FXE vs. CSHP
FXE (Invesco CurrencyShares® Euro Currency Trust) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while CSHP is a Ultrashort Bond fund actively managed by iShares. FXE is passively managed, while CSHP is actively managed. Over the past year, FXE returned -0.10% vs 3.96% for CSHP. At a 0.03 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.20%/yr for CSHP.
Performance
FXE vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -2.44% return, which is significantly lower than CSHP's 1.86% return.
FXE
- 1D
- -0.32%
- 1M
- -1.50%
- YTD
- -2.44%
- 6M
- -2.44%
- 1Y
- -0.10%
- 3Y*
- 3.14%
- 5Y*
- -0.10%
- 10Y*
- 0.26%
CSHP
- 1D
- -0.01%
- 1M
- 0.30%
- YTD
- 1.86%
- 6M
- 1.93%
- 1Y
- 3.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXE vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.44% | 14.52% | -4.52% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.86% | 4.10% | 2.24% |
Correlation
The correlation between FXE and CSHP is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.03 |
The correlation between FXE and CSHP shifts across timeframes, from -0.15 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXE vs. CSHP — Risk / Return Rank
FXE
CSHP
FXE vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.24 | ||
| Sortino ratioReturn per unit of downside risk | -28.28 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 6.67 | -5.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 65.84 | -65.86 |
| Martin ratioReturn relative to average drawdown | -0.04 | 395.75 | -395.79 |
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Drawdowns
FXE vs. CSHP - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for FXE and CSHP.
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Drawdown Indicators
| FXE | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -0.08% | -43.25% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -0.06% | -4.96% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | — | — |
Current DrawdownCurrent decline from peak | -29.04% | -0.01% | -29.03% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -0.00% | -22.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 0.01% | +2.25% |
Volatility
FXE vs. CSHP - Volatility Comparison
Invesco CurrencyShares® Euro Currency Trust (FXE) has a higher volatility of 1.52% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that FXE's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 0.15% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 4.39% | 0.27% | +4.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 0.36% | +5.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 0.41% | +7.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.31% | 0.41% | +6.90% |
FXE vs. CSHP - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
FXE vs. CSHP - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% | 0.00% | 0.00% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.74% | 0.94% | 2.28% | 1.49% | 0.01% |
Frequently Asked Questions
FXE and CSHP have a correlation of -0.15, 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 CSHP (0.15%). In terms of maximum drawdown, FXE dropped -43.33% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.96% vs -0.10% for FXE. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.96% return vs -0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.40% for FXE.
CSHP has the higher dividend yield at 3.91%, compared with 0.74% for FXE.
FXE is categorized as Currency, while CSHP is Ultrashort Bond. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXE and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.22 vs -0.02), 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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