FXE vs. CZK=X
FXE (Invesco CurrencyShares® Euro Currency Trust) is Currency fund tracking the Euro, while CZK=X (US Dollar/Czech Koruna FX) is a currency. Over the past 10 years, FXE returned 0.35%/yr vs 0.01%/yr for CZK=X. At a correlation of -0.12, they often move in opposite directions.
Performance
FXE vs. CZK=X - Performance Comparison
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Different Trading Currencies
FXE is traded in USD, while CZK=X is traded in CZK. To make them comparable, the CZK=X values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FXE achieves a -2.20% return, which is significantly lower than CZK=X's 0.03% return. Over the past 10 years, FXE has outperformed CZK=X with an annualized return of 0.35%, while CZK=X has yielded a comparatively lower 0.01% annualized return.
FXE
- 1D
- 0.04%
- 1M
- -0.35%
- 6M
- -0.97%
- YTD
- -2.20%
- 1Y
- -0.59%
- 3Y*
- 2.14%
- 5Y*
- 0.17%
- 10Y*
- 0.35%
CZK=X
- 1D
- 0.06%
- 1M
- -0.00%
- 6M
- 0.07%
- YTD
- 0.03%
- 1Y
- 0.06%
- 3Y*
- 0.02%
- 5Y*
- 0.03%
- 10Y*
- 0.01%
FXE vs. CZK=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.20% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
CZK=X US Dollar/Czech Koruna FX | 0.03% | 0.03% | -0.05% | 0.11% | -0.08% | -0.06% | 0.08% | -0.01% | 0.11% | -0.07% |
Correlation
The correlation between FXE and CZK=X is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2007 | -0.12 |
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Return for Risk
FXE vs. CZK=X — Risk / Return Rank
FXE
CZK=X
FXE vs. CZK=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and US Dollar/Czech Koruna FX (CZK=X). 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 | CZK=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.01 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.09 | -0.20 |
| Martin ratioReturn relative to average drawdown | -0.23 | 0.24 | -0.47 |
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Drawdowns
FXE vs. CZK=X - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than CZK=X's maximum drawdown of -6.24%. Use the drawdown chart below to compare losses from any high point for FXE and CZK=X.
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Drawdown Indicators
| FXE | CZK=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -6.24% | -37.09% |
Max Drawdown (1Y)Largest decline over 1 year | -5.40% | -0.54% | -4.86% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -0.81% | -7.31% |
Max Drawdown (5Y)Largest decline over 5 years | -20.21% | -1.89% | -18.32% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -1.89% | -24.57% |
Current DrawdownCurrent decline from peak | -28.87% | -3.41% | -25.46% |
Average DrawdownAverage peak-to-trough decline | -22.34% | -3.01% | -19.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 0.21% | +2.37% |
Volatility
FXE vs. CZK=X - Volatility Comparison
Invesco CurrencyShares® Euro Currency Trust (FXE) has a higher volatility of 1.58% compared to US Dollar/Czech Koruna FX (CZK=X) at 0.24%. This indicates that FXE's price experiences larger fluctuations and is considered to be riskier than CZK=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | CZK=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.24% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 1.06% | +3.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.17% | 1.41% | +4.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.65% | 1.60% | +6.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 1.50% | +5.76% |
Frequently Asked Questions
FXE and CZK=X have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXE has higher volatility (1.58%) compared to CZK=X (0.24%). In terms of maximum drawdown, FXE dropped -43.33% vs CZK=X's -6.24%.
CZK=X currently has the higher Sharpe Ratio (0.03 vs -0.10), 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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