EURUSD=X vs. XEON.DE
EURUSD=X (Euro / U.S. Dollar) is a currency, while XEON.DE (Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C) is Bank Loan fund tracking the Solactive €STR +8.5 Daily Index. Over the past 10 years, EURUSD=X returned 0.33%/yr vs 0.93%/yr for XEON.DE. With a 0.98 correlation, they move nearly in lockstep.
Performance
EURUSD=X vs. XEON.DE - Performance Comparison
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Different Trading Currencies
EURUSD=X is traded in USD, while XEON.DE is traded in EUR. To make them comparable, the XEON.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EURUSD=X achieves a -1.25% return, which is significantly lower than XEON.DE's -0.38% return. Over the past 10 years, EURUSD=X has underperformed XEON.DE with an annualized return of 0.33%, while XEON.DE has yielded a comparatively higher 0.93% annualized return.
EURUSD=X
- 1D
- 0.28%
- 1M
- -0.23%
- YTD
- -1.25%
- 6M
- -1.15%
- 1Y
- 0.41%
- 3Y*
- 1.95%
- 5Y*
- -0.88%
- 10Y*
- 0.33%
XEON.DE
- 1D
- 0.10%
- 1M
- -0.04%
- YTD
- -0.38%
- 6M
- -0.20%
- 1Y
- 2.46%
- 3Y*
- 5.79%
- 5Y*
- 0.99%
- 10Y*
- 0.93%
EURUSD=X vs. XEON.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EURUSD=X Euro / U.S. Dollar | -1.25% | 13.43% | -6.18% | 3.16% | -6.01% | -6.81% | 8.85% | -1.94% | -4.66% | 14.14% |
XEON.DE Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C | -0.38% | 15.43% | -2.15% | 6.56% | -5.55% | -8.43% | 9.15% | -2.59% | -5.15% | 13.55% |
Correlation
The correlation between EURUSD=X and XEON.DE is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2007 | 0.98 |
The correlation between EURUSD=X and XEON.DE has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.
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Return for Risk
EURUSD=X vs. XEON.DE — Risk / Return Rank
EURUSD=X
XEON.DE
EURUSD=X vs. XEON.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Euro / U.S. Dollar (EURUSD=X) and Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE). 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.
| EURUSD=X | XEON.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.11 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 0.75 | -0.68 |
| Martin ratioReturn relative to average drawdown | 0.14 | 1.90 | -1.75 |
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Drawdowns
EURUSD=X vs. XEON.DE - Drawdown Comparison
The maximum EURUSD=X drawdown since its inception was -40.01%, roughly equal to the maximum XEON.DE drawdown of -40.00%. Use the drawdown chart below to compare losses from any high point for EURUSD=X and XEON.DE.
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Drawdown Indicators
| EURUSD=X | XEON.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.01% | -40.00% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.19% | -4.95% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -8.83% | -7.52% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -20.02% | -20.55% | +0.53% |
Max Drawdown (10Y)Largest decline over 10 years | -23.31% | -25.15% | +1.84% |
Current DrawdownCurrent decline from peak | -27.47% | -19.51% | -7.96% |
Average DrawdownAverage peak-to-trough decline | -23.45% | -21.19% | -2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 1.95% | +0.55% |
Volatility
EURUSD=X vs. XEON.DE - Volatility Comparison
The current volatility for Euro / U.S. Dollar (EURUSD=X) is 1.09%, while Xtrackers II EUR Overnight Rate Swap UCITS ETF 1C (XEON.DE) has a volatility of 1.21%. This indicates that EURUSD=X experiences smaller price fluctuations and is considered to be less risky than XEON.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EURUSD=X | XEON.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.21% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 4.37% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.85% | 6.33% | -0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 7.62% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.15% | 7.32% | -0.17% |
Frequently Asked Questions
With a correlation of 0.90, EURUSD=X and XEON.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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