EURUSD=X vs. NZDUSD=X

Last updated Jun 6, 2026

EURUSD=X (EUR/USD) and NZDUSD=X (New Zealand Dollar/US Dollar FX) are both currencies. Over the past 10 years, EURUSD=X returned 0.15%/yr vs -1.84%/yr for NZDUSD=X. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

EURUSD=X vs. NZDUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EUR/USD (EURUSD=X) and New Zealand Dollar/US Dollar FX (NZDUSD=X). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EURUSD=X achieves a -1.90% return, which is significantly lower than NZDUSD=X's 0.66% return. Over the past 10 years, EURUSD=X has outperformed NZDUSD=X with an annualized return of 0.15%, while NZDUSD=X has yielded a comparatively lower -1.84% annualized return.

EURUSD=X

• 1D: -0.76%
• 1M: -1.92%
• YTD: -1.90%
• 6M: -1.04%
• 1Y: 0.68%
• 3Y*: 2.52%
• 5Y*: -1.08%
• 10Y*: 0.15%

NZDUSD=X

• 1D: -1.27%
• 1M: -2.73%
• YTD: 0.66%
• 6M: 0.33%
• 1Y: -4.00%
• 3Y*: -1.59%
• 5Y*: -4.28%
• 10Y*: -1.84%

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

EURUSD=X vs. NZDUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURUSD=X EUR/USD	-1.90%	13.43%	-6.18%	3.16%	-6.01%	-6.81%	8.85%	-1.94%	-4.66%	14.14%
NZDUSD=X New Zealand Dollar/US Dollar FX	0.66%	2.87%	-11.45%	-0.44%	-7.32%	-4.75%	6.74%	0.43%	-5.48%	2.51%

Correlation

The correlation between EURUSD=X and NZDUSD=X is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 4, 2007	0.56

The correlation between EURUSD=X and NZDUSD=X shifts across timeframes, from 0.56 (all time) to 0.73 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EURUSD=X vs. NZDUSD=X — Risk / Return Rank

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

EURUSD=X

EURUSD=X Risk / Return Rank: 52
EURUSD=X Sharpe Ratio Rank: 51
EURUSD=X Sortino Ratio Rank: 52
EURUSD=X Omega Ratio Rank: 51
EURUSD=X Calmar Ratio Rank: 52
EURUSD=X Martin Ratio Rank: 52

NZDUSD=X

NZDUSD=X Risk / Return Rank: 27
NZDUSD=X Sharpe Ratio Rank: 28
NZDUSD=X Sortino Ratio Rank: 28
NZDUSD=X Omega Ratio Rank: 28
NZDUSD=X Calmar Ratio Rank: 27
NZDUSD=X Martin Ratio Rank: 25

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.

EURUSD=X vs. NZDUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EUR/USD (EURUSD=X) and New Zealand Dollar/US Dollar FX (NZDUSD=X). 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.

	EURUSD=X	NZDUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	0.09	-0.40	+0.49
Sortino ratio: Return per unit of downside risk	0.18	-0.50	+0.68
Omega ratio: Gain probability vs. loss probability	1.02	0.94	+0.08
Calmar ratio: Return relative to maximum drawdown	0.11	-0.38	+0.49
Martin ratio: Return relative to average drawdown	0.25	-0.76	+1.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EURUSD=X vs. NZDUSD=X - Sharpe Ratio Comparison

The current EURUSD=X Sharpe Ratio is 0.09, which is higher than the NZDUSD=X Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of EURUSD=X and NZDUSD=X, 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

	EURUSD=X	NZDUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-0.40	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	-0.39	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	-0.18	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	-0.12	+0.03

Drawdowns

EURUSD=X vs. NZDUSD=X - Drawdown Comparison

The maximum EURUSD=X drawdown since its inception was -40.01%, roughly equal to the maximum NZDUSD=X drawdown of -39.83%. Use the drawdown chart below to compare losses from any high point for EURUSD=X and NZDUSD=X.

Drawdown Indicators

	EURUSD=X	NZDUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-40.01%	-39.83%	-0.18%
Max Drawdown (1Y) Largest decline over 1 year	-5.19%	-8.48%	+3.29%
Max Drawdown (3Y) Largest decline over 3 years	-8.83%	-13.50%	+4.67%
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	-23.45%	+2.15%
Max Drawdown (10Y) Largest decline over 10 years	-23.31%	-26.48%	+3.17%
Current Drawdown Current decline from peak	-27.94%	-34.35%	+6.41%
Average Drawdown Average peak-to-trough decline	-23.42%	-19.65%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	3.48%	-1.07%

Volatility

EURUSD=X vs. NZDUSD=X - Volatility Comparison

The current volatility for EUR/USD (EURUSD=X) is 1.19%, while New Zealand Dollar/US Dollar FX (NZDUSD=X) has a volatility of 3.17%. This indicates that EURUSD=X experiences smaller price fluctuations and is considered to be less risky than NZDUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURUSD=X	NZDUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	3.17%	-1.98%
Volatility (6M) Calculated over the trailing 6-month period	4.50%	7.04%	-2.54%
Volatility (1Y) Calculated over the trailing 1-year period	5.92%	8.18%	-2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	10.01%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.16%	9.72%	-2.56%

Frequently Asked Questions

Can I hold both EURUSD=X and NZDUSD=X in my portfolio?

EURUSD=X and NZDUSD=X have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EURUSD=X or NZDUSD=X?

NZDUSD=X has higher volatility (3.17%) compared to EURUSD=X (1.19%). In terms of maximum drawdown, EURUSD=X dropped -40.01% vs NZDUSD=X's -39.83%.

Which has better risk-adjusted returns?

EURUSD=X currently has the higher Sharpe Ratio (0.09 vs -0.40), 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.