FXB vs. FXE
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both Currency funds from Invesco - FXB tracks the British Pound while FXE tracks the Euro. Both are passively managed. Over the past 10 years, FXB returned 0.92%/yr vs 0.25%/yr for FXE. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
FXB vs. FXE - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a 0.09% return, which is significantly higher than FXE's -2.76% return. Over the past 10 years, FXB has outperformed FXE with an annualized return of 0.92%, while FXE has yielded a comparatively lower 0.25% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -0.27%
- 6M
- 0.13%
- YTD
- 0.09%
- 1Y
- 1.05%
- 3Y*
- 3.43%
- 5Y*
- 1.17%
- 10Y*
- 0.92%
FXE
- 1D
- -0.28%
- 1M
- -1.64%
- 6M
- -2.06%
- YTD
- -2.76%
- 1Y
- -1.92%
- 3Y*
- 1.97%
- 5Y*
- 0.00%
- 10Y*
- 0.25%
FXB vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 0.09% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
FXE Invesco CurrencyShares® Euro Currency Trust | -2.76% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Correlation
The correlation between FXB and FXE is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.62 |
Over the past year, FXB and FXE have become more correlated (0.83) than their long-term average of 0.62, meaning their price movements have been converging.
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Return for Risk
FXB vs. FXE — Risk / Return Rank
FXB
FXE
FXB vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.95 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.24 | -0.36 | +0.60 |
| Martin ratioReturn relative to average drawdown | 0.48 | -0.76 | +1.25 |
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Drawdowns
FXB vs. FXE - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, which is greater than FXE's maximum drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for FXB and FXE.
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Drawdown Indicators
| FXB | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -43.33% | -5.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -5.40% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -8.12% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -20.21% | -3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -26.46% | +0.35% |
Current DrawdownCurrent decline from peak | -29.76% | -29.27% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -27.55% | -22.33% | -5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 2.51% | -0.34% |
Volatility
FXB vs. FXE - Volatility Comparison
Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a higher volatility of 1.73% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.52%. This indicates that FXB'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.
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Volatility by Period
| FXB | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 1.52% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.86% | 4.44% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.45% | 6.20% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.47% | 7.66% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.74% | 7.26% | +1.48% |
FXB vs. FXE - Expense Ratio Comparison
Both FXB and FXE have an expense ratio of 0.40%.
Dividends
FXB vs. FXE - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.18%, more than FXE's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.18% | 2.44% | 3.25% | 2.59% | 0.29% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.75% | 0.94% | 2.28% | 1.49% | 0.01% |
Frequently Asked Questions
FXB and FXE have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.73%) compared to FXE (1.52%). In terms of maximum drawdown, FXB dropped -48.99% vs FXE's -43.33%.
On 10-year performance, FXB leads with 0.92% vs 0.25% for FXE. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXB has performed better with a 0.92% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB and FXE have the same expense ratio: 0.40% per year.
FXB has the higher dividend yield at 2.18%, compared with 0.75% for FXE.
FXB tracks British Pound, while FXE tracks Euro.
FXB currently has the higher Sharpe Ratio (0.16 vs -0.31), 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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