FXE vs. FXA
FXE (Invesco CurrencyShares® Euro Currency Trust) and FXA (Invesco CurrencyShares Australian Dollar Trust) are both Currency funds from Invesco - FXE tracks the Euro while FXA tracks the USD/AUD Exchange Rate. Both are passively managed. Over the past 10 years, FXE returned 0.15%/yr vs 0.27%/yr for FXA. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.
Performance
FXE vs. FXA - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -1.03% return, which is significantly lower than FXA's 7.28% return. Over the past 10 years, FXE has underperformed FXA with an annualized return of 0.15%, while FXA has yielded a comparatively higher 0.27% annualized return.
FXE
- 1D
- -0.29%
- 1M
- -0.82%
- YTD
- -1.03%
- 6M
- -0.26%
- 1Y
- 2.68%
- 3Y*
- 4.26%
- 5Y*
- -0.23%
- 10Y*
- 0.15%
FXA
- 1D
- -0.71%
- 1M
- -0.48%
- YTD
- 7.28%
- 6M
- 8.49%
- 1Y
- 11.38%
- 3Y*
- 3.89%
- 5Y*
- -0.88%
- 10Y*
- 0.27%
FXE vs. FXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
FXA Invesco CurrencyShares Australian Dollar Trust | 7.28% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
Correlation
The correlation between FXE and FXA is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006 | 0.56 |
The correlation between FXE and FXA has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.
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Return for Risk
FXE vs. FXA — Risk / Return Rank
FXE
FXA
FXE vs. FXA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Invesco CurrencyShares Australian Dollar Trust (FXA). 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 | FXA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.24 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 2.72 | -2.18 |
| Martin ratioReturn relative to average drawdown | 1.28 | 7.85 | -6.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXE | FXA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 1.44 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | -0.09 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.02 | 0.03 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.14 | -0.13 |
Drawdowns
FXE vs. FXA - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than FXA's maximum drawdown of -40.97%. Use the drawdown chart below to compare losses from any high point for FXE and FXA.
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Drawdown Indicators
| FXE | FXA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -40.97% | -2.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -4.21% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -13.02% | +4.90% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -21.05% | -1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -27.99% | +1.53% |
Current DrawdownCurrent decline from peak | -28.01% | -24.43% | -3.58% |
Average DrawdownAverage peak-to-trough decline | -22.31% | -18.82% | -3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 1.45% | +0.64% |
Volatility
FXE vs. FXA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.21%, while Invesco CurrencyShares Australian Dollar Trust (FXA) has a volatility of 2.25%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than FXA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | FXA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 2.25% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 6.21% | -1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 7.96% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 10.41% | -2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.32% | 9.90% | -2.58% |
FXE vs. FXA - Expense Ratio Comparison
Both FXE and FXA have an expense ratio of 0.40%.
Dividends
FXE vs. FXA - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.73%, less than FXA's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.95% | 1.16% | 1.66% | 0.98% | 0.05% | 0.00% | 0.03% | 0.53% | 1.04% | 0.83% | 1.01% | 1.52% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXE and FXA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.25%) compared to FXE (1.21%). In terms of maximum drawdown, FXE dropped -43.33% vs FXA's -40.97%.
On 10-year performance, FXA leads with 0.27% vs 0.15% for FXE. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXA has performed better with a 0.27% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE and FXA have the same expense ratio: 0.40% per year.
FXA has the higher dividend yield at 0.95%, compared with 0.73% for FXE.
FXE tracks Euro, while FXA tracks USD/AUD Exchange Rate.
FXA currently has the higher Sharpe Ratio (1.44 vs 0.43), 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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