FXB vs. EWU
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and EWU (iShares MSCI United Kingdom ETF) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while EWU is a Europe Equities fund tracking the MSCI United Kingdom Index. Both are passively managed. Over the past 10 years, FXB returned 0.48%/yr vs 8.63%/yr for EWU. A 0.50 correlation means they provide meaningful diversification when combined. FXB charges 0.40%/yr vs 0.50%/yr for EWU.
Performance
FXB vs. EWU - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly lower than EWU's 5.10% return. Over the past 10 years, FXB has underperformed EWU with an annualized return of 0.48%, while EWU has yielded a comparatively higher 8.63% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
EWU
- 1D
- -0.26%
- 1M
- -1.84%
- YTD
- 5.10%
- 6M
- 5.10%
- 1Y
- 20.29%
- 3Y*
- 16.96%
- 5Y*
- 10.80%
- 10Y*
- 8.63%
FXB vs. EWU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
EWU iShares MSCI United Kingdom ETF | 5.10% | 34.95% | 6.74% | 12.40% | -4.39% | 18.19% | -11.80% | 21.29% | -14.30% | 21.54% |
Correlation
The correlation between FXB and EWU is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.50 |
The correlation between FXB and EWU has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.
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Return for Risk
FXB vs. EWU — Risk / Return Rank
FXB
EWU
FXB vs. EWU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) and iShares MSCI United Kingdom ETF (EWU). 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.
| FXB | EWU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.05 | -2.13 |
| Martin ratioReturn relative to average drawdown | -0.15 | 7.03 | -7.17 |
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Drawdowns
FXB vs. EWU - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for FXB and EWU.
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Drawdown Indicators
| FXB | EWU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -63.99% | +15.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -9.92% | +5.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -12.63% | +4.19% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -24.91% | +1.30% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -43.33% | +17.22% |
Current DrawdownCurrent decline from peak | -30.64% | -5.05% | -25.59% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -14.15% | -13.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 2.89% | -0.64% |
Volatility
FXB vs. EWU - Volatility Comparison
The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while iShares MSCI United Kingdom ETF (EWU) has a volatility of 4.04%. This indicates that FXB experiences smaller price fluctuations and is considered to be less risky than EWU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXB | EWU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 4.04% | -2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 12.59% | -7.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 14.69% | -8.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 16.43% | -7.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 18.36% | -9.49% |
FXB vs. EWU - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is lower than EWU's 0.50% expense ratio.
Dividends
FXB vs. EWU - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, less than EWU's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWU iShares MSCI United Kingdom ETF | 3.28% | 3.73% | 4.16% | 4.14% | 3.43% | 4.35% | 2.48% | 4.13% | 4.98% | 3.91% | 3.97% | 4.11% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXB and EWU have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWU has higher volatility (4.04%) compared to FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs EWU's -63.99%.
On 10-year performance, EWU leads with 8.63% vs 0.48% for FXB. On fees, FXB is cheaper at 0.40% per year. On volatility, FXB has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWU has performed better with a 8.63% return vs 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB is cheaper with a 0.40% expense ratio, compared with 0.50% for EWU.
EWU has the higher dividend yield at 3.28%, compared with 2.24% for FXB.
FXB is categorized as Currency, while EWU is Europe Equities. FXB tracks British Pound, while EWU tracks MSCI United Kingdom Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXB and 0.50% for EWU.
EWU currently has the higher Sharpe Ratio (1.39 vs -0.05), 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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