FXE vs. EUO
FXE (Invesco CurrencyShares® Euro Currency Trust) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXE returned 0.25%/yr vs 2.33%/yr for EUO. At a correlation of -0.99, they often move in opposite directions. FXE charges 0.40%/yr vs 0.99%/yr for EUO.
Performance
FXE vs. EUO - 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 EUO's 8.95% return. Over the past 10 years, FXE has underperformed EUO with an annualized return of 0.25%, while EUO has yielded a comparatively higher 2.33% 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%
EUO
- 1D
- 0.51%
- 1M
- 3.61%
- 6M
- 7.25%
- YTD
- 8.95%
- 1Y
- 10.47%
- 3Y*
- 3.90%
- 5Y*
- 5.26%
- 10Y*
- 2.33%
FXE vs. EUO - 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% |
EUO ProShares UltraShort Euro | 8.95% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between FXE and EUO is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.99 |
The correlation between FXE and EUO has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
FXE vs. EUO — Risk / Return Rank
FXE
EUO
FXE vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and ProShares UltraShort Euro (EUO). 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 | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.64 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.15 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 1.31 | -1.66 |
| Martin ratioReturn relative to average drawdown | -0.76 | 3.08 | -3.84 |
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Drawdowns
FXE vs. EUO - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for FXE and EUO.
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Drawdown Indicators
| FXE | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -38.58% | -4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.40% | -8.05% | +2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -24.46% | +16.34% |
Max Drawdown (5Y)Largest decline over 5 years | -20.21% | -25.28% | +5.07% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -29.61% | +3.15% |
Current DrawdownCurrent decline from peak | -29.27% | -14.99% | -14.28% |
Average DrawdownAverage peak-to-trough decline | -22.33% | -18.49% | -3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 3.41% | -0.90% |
Volatility
FXE vs. EUO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.52%, while ProShares UltraShort Euro (EUO) has a volatility of 3.35%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 3.35% | -1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 9.14% | -4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.20% | 12.64% | -6.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 15.55% | -7.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 14.77% | -7.51% |
FXE vs. EUO - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
FXE vs. EUO - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.75%, while EUO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.75% | 0.94% | 2.28% | 1.49% | 0.01% |
Frequently Asked Questions
FXE and EUO have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (3.35%) compared to FXE (1.52%). In terms of maximum drawdown, FXE dropped -43.33% vs EUO's -38.58%.
On 10-year performance, EUO leads with 2.33% vs 0.25% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, FXE has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.33% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 0.99% for EUO.
FXE has the higher dividend yield at 0.75%, compared with 0.00% for EUO.
FXE is categorized as Currency, while EUO is Leveraged Currency. FXE tracks Euro, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXE and 0.99% for EUO.
EUO currently has the higher Sharpe Ratio (0.83 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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