FXE vs. FFUT

Last updated Jun 23, 2026

FXE (Invesco CurrencyShares® Euro Currency Trust) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while FFUT is a Systematic Trend fund actively managed by Fidelity. FXE is passively managed, while FFUT is actively managed. Over the past year, FXE returned -0.10% vs 18.91% for FFUT. At a correlation of -0.13, they often move in opposite directions. FXE charges 0.40%/yr vs 0.80%/yr for FFUT.

Performance

FXE vs. FFUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Euro Currency Trust (FXE) and Fidelity Managed Futures ETF (FFUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXE achieves a -2.44% return, which is significantly lower than FFUT's 9.23% 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%

FFUT

• 1D: -0.52%
• 1M: -2.34%
• YTD: 9.23%
• 6M: 9.36%
• 1Y: 18.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXE vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
FXE Invesco CurrencyShares® Euro Currency Trust	-2.44%	3.37%
FFUT Fidelity Managed Futures ETF	9.23%	8.58%

Correlation

The correlation between FXE and FFUT is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.13

Return for Risk

FXE vs. FFUT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXE

FXE Risk / Return Rank: 8
FXE Sharpe Ratio Rank: 8
FXE Sortino Ratio Rank: 7
FXE Omega Ratio Rank: 7
FXE Calmar Ratio Rank: 8
FXE Martin Ratio Rank: 8

FFUT

FFUT Risk / Return Rank: 64
FFUT Sharpe Ratio Rank: 51
FFUT Sortino Ratio Rank: 51
FFUT Omega Ratio Rank: 54
FFUT Calmar Ratio Rank: 87
FFUT Martin Ratio Rank: 80

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. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Fidelity Managed Futures ETF (FFUT). 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	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.69	-1.71
Sortino ratio: Return per unit of downside risk	0.02	2.42	-2.40
Omega ratio: Gain probability vs. loss probability	1.00	1.33	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.02	4.77	-4.79
Martin ratio: Return relative to average drawdown	-0.04	15.04	-15.08

FXE vs. FFUT - Sharpe Ratio Comparison

The current FXE Sharpe Ratio is -0.02, which is lower than the FFUT Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FXE and FFUT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXE vs. FFUT - Drawdown Comparison

The maximum FXE drawdown since its inception was -43.33%, which is greater than FFUT's maximum drawdown of -3.98%. Use the drawdown chart below to compare losses from any high point for FXE and FFUT.

Drawdown Indicators

	FXE	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-43.33%	-3.98%	-39.35%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-3.98%	-1.04%
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 Drawdown Current decline from peak	-29.04%	-3.98%	-25.06%
Average Drawdown Average peak-to-trough decline	-22.32%	-0.94%	-21.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.26%	+1.00%

Volatility

FXE vs. FFUT - Volatility Comparison

The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.52%, while Fidelity Managed Futures ETF (FFUT) has a volatility of 2.92%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than FFUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXE	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	2.92%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	8.96%	-4.57%
Volatility (1Y) Calculated over the trailing 1-year period	6.24%	11.23%	-4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	11.03%	-3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.31%	11.03%	-3.72%

FXE vs. FFUT - Expense Ratio Comparison

FXE has a 0.40% expense ratio, which is lower than FFUT's 0.80% expense ratio.

Dividends

FXE vs. FFUT - Dividend Comparison

FXE's dividend yield for the trailing twelve months is around 0.74%, less than FFUT's 1.91% yield.

Position	TTM	2025	2024	2023	2022
FFUT Fidelity Managed Futures ETF	1.91%	2.09%	0.00%	0.00%	0.00%
FXE Invesco CurrencyShares® Euro Currency Trust	0.74%	0.94%	2.28%	1.49%	0.01%

Frequently Asked Questions

Can I hold both FXE and FFUT in my portfolio?

FXE and FFUT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXE or FFUT?

FFUT has higher volatility (2.92%) compared to FXE (1.52%). In terms of maximum drawdown, FXE dropped -43.33% vs FFUT's -3.98%.

Which ETF is better, FXE or FFUT?

On 1-year performance, FFUT leads with 18.91% vs -0.10% 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.

Which ETF has performed better, FXE or FFUT?

Over the 1-year period, FFUT has performed better with a 18.91% return vs -0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXE or FFUT?

FXE is cheaper with a 0.40% expense ratio, compared with 0.80% for FFUT.

Which ETF pays a higher dividend yield, FXE or FFUT?

FFUT has the higher dividend yield at 1.91%, compared with 0.74% for FXE.

What is the main difference between FXE and FFUT?

FXE is categorized as Currency, while FFUT is Systematic Trend. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.40% for FXE and 0.80% for FFUT.

Which has better risk-adjusted returns?

FFUT currently has the higher Sharpe Ratio (1.69 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.