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 2.31%/yr vs 0.30%/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
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Returns By Period
In the year-to-date period, EUO achieves a 8.30% return, which is significantly higher than FXE's -2.24% return. Over the past 10 years, EUO has outperformed FXE with an annualized return of 2.31%, while FXE has yielded a comparatively lower 0.30% annualized return.
EUO
- 1D
- 0.62%
- 1M
- 3.48%
- 6M
- 5.41%
- YTD
- 8.30%
- 1Y
- 8.67%
- 3Y*
- 3.78%
- 5Y*
- 5.02%
- 10Y*
- 2.31%
FXE
- 1D
- -0.23%
- 1M
- -1.38%
- 6M
- -0.98%
- YTD
- -2.24%
- 1Y
- -0.97%
- 3Y*
- 2.10%
- 5Y*
- 0.17%
- 10Y*
- 0.30%
EUO vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 8.30% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
FXE Invesco CurrencyShares® Euro Currency Trust | -2.24% | 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 -0.97, 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 | -0.97 |
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 25, 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.
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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.
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.
| EUO | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.98 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | -0.18 | +1.26 |
| Martin ratioReturn relative to average drawdown | 2.55 | -0.38 | +2.93 |
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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.
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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% | -5.40% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -8.12% | -16.34% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -20.21% | -5.07% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -26.46% | -3.15% |
Current DrawdownCurrent decline from peak | -15.51% | -28.89% | +13.38% |
Average DrawdownAverage peak-to-trough decline | -18.49% | -22.34% | +3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 2.56% | +0.85% |
Volatility
EUO vs. FXE - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 3.14% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.61%. 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.
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Volatility by Period
| EUO | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 1.61% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.19% | 4.47% | +4.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 6.18% | +6.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.55% | 7.66% | +7.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.77% | 7.26% | +7.51% |
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 0.75%.
| 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 | 0.75% | 0.94% | 2.28% | 1.49% | 0.01% |
Frequently Asked Questions
EUO and FXE have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (3.14%) compared to FXE (1.61%). In terms of maximum drawdown, EUO dropped -38.58% vs FXE's -43.33%.
On 10-year performance, EUO leads with 2.31% vs 0.30% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, FXE has been the lower-risk option at 1.61%. 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 2.31% return vs 0.30%. 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 0.75%, 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.
EUO currently has the higher Sharpe Ratio (0.69 vs -0.16), 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.
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