher -1.01% annualized return.

CZK=X

• 1D: 0.02%
• 1M: 2.38%
• YTD: 3.27%
• 6M: 2.75%
• 1Y: -8.06%
• 3Y*: -0.61%
• 5Y*: -0.92%
• 10Y*: -1.10%

FXE

• 1D: 0.19%
• 1M: 1.45%
• YTD: 1.95%
• 6M: 1.80%
• 1Y: -0.60%
• 3Y*: 3.17%
• 5Y*: -0.49%
• 10Y*: -1.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

CZK=X vs. FXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CZK=X

CZK=X Risk / Return Rank: 23
CZK=X Sharpe Ratio Rank: 15
CZK=X Sortino Ratio Rank: 16
CZK=X Omega Ratio Rank: 16
CZK=X Calmar Ratio Rank: 34
CZK=X Martin Ratio Rank: 34

FXE

FXE Risk / Return Rank: 55
FXE Sharpe Ratio Rank: 58
FXE Sortino Ratio Rank: 65
FXE Omega Ratio Rank: 50
FXE Calmar Ratio Rank: 58
FXE Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CZK=X vs. FXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Dollar/Czech Koruna FX (CZK=X) and Invesco CurrencyShares® Euro Currency Trust (FXE). 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.

	CZK=X	FXE	Difference
Sharpe ratio Return per unit of total volatility	-0.81	-0.20	-0.61
Sortino ratio Return per unit of downside risk	-1.08	-0.29	-0.79
Omega ratio Gain probability vs. loss probability	0.87	0.97	-0.10
Calmar ratio Return relative to maximum drawdown	-0.21	-0.17	-0.04
Martin ratio Return relative to average drawdown	-0.41	-0.25	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CZK=X vs. FXE - Sharpe Ratio Comparison

The current CZK=X Sharpe Ratio is -0.81, which is lower than the FXE Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of CZK=X and FXE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CZK=X	FXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.81	-0.20	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	-0.11	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.12	-0.22	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	-0.09	+0.10

Correlation

The correlation between CZK=X and FXE is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

CZK=X vs. FXE - Drawdown Comparison

The maximum CZK=X drawdown since its inception was -32.79%, which is greater than FXE's maximum drawdown of -27.15%. Use the drawdown chart below to compare losses from any high point for CZK=X and FXE.

Drawdown Indicators

	CZK=X	FXE	Difference
Max Drawdown Largest peak-to-trough decline	-32.79%	-43.33%	+10.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-5.02%	-8.03%
Max Drawdown (5Y) Largest decline over 5 years	-21.80%	-22.70%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	-22.64%	-26.46%	+3.82%
Current Drawdown Current decline from peak	-18.31%	-28.19%	+9.88%
Average Drawdown Average peak-to-trough decline	-14.01%	-22.26%	+8.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	1.89%	+1.71%

Volatility

CZK=X vs. FXE - Volatility Comparison

US Dollar/Czech Koruna FX (CZK=X) has a higher volatility of 2.90% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 0.95%. This indicates that CZK=X's price experiences larger fluctuations and is considered to be riskier than FXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZK=X	FXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	0.95%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	2.02%	+2.89%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	2.96%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.12%	4.41%	+4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	4.52%	+4.42%