FXE vs. AGG
FXE (Invesco CurrencyShares® Euro Currency Trust) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, FXE returned 0.23%/yr vs 1.54%/yr for AGG. At a 0.14 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.03%/yr for AGG.
Performance
FXE vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -2.81% return, which is significantly lower than AGG's 0.47% return. Over the past 10 years, FXE has underperformed AGG with an annualized return of 0.23%, while AGG has yielded a comparatively higher 1.54% annualized return.
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%
AGG
- 1D
- 0.08%
- 1M
- 0.61%
- YTD
- 0.47%
- 6M
- 0.55%
- 1Y
- 4.33%
- 3Y*
- 3.96%
- 5Y*
- 0.07%
- 10Y*
- 1.54%
FXE vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AGG iShares Core U.S. Aggregate Bond ETF | 0.47% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between FXE and AGG is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2005 | 0.14 |
Over the past year, FXE and AGG have become more correlated (0.44) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
FXE vs. AGG — Risk / Return Rank
FXE
AGG
FXE vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| FXE | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.20 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.57 | -1.77 |
| Martin ratioReturn relative to average drawdown | -0.45 | 4.54 | -4.99 |
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Drawdowns
FXE vs. AGG - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for FXE and AGG.
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Drawdown Indicators
| FXE | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -18.43% | -24.90% |
Max Drawdown (1Y)Largest decline over 1 year | -5.17% | -2.76% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -6.11% | -2.01% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -17.82% | -2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -18.43% | -8.03% |
Current DrawdownCurrent decline from peak | -29.31% | -1.93% | -27.38% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -2.71% | -19.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 0.96% | +1.32% |
Volatility
FXE vs. AGG - Volatility Comparison
Invesco CurrencyShares® Euro Currency Trust (FXE) has a higher volatility of 1.55% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.10%. This indicates that FXE's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 1.10% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 2.83% | +1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 3.81% | +2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 6.10% | +1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.27% | 5.41% | +1.86% |
FXE vs. AGG - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than AGG's 0.03% expense ratio.
Dividends
FXE vs. AGG - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, less than AGG's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 3.98% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
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
FXE and AGG have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXE has higher volatility (1.55%) compared to AGG (1.10%). In terms of maximum drawdown, FXE dropped -43.33% vs AGG's -18.43%.
On 10-year performance, AGG leads with 1.54% vs 0.23% for FXE. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AGG has performed better with a 1.54% return vs 0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.40% for FXE.
AGG has the higher dividend yield at 3.98%, compared with 0.74% for FXE.
FXE is categorized as Currency, while AGG is Total Bond Market. FXE tracks Euro, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXE and 0.03% for AGG.
AGG currently has the higher Sharpe Ratio (1.14 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.
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