FXE vs. FXB
FXE (Invesco CurrencyShares® Euro Currency Trust) and FXB (Invesco CurrencyShares® British Pound Sterling Trust) are both Currency funds from Invesco - FXE tracks the Euro while FXB tracks the British Pound. Both are passively managed. Over the past 10 years, FXE returned 0.25%/yr vs 0.93%/yr for FXB. Their 0.62 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.40% expense ratio.
Performance
FXE vs. FXB - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -1.38% return, which is significantly lower than FXB's 1.15% return. Over the past 10 years, FXE has underperformed FXB with an annualized return of 0.25%, while FXB has yielded a comparatively higher 0.93% annualized return.
FXE
- 1D
- 0.02%
- 1M
- 0.97%
- 6M
- -2.36%
- YTD
- -1.38%
- 1Y
- 0.49%
- 3Y*
- 3.17%
- 5Y*
- 0.24%
- 10Y*
- 0.25%
- ALL TIME*
- 0.13%
FXB
- 1D
- 0.07%
- 1M
- 1.16%
- 6M
- -0.48%
- YTD
- 1.15%
- 1Y
- 3.76%
- 3Y*
- 4.61%
- 5Y*
- 1.33%
- 10Y*
- 0.93%
- ALL TIME*
- -0.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.77M | $5.68M | $4.47M | |
| $5.51M | $8.25M | $15.67M |
FXE vs. FXB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -1.38% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.15% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
Correlation
The correlation between FXE and FXB is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.62 |
Over the past year, FXE and FXB have become more correlated (0.84) than their long-term average of 0.62, meaning their price movements have been converging.
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Return for Risk
FXE vs. FXB — Risk / Return Rank
FXE
FXB
FXE vs. FXB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). 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 | FXB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.12 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 0.98 | -0.64 |
| Martin ratioReturn relative to average drawdown | 0.69 | 1.94 | -1.25 |
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Drawdowns
FXE vs. FXB - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, smaller than the maximum FXB drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for FXE and FXB.
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Drawdown Indicators
| FXE | FXB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -48.99% | +5.66% |
Max Drawdown (1Y)Largest decline over 1 year | -5.40% | -4.35% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -8.44% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -20.08% | -23.40% | +3.32% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -26.11% | -0.35% |
Current DrawdownCurrent decline from peak | -28.27% | -29.01% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -22.35% | -27.55% | +5.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 2.20% | +0.51% |
Volatility
FXE vs. FXB - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.33%, while Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a volatility of 1.88%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than FXB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | FXB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.88% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 4.07% | 4.80% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 6.46% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 8.47% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.25% | 8.73% | -1.48% |
FXE vs. FXB - Expense Ratio Comparison
Both FXE and FXB have an expense ratio of 0.40%.
Dividends
FXE vs. FXB - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, less than FXB's 2.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.95% | 2.44% | 3.25% | 2.59% | 0.29% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.68% | 0.94% | 2.28% | 1.49% | 0.01% |
Frequently Asked Questions
FXE and FXB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.88%) compared to FXE (1.33%). In terms of maximum drawdown, FXE dropped -43.33% vs FXB's -48.99%.
On 10-year performance, FXB leads with 0.93% vs 0.25% for FXE. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXB has performed better with a 0.93% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE and FXB have the same expense ratio: 0.40% per year.
FXB has the higher dividend yield at 1.95%, compared with 0.68% for FXE.
FXE tracks Euro, while FXB tracks British Pound.
FXB currently has the higher Sharpe Ratio (0.66 vs 0.32), 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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