EUO vs. FXF
EUO (ProShares UltraShort Euro) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while FXF is a Currency fund tracking the Swiss Franc. Both are passively managed. Over the past 10 years, EUO returned 2.13%/yr vs 1.16%/yr for FXF. At a correlation of -0.76, they often move in opposite directions. EUO charges 0.99%/yr vs 0.40%/yr for FXF.
Performance
EUO vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 8.46% return, which is significantly higher than FXF's -2.51% return. Over the past 10 years, EUO has outperformed FXF with an annualized return of 2.13%, while FXF has yielded a comparatively lower 1.16% annualized return.
EUO
- 1D
- 0.32%
- 1M
- 0.87%
- 6M
- 5.31%
- YTD
- 8.46%
- 1Y
- 8.62%
- 3Y*
- 3.05%
- 5Y*
- 5.03%
- 10Y*
- 2.13%
- ALL TIME*
- 1.23%
FXF
- 1D
- -0.36%
- 1M
- -0.69%
- 6M
- -1.20%
- YTD
- -2.51%
- 1Y
- -1.57%
- 3Y*
- 1.94%
- 5Y*
- 1.98%
- 10Y*
- 1.16%
- ALL TIME*
- 1.66%
EUO vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 8.46% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.51% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between EUO and FXF is -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.76 |
The correlation between EUO and FXF shifts across timeframes, from -0.86 (1 year) to -0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EUO vs. FXF — Risk / Return Rank
EUO
FXF
EUO vs. FXF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and Invesco CurrencyShares® Swiss Franc Trust (FXF). 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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.97 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | -0.24 | +1.31 |
| Martin ratioReturn relative to average drawdown | 2.54 | -0.55 | +3.09 |
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Drawdowns
EUO vs. FXF - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for EUO and FXF.
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Drawdown Indicators
| EUO | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -35.58% | -3.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -6.72% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -8.52% | -15.94% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -11.99% | -13.29% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -15.04% | -14.57% |
Current DrawdownCurrent decline from peak | -15.38% | -20.42% | +5.04% |
Average DrawdownAverage peak-to-trough decline | -18.48% | -20.83% | +2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 2.88% | +0.53% |
Volatility
EUO vs. FXF - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.62% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.86%. This indicates that EUO's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 1.86% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 9.18% | 5.76% | +3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 7.44% | +5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.55% | 8.32% | +7.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.77% | 7.57% | +7.20% |
EUO vs. FXF - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than FXF's 0.40% expense ratio.
Dividends
EUO vs. FXF - Dividend Comparison
Neither EUO nor FXF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
Frequently Asked Questions
EUO and FXF have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (2.62%) compared to FXF (1.86%). In terms of maximum drawdown, EUO dropped -38.58% vs FXF's -35.58%.
On 10-year performance, EUO leads with 2.13% vs 1.16% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.86%. 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 2.13% return vs 1.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.99% for EUO.
EUO and FXF have nearly identical dividend yields, around 0.00%.
EUO is categorized as Leveraged Currency, while FXF is Currency. EUO tracks USD/EUR Exchange Rate (-200%), while FXF tracks Swiss Franc. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.99% for EUO and 0.40% for FXF.
EUO currently has the higher Sharpe Ratio (0.69 vs -0.21), 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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