EUR=X vs. USDX

Last updated Jun 4, 2026

EUR=X (USD/EUR) is a currency, while USDX (SGI Enhanced Core ETF) is Intermediate Core Bond fund actively managed by Summit Global Investments. Over the past year, EUR=X returned -1.99% vs 4.10% for USDX. Their correlation of 0.89 suggests significant overlap in exposure.

Performance

EUR=X vs. USDX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in USD/EUR (EUR=X) and SGI Enhanced Core ETF (USDX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, EUR=X achieves a 1.20% return, which is significantly lower than USDX's 3.21% return.

EUR=X

• 1D: 0.22%
• 1M: 0.71%
• YTD: 1.20%
• 6M: 0.55%
• 1Y: -1.99%
• 3Y*: -2.65%
• 5Y*: 0.94%
• 10Y*: -0.21%

USDX

• 1D: 0.22%
• 1M: 1.14%
• YTD: 3.21%
• 6M: 3.07%
• 1Y: 4.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUR=X vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EUR=X USD/EUR	1.20%	-11.87%	4.37%
USDX SGI Enhanced Core ETF	3.21%	-6.36%	11.54%

Correlation

The correlation between EUR=X and USDX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.89

The correlation between EUR=X and USDX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

EUR=X vs. USDX — Risk / Return Rank

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

EUR=X

EUR=X Risk / Return Rank: 30
EUR=X Sharpe Ratio Rank: 32
EUR=X Sortino Ratio Rank: 32
EUR=X Omega Ratio Rank: 32
EUR=X Calmar Ratio Rank: 27
EUR=X Martin Ratio Rank: 28

USDX

USDX Risk / Return Rank: 94
USDX Sharpe Ratio Rank: 91
USDX Sortino Ratio Rank: 94
USDX Omega Ratio Rank: 96
USDX Calmar Ratio Rank: 93
USDX Martin Ratio Rank: 97

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.

EUR=X vs. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/EUR (EUR=X) and SGI Enhanced Core ETF (USDX). 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.

	EUR=X	USDX	Difference
Sharpe ratio Return per unit of total volatility	-0.27	0.61	-0.88
Sortino ratio Return per unit of downside risk	-0.34	0.91	-1.25
Omega ratio Gain probability vs. loss probability	0.96	1.11	-0.16
Calmar ratio Return relative to maximum drawdown	-0.30	0.93	-1.23
Martin ratio Return relative to average drawdown	-0.64	2.66	-3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUR=X vs. USDX - Sharpe Ratio Comparison

The current EUR=X Sharpe Ratio is -0.27, which is lower than the USDX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of EUR=X and USDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EUR=X	USDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	0.61	-0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.45	-0.36

Drawdowns

EUR=X vs. USDX - Drawdown Comparison

The maximum EUR=X drawdown since its inception was -20.32%, which is greater than USDX's maximum drawdown of -11.27%. Use the drawdown chart below to compare losses from any high point for EUR=X and USDX.

Drawdown Indicators

	EUR=X	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-20.32%	-11.27%	-9.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-4.44%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-15.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.32%	—	—
Current Drawdown Current decline from peak	-17.33%	-4.53%	-12.80%
Average Drawdown Average peak-to-trough decline	-9.57%	-4.52%	-5.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.58%	+0.22%

Volatility

EUR=X vs. USDX - Volatility Comparison

The current volatility for USD/EUR (EUR=X) is 1.10%, while SGI Enhanced Core ETF (USDX) has a volatility of 1.57%. This indicates that EUR=X experiences smaller price fluctuations and is considered to be less risky than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUR=X	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	1.57%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	4.96%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	6.79%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	7.55%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.20%	7.55%	-0.35%

Frequently Asked Questions

Can I hold both EUR=X and USDX in my portfolio?

EUR=X and USDX 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.

Which is riskier, EUR=X or USDX?

USDX has higher volatility (1.57%) compared to EUR=X (1.10%). In terms of maximum drawdown, EUR=X dropped -20.32% vs USDX's -11.27%.

Which has better risk-adjusted returns?

USDX currently has the higher Sharpe Ratio (0.61 vs -0.27), 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.