FXE vs. FXC
FXE (Invesco CurrencyShares® Euro Currency Trust) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both Currency funds from Invesco - FXE tracks the Euro while FXC tracks the Canadian Dollar. Both are passively managed. Over the past 10 years, FXE returned 0.26%/yr vs -0.33%/yr for FXC. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXE vs. FXC - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -2.44% return, which is significantly higher than FXC's -2.91% return. Over the past 10 years, FXE has outperformed FXC with an annualized return of 0.26%, while FXC has yielded a comparatively lower -0.33% annualized 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%
FXC
- 1D
- -0.11%
- 1M
- -2.32%
- YTD
- -2.91%
- 6M
- -2.76%
- 1Y
- -2.61%
- 3Y*
- -1.08%
- 5Y*
- -1.84%
- 10Y*
- -0.33%
FXE vs. FXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.44% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -2.91% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
Correlation
The correlation between FXE and FXC 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 | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006 | 0.47 |
The correlation between FXE and FXC shifts across timeframes, from 0.47 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXE vs. FXC — Risk / Return Rank
FXE
FXC
FXE vs. FXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Invesco CurrencyShares® Canadian Dollar Trust (FXC). 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 | FXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.91 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.57 | +0.55 |
| Martin ratioReturn relative to average drawdown | -0.04 | -1.23 | +1.19 |
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Drawdowns
FXE vs. FXC - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than FXC's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for FXE and FXC.
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Drawdown Indicators
| FXE | FXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -35.39% | -7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -4.62% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -7.34% | -0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -11.93% | -8.68% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -15.46% | -11.00% |
Current DrawdownCurrent decline from peak | -29.04% | -30.12% | +1.08% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -19.93% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 2.13% | +0.13% |
Volatility
FXE vs. FXC - Volatility Comparison
Invesco CurrencyShares® Euro Currency Trust (FXE) has a higher volatility of 1.52% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 1.08%. This indicates that FXE's price experiences larger fluctuations and is considered to be riskier than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | FXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 1.08% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 4.39% | 3.24% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 4.49% | +1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 6.35% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.31% | 6.64% | +0.67% |
FXE vs. FXC - Expense Ratio Comparison
Both FXE and FXC have an expense ratio of 0.40%.
Dividends
FXE vs. FXC - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, more than FXC's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.27% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.74% | 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 FXC 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.
FXE has higher volatility (1.52%) compared to FXC (1.08%). In terms of maximum drawdown, FXE dropped -43.33% vs FXC's -35.39%.
On 10-year performance, FXE leads with 0.26% vs -0.33% for FXC. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 1.08%. 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 0.26% return vs -0.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE and FXC have the same expense ratio: 0.40% per year.
FXE has the higher dividend yield at 0.74%, compared with 0.27% for FXC.
FXE tracks Euro, while FXC tracks Canadian Dollar.
FXE currently has the higher Sharpe Ratio (-0.02 vs -0.59), 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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