FXA vs. FXE
FXA (Invesco CurrencyShares Australian Dollar Trust) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both Currency funds from Invesco - FXA tracks the USD/AUD Exchange Rate while FXE tracks the Euro. Both are passively managed. Over the past 10 years, FXA returned -0.16%/yr vs 0.23%/yr for FXE. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
FXA vs. FXE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXA achieves a 4.11% return, which is significantly higher than FXE's -2.81% return. Over the past 10 years, FXA has underperformed FXE with an annualized return of -0.16%, while FXE has yielded a comparatively higher 0.23% annualized return.
FXA
- 1D
- -1.20%
- 1M
- -2.93%
- YTD
- 4.11%
- 6M
- 3.68%
- 1Y
- 8.15%
- 3Y*
- 2.48%
- 5Y*
- -1.06%
- 10Y*
- -0.16%
FXE
- 1D
- -0.38%
- 1M
- -1.87%
- YTD
- -2.81%
- 6M
- -3.08%
- 1Y
- -1.02%
- 3Y*
- 3.01%
- 5Y*
- -0.19%
- 10Y*
- 0.23%
FXA vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 4.11% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
FXE Invesco CurrencyShares® Euro Currency Trust | -2.81% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Correlation
The correlation between FXA and FXE is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.56 |
The correlation between FXA and FXE has been stable across timeframes, ranging from 0.56 to 0.66 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXA vs. FXE — Risk / Return Rank
FXA
FXE
FXA vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) 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.
| FXA | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.98 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | -0.20 | +2.01 |
| Martin ratioReturn relative to average drawdown | 5.11 | -0.45 | +5.56 |
Loading charts...
Drawdowns
FXA vs. FXE - Drawdown Comparison
The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum FXE drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for FXA and FXE.
Loading charts...
Drawdown Indicators
| FXA | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.97% | -43.33% | +2.36% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -5.17% | +0.65% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -8.12% | -4.90% |
Max Drawdown (5Y)Largest decline over 5 years | -19.32% | -20.61% | +1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -26.46% | -1.53% |
Current DrawdownCurrent decline from peak | -26.67% | -29.31% | +2.64% |
Average DrawdownAverage peak-to-trough decline | -18.83% | -22.32% | +3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 2.28% | -0.68% |
Volatility
FXA vs. FXE - Volatility Comparison
Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 2.39% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.55%. This indicates that FXA'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.
Loading charts...
Volatility by Period
| FXA | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.39% | 1.55% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 6.49% | 4.41% | +2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 6.24% | +1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.42% | 7.66% | +2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.88% | 7.27% | +2.61% |
FXA vs. FXE - Expense Ratio Comparison
Both FXA and FXE have an expense ratio of 0.40%.
Dividends
FXA vs. FXE - Dividend Comparison
FXA's dividend yield for the trailing twelve months is around 0.98%, more than FXE's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.98% | 1.16% | 1.66% | 0.98% | 0.05% | 0.00% | 0.03% | 0.53% | 1.04% | 0.83% | 1.01% | 1.52% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.74% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXA and FXE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.39%) compared to FXE (1.55%). In terms of maximum drawdown, FXA dropped -40.97% vs FXE's -43.33%.
On 10-year performance, FXE leads with 0.23% vs -0.16% for FXA. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXE has performed better with a 0.23% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXA and FXE have the same expense ratio: 0.40% per year.
FXA has the higher dividend yield at 0.98%, compared with 0.74% for FXE.
FXA tracks USD/AUD Exchange Rate, while FXE tracks Euro.
FXA currently has the higher Sharpe Ratio (1.01 vs -0.17), 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.
Find the right allocation for FXA and FXE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer