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 0.30%/yr vs -0.22%/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 -2.24% return, which is significantly lower than FXA's 5.42% return. Over the past 10 years, FXE has outperformed FXA with an annualized return of 0.30%, while FXA has yielded a comparatively lower -0.22% annualized return.
FXE
- 1D
- -0.23%
- 1M
- -1.38%
- 6M
- -0.98%
- YTD
- -2.24%
- 1Y
- -0.97%
- 3Y*
- 2.10%
- 5Y*
- 0.17%
- 10Y*
- 0.30%
FXA
- 1D
- -0.19%
- 1M
- -0.92%
- 6M
- 5.00%
- YTD
- 5.42%
- 1Y
- 8.25%
- 3Y*
- 2.16%
- 5Y*
- -0.29%
- 10Y*
- -0.22%
FXE vs. FXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.24% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
FXA Invesco CurrencyShares Australian Dollar Trust | 5.42% | 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 | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.18 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 1.72 | -1.90 |
| Martin ratioReturn relative to average drawdown | -0.38 | 4.32 | -4.70 |
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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 | -20.21% | -18.90% | -1.31% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -27.99% | +1.53% |
Current DrawdownCurrent decline from peak | -28.89% | -25.74% | -3.15% |
Average DrawdownAverage peak-to-trough decline | -22.34% | -18.85% | -3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 1.91% | +0.65% |
Volatility
FXE vs. FXA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.61%, while Invesco CurrencyShares Australian Dollar Trust (FXA) has a volatility of 2.15%. 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 | 1.61% | 2.15% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 6.51% | -2.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.18% | 7.97% | -1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 10.40% | -2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 9.85% | -2.59% |
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 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 1.00% | 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 (2.15%) compared to FXE (1.61%). In terms of maximum drawdown, FXE dropped -43.33% vs FXA's -40.97%.
On 10-year performance, FXE leads with 0.30% vs -0.22% for FXA. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.61%. 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 0.30% return vs -0.22%. 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 1.00%, compared with 0.75% for FXE.
FXE tracks Euro, while FXA tracks USD/AUD Exchange Rate.
FXA currently has the higher Sharpe Ratio (1.04 vs -0.16), 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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