FXE vs. ^DXY

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco CurrencyShares® Euro Currency Trust (FXE) and US Dollar Currency Index (^DXY).

FXE is a passively managed fund by Invesco that tracks the performance of the Euro. It was launched on Dec 9, 2005.

Performance

FXE vs. ^DXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Euro Currency Trust (FXE) and US Dollar Currency Index (^DXY). The values are adjusted to include any dividend payments, if applicable.

FXE vs. ^DXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXE Invesco CurrencyShares® Euro Currency Trust	-1.28%	14.52%	-4.18%	4.87%	-6.57%	-7.83%	7.94%	-2.90%	-5.30%	13.05%
^DXY US Dollar Currency Index	1.27%	-9.37%	7.06%	-2.11%	7.87%	6.71%	-6.69%	0.22%	4.40%	-9.87%

Returns By Period

In the year-to-date period, FXE achieves a -1.28% return, which is significantly lower than ^DXY's 1.27% return. Over the past 10 years, FXE has underperformed ^DXY with an annualized return of 0.09%, while ^DXY has yielded a comparatively higher 0.51% annualized return.

FXE

• 1D: 0.17%
• 1M: -0.91%
• YTD: -1.28%
• 6M: -0.93%
• 1Y: 8.11%
• 3Y*: 3.81%
• 5Y*: 0.34%
• 10Y*: 0.09%

^DXY

• 1D: -0.39%
• 1M: 1.21%
• YTD: 1.27%
• 6M: 1.91%
• 1Y: -4.50%
• 3Y*: -0.96%
• 5Y*: 1.37%
• 10Y*: 0.51%

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

Return for Risk

FXE vs. ^DXY — Risk / Return Rank

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

FXE

FXE Risk / Return Rank: 55
FXE Sharpe Ratio Rank: 58
FXE Sortino Ratio Rank: 65
FXE Omega Ratio Rank: 50
FXE Calmar Ratio Rank: 58
FXE Martin Ratio Rank: 43

^DXY

^DXY Risk / Return Rank: 1
^DXY Sharpe Ratio Rank: 1
^DXY Sortino Ratio Rank: 0
^DXY Omega Ratio Rank: 1
^DXY Calmar Ratio Rank: 0
^DXY Martin Ratio Rank: 5

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.

FXE vs. ^DXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and US Dollar Currency Index (^DXY). 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.

	FXE	^DXY	Difference
Sharpe ratio Return per unit of total volatility	1.07	-0.62	+1.69
Sortino ratio Return per unit of downside risk	1.71	-0.80	+2.51
Omega ratio Gain probability vs. loss probability	1.20	0.90	+0.29
Calmar ratio Return relative to maximum drawdown	1.57	-0.59	+2.16
Martin ratio Return relative to average drawdown	4.16	-1.01	+5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXE vs. ^DXY - Sharpe Ratio Comparison

The current FXE Sharpe Ratio is 1.07, which is higher than the ^DXY Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of FXE and ^DXY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FXE	^DXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	-0.62	+1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.19	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.08	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	-0.08	+0.09

Correlation

The correlation between FXE and ^DXY is -0.92. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Drawdowns

FXE vs. ^DXY - Drawdown Comparison

The maximum FXE drawdown since its inception was -43.33%, roughly equal to the maximum ^DXY drawdown of -45.13%. Use the drawdown chart below to compare losses from any high point for FXE and ^DXY.

Drawdown Indicators

	FXE	^DXY	Difference
Max Drawdown Largest peak-to-trough decline	-43.33%	-45.13%	+1.80%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-7.31%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-15.68%	-7.02%
Max Drawdown (10Y) Largest decline over 10 years	-26.46%	-15.68%	-10.78%
Current Drawdown Current decline from peak	-28.19%	-23.41%	-4.78%
Average Drawdown Average peak-to-trough decline	-22.26%	-28.18%	+5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	3.20%	-1.31%

Volatility

FXE vs. ^DXY - Volatility Comparison

Invesco CurrencyShares® Euro Currency Trust (FXE) and US Dollar Currency Index (^DXY) have volatilities of 2.19% and 2.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXE	^DXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	2.19%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.24%	3.98%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	7.05%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.70%	7.00%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.37%	6.53%	+0.84%