EUO vs. FXE
EUO (ProShares UltraShort Euro) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while FXE is a Currency fund tracking the Euro. Both are passively managed. Over the past 10 years, EUO returned 2.45%/yr vs 0.15%/yr for FXE. At a correlation of -0.99, they often move in opposite directions. EUO charges 0.99%/yr vs 0.40%/yr for FXE.
Performance
EUO vs. FXE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EUO achieves a 4.54% return, which is significantly higher than FXE's -1.03% return. Over the past 10 years, EUO has outperformed FXE with an annualized return of 2.45%, while FXE has yielded a comparatively lower 0.15% annualized return.
EUO
- 1D
- 0.50%
- 1M
- 2.09%
- YTD
- 4.54%
- 6M
- 3.41%
- 1Y
- 1.02%
- 3Y*
- -0.54%
- 5Y*
- 5.54%
- 10Y*
- 2.45%
FXE
- 1D
- -0.29%
- 1M
- -0.82%
- YTD
- -1.03%
- 6M
- -0.26%
- 1Y
- 2.68%
- 3Y*
- 4.26%
- 5Y*
- -0.23%
- 10Y*
- 0.15%
EUO vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 4.54% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Correlation
The correlation between EUO and FXE is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.99 |
The correlation between EUO and FXE has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EUO vs. FXE — Risk / Return Rank
EUO
FXE
EUO vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) 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.
| EUO | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.08 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 0.54 | -0.41 |
| Martin ratioReturn relative to average drawdown | 0.28 | 1.28 | -1.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EUO | FXE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | 0.43 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | -0.03 | +0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.02 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.02 | +0.04 |
Drawdowns
EUO vs. FXE - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum FXE drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for EUO and FXE.
Loading charts...
Drawdown Indicators
| EUO | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -43.33% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -5.02% | -3.03% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -8.12% | -16.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -22.32% | -2.96% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -26.46% | -3.15% |
Current DrawdownCurrent decline from peak | -18.43% | -28.01% | +9.58% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -22.31% | +3.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 2.09% | +1.64% |
Volatility
EUO vs. FXE - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.48% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.21%. This indicates that EUO'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.
Loading charts...
Volatility by Period
| EUO | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 1.21% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 8.71% | 4.24% | +4.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 6.24% | +6.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 7.66% | +7.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 7.32% | +7.56% |
EUO vs. FXE - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than FXE's 0.40% expense ratio.
Dividends
EUO vs. FXE - Dividend Comparison
EUO has not paid dividends to shareholders, while FXE's dividend yield for the trailing twelve months is around 0.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% |
Frequently Asked Questions
EUO and FXE have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (2.48%) compared to FXE (1.21%). In terms of maximum drawdown, EUO dropped -38.58% vs FXE's -43.33%.
On 10-year performance, EUO leads with 2.45% vs 0.15% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, FXE has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.45% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 0.99% for EUO.
FXE has the higher dividend yield at 0.73%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while FXE is Currency. EUO tracks USD/EUR Exchange Rate (-200%), while FXE tracks Euro. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.99% for EUO and 0.40% for FXE.
FXE currently has the higher Sharpe Ratio (0.43 vs 0.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for EUO and FXE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer