FXE vs. BNDX
FXE (Invesco CurrencyShares® Euro Currency Trust) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, FXE returned 0.25%/yr vs 1.52%/yr for BNDX. At a 0.09 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.07%/yr for BNDX.
Performance
FXE vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -2.76% return, which is significantly lower than BNDX's 0.48% return. Over the past 10 years, FXE has underperformed BNDX with an annualized return of 0.25%, while BNDX has yielded a comparatively higher 1.52% annualized return.
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%
BNDX
- 1D
- -0.40%
- 1M
- -0.54%
- 6M
- -0.06%
- YTD
- 0.48%
- 1Y
- 1.94%
- 3Y*
- 4.05%
- 5Y*
- 0.14%
- 10Y*
- 1.52%
FXE vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BNDX Vanguard Total International Bond ETF | 0.48% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between FXE and BNDX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.09 |
Over the past year, FXE and BNDX have become more correlated (0.34) than their long-term average of 0.09, meaning their price movements have been converging.
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Return for Risk
FXE vs. BNDX — Risk / Return Rank
FXE
BNDX
FXE vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Vanguard Total International Bond ETF (BNDX). 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 | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.10 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 0.66 | -1.02 |
| Martin ratioReturn relative to average drawdown | -0.76 | 1.80 | -2.56 |
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Drawdowns
FXE vs. BNDX - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for FXE and BNDX.
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Drawdown Indicators
| FXE | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -16.23% | -27.10% |
Max Drawdown (1Y)Largest decline over 1 year | -5.40% | -2.93% | -2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -2.93% | -5.19% |
Max Drawdown (5Y)Largest decline over 5 years | -20.21% | -15.86% | -4.35% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -16.23% | -10.23% |
Current DrawdownCurrent decline from peak | -29.27% | -1.55% | -27.72% |
Average DrawdownAverage peak-to-trough decline | -22.33% | -3.09% | -19.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 1.08% | +1.43% |
Volatility
FXE vs. BNDX - Volatility Comparison
Invesco CurrencyShares® Euro Currency Trust (FXE) has a higher volatility of 1.52% compared to Vanguard Total International Bond ETF (BNDX) at 1.14%. This indicates that FXE's price experiences larger fluctuations and is considered to be riskier than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.14% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 3.07% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.20% | 3.53% | +2.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 4.90% | +2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 4.09% | +3.17% |
FXE vs. BNDX - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
FXE vs. BNDX - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.75%, less than BNDX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.52% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.75% | 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 BNDX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXE has higher volatility (1.52%) compared to BNDX (1.14%). In terms of maximum drawdown, FXE dropped -43.33% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.52% vs 0.25% for FXE. On fees, BNDX is cheaper at 0.07% per year. On volatility, BNDX has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNDX has performed better with a 1.52% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.40% for FXE.
BNDX has the higher dividend yield at 4.52%, compared with 0.75% for FXE.
FXE is categorized as Currency, while BNDX is Global Bonds. FXE tracks Euro, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXE and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.55 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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