FXE vs. CUKX.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares FTSE 100 UCITS ETF (CUKX.L).

FXE and CUKX.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXE is a passively managed fund by Invesco that tracks the performance of the Euro. It was launched on Dec 9, 2005. CUKX.L is a passively managed fund by iShares that tracks the performance of the FTSE 100 Index. It was launched on Jan 26, 2010. Both FXE and CUKX.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FXE vs. CUKX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares FTSE 100 UCITS ETF (CUKX.L). The values are adjusted to include any dividend payments, if applicable.

FXE vs. CUKX.L - 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%
CUKX.L iShares FTSE 100 UCITS ETF	4.40%	35.27%	7.48%	13.40%	-6.25%	16.41%	-8.56%	21.93%	-14.20%	23.16%

Different Trading Currencies

FXE is traded in USD, while CUKX.L is traded in GBp. To make them comparable, the CUKX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FXE achieves a -1.28% return, which is significantly lower than CUKX.L's 4.40% return. Over the past 10 years, FXE has underperformed CUKX.L with an annualized return of 0.09%, while CUKX.L has yielded a comparatively higher 8.64% 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%

CUKX.L

• 1D: 2.61%
• 1M: -3.92%
• YTD: 4.40%
• 6M: 10.45%
• 1Y: 28.10%
• 3Y*: 17.62%
• 5Y*: 12.03%
• 10Y*: 8.64%

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

FXE vs. CUKX.L - Expense Ratio Comparison

FXE has a 0.40% expense ratio, which is higher than CUKX.L's 0.07% expense ratio.

FXE

Invesco CurrencyShares® Euro Currency Trust

CUKX.L

iShares FTSE 100 UCITS ETF

Return for Risk

FXE vs. CUKX.L — 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

CUKX.L

CUKX.L Risk / Return Rank: 87
CUKX.L Sharpe Ratio Rank: 87
CUKX.L Sortino Ratio Rank: 86
CUKX.L Omega Ratio Rank: 91
CUKX.L Calmar Ratio Rank: 86
CUKX.L Martin Ratio Rank: 86

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. CUKX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares FTSE 100 UCITS ETF (CUKX.L). 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	CUKX.L	Difference
Sharpe ratio Return per unit of total volatility	1.07	1.73	-0.67
Sortino ratio Return per unit of downside risk	1.71	2.19	-0.48
Omega ratio Gain probability vs. loss probability	1.20	1.35	-0.15
Calmar ratio Return relative to maximum drawdown	1.57	2.45	-0.89
Martin ratio Return relative to average drawdown	4.16	10.18	-6.02
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. CUKX.L - Sharpe Ratio Comparison

The current FXE Sharpe Ratio is 1.07, which is lower than the CUKX.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FXE and CUKX.L, 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	CUKX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.73	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.73	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.47	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.39	-0.37

Correlation

The correlation between FXE and CUKX.L is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FXE vs. CUKX.L - Dividend Comparison

FXE's dividend yield for the trailing twelve months is around 0.77%, while CUKX.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
FXE Invesco CurrencyShares® Euro Currency Trust	0.77%	0.94%	2.28%	1.49%	0.01%
CUKX.L iShares FTSE 100 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FXE vs. CUKX.L - Drawdown Comparison

The maximum FXE drawdown since its inception was -43.33%, roughly equal to the maximum CUKX.L drawdown of -42.20%. Use the drawdown chart below to compare losses from any high point for FXE and CUKX.L.

Drawdown Indicators

	FXE	CUKX.L	Difference
Max Drawdown Largest peak-to-trough decline	-43.33%	-34.50%	-8.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-10.55%	+5.53%
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	-12.88%	-9.82%
Max Drawdown (10Y) Largest decline over 10 years	-26.46%	-34.50%	+8.04%
Current Drawdown Current decline from peak	-28.19%	-4.40%	-23.79%
Average Drawdown Average peak-to-trough decline	-22.26%	-4.40%	-17.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.36%	-0.47%

Volatility

FXE vs. CUKX.L - Volatility Comparison

The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 2.19%, while iShares FTSE 100 UCITS ETF (CUKX.L) has a volatility of 5.89%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than CUKX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXE	CUKX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	5.89%	-3.70%
Volatility (6M) Calculated over the trailing 6-month period	4.24%	9.75%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	16.15%	-8.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.70%	16.36%	-8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.37%	18.30%	-10.93%