FXE vs. FXY
FXE (Invesco CurrencyShares® Euro Currency Trust) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both Currency funds from Invesco - FXE tracks the Euro while FXY tracks the Japanese Yen. Both are passively managed. Over the past 10 years, FXE returned 0.25%/yr vs -4.95%/yr for FXY. Their 0.34 correlation means their historical movements had little consistent relationship. Both charge a 0.40% expense ratio.
Performance
FXE vs. FXY - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -1.38% return, which is significantly higher than FXY's -1.72% return. Over the past 10 years, FXE has outperformed FXY with an annualized return of 0.25%, while FXY has yielded a comparatively lower -4.95% 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%
FXY
- 1D
- 0.14%
- 1M
- 1.25%
- 6M
- -2.96%
- YTD
- -1.72%
- 1Y
- -7.64%
- 3Y*
- -3.84%
- 5Y*
- -7.64%
- 10Y*
- -4.95%
- ALL TIME*
- -1.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.51M | $8.25M | $15.67M | |
| $25.81M | $16.82M | $12.69M |
FXE vs. FXY - 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% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -1.72% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between FXE and FXY is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.48 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.34 |
Over the past year, FXE and FXY have become more correlated (0.62) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
FXE vs. FXY — Risk / Return Rank
FXE
FXY
FXE vs. FXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Invesco CurrencyShares® Japanese Yen Trust (FXY). 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 | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.89 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | -0.52 | +0.86 |
| Martin ratioReturn relative to average drawdown | 0.69 | -0.84 | +1.53 |
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Drawdowns
FXE vs. FXY - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, smaller than the maximum FXY drawdown of -56.95%. Use the drawdown chart below to compare losses from any high point for FXE and FXY.
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Drawdown Indicators
| FXE | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -56.95% | +13.62% |
Max Drawdown (1Y)Largest decline over 1 year | -5.40% | -10.86% | +5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -14.91% | +6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -20.08% | -34.99% | +14.91% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -42.08% | +15.62% |
Current DrawdownCurrent decline from peak | -28.27% | -55.68% | +27.41% |
Average DrawdownAverage peak-to-trough decline | -22.35% | -27.96% | +5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 6.67% | -3.96% |
Volatility
FXE vs. FXY - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.33%, while Invesco CurrencyShares® Japanese Yen Trust (FXY) has a volatility of 3.00%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 3.00% | -1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 4.07% | 5.52% | -1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.93% | 8.30% | -2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 10.29% | -2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.25% | 9.13% | -1.88% |
FXE vs. FXY - Expense Ratio Comparison
Both FXE and FXY have an expense ratio of 0.40%.
Dividends
FXE vs. FXY - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.68% | 0.94% | 2.28% | 1.49% | 0.01% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXE and FXY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXY has higher volatility (3.00%) compared to FXE (1.33%). In terms of maximum drawdown, FXE dropped -43.33% vs FXY's -56.95%.
On 10-year performance, FXE leads with 0.25% vs -4.95% for FXY. 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, FXE has performed better with a 0.25% return vs -4.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE and FXY have the same expense ratio: 0.40% per year.
FXE has the higher dividend yield at 0.68%, compared with 0.00% for FXY.
FXE tracks Euro, while FXY tracks Japanese Yen.
FXE currently has the higher Sharpe Ratio (0.32 vs -0.68), 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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