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 0.27%/yr vs -0.01%/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 -2.89% return, which is significantly lower than FXA's 4.06% return. Over the past 10 years, FXE has outperformed FXA with an annualized return of 0.27%, while FXA has yielded a comparatively lower -0.01% annualized return.
FXE
- 1D
- 0.16%
- 1M
- -2.19%
- YTD
- -2.89%
- 6M
- -3.08%
- 1Y
- -1.80%
- 3Y*
- 2.93%
- 5Y*
- -0.21%
- 10Y*
- 0.27%
FXA
- 1D
- 0.26%
- 1M
- -3.48%
- YTD
- 4.06%
- 6M
- 3.49%
- 1Y
- 7.18%
- 3Y*
- 2.47%
- 5Y*
- -1.09%
- 10Y*
- -0.01%
FXE vs. FXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.89% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
FXA Invesco CurrencyShares Australian Dollar Trust | 4.06% | 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 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
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 26, 2006 | 0.56 |
The correlation between FXE and FXA has been stable across timeframes, ranging from 0.56 to 0.66 - 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.
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 | FXA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.15 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 1.50 | -1.83 |
| Martin ratioReturn relative to average drawdown | -0.77 | 4.35 | -5.13 |
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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 | -5.40% | -4.82% | -0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -13.02% | +4.90% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -19.32% | -1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -27.99% | +1.53% |
Current DrawdownCurrent decline from peak | -29.37% | -26.71% | -2.66% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -18.83% | -3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 1.65% | +0.68% |
Volatility
FXE vs. FXA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.55%, while Invesco CurrencyShares Australian Dollar Trust (FXA) has a volatility of 2.32%. 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 | 1.55% | 2.32% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.40% | 6.47% | -2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.21% | 8.08% | -1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 10.42% | -2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 9.88% | -2.62% |
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 0.75%, less than FXA's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.98% | 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 | 0.75% | 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 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.32%) compared to FXE (1.55%). In terms of maximum drawdown, FXE dropped -43.33% vs FXA's -40.97%.
On 10-year performance, FXE leads with 0.27% vs -0.01% for FXA. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXE has performed better with a 0.27% return vs -0.01%. 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 0.98%, compared with 0.75% for FXE.
FXE tracks Euro, while FXA tracks USD/AUD Exchange Rate.
FXA currently has the higher Sharpe Ratio (0.89 vs -0.29), 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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