FXE vs. GLD

Last updated Jul 21, 2026

FXE (Invesco CurrencyShares® Euro Currency Trust) and GLD (SPDR Gold Shares) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, FXE returned 0.37%/yr vs 11.27%/yr for GLD. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.

Performance

FXE vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Euro Currency Trust (FXE) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXE achieves a -2.42% return, which is significantly higher than GLD's -7.24% return. Over the past 10 years, FXE has underperformed GLD with an annualized return of 0.37%, while GLD has yielded a comparatively higher 11.27% annualized return.

FXE

• 1D: -0.23%
• 1M: -0.31%
• 6M: -1.19%
• YTD: -2.42%
• 1Y: -1.00%
• 3Y*: 2.37%
• 5Y*: 0.13%
• 10Y*: 0.37%
• ALL TIME*: 0.08%

GLD

• 1D: -0.22%
• 1M: -5.04%
• 6M: -12.74%
• YTD: -7.24%
• 1Y: 19.20%
• 3Y*: 26.36%
• 5Y*: 16.85%
• 10Y*: 11.27%
• ALL TIME*: 10.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXE vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXE Invesco CurrencyShares® Euro Currency Trust	-2.42%	14.52%	-4.18%	4.87%	-6.57%	-7.83%	7.94%	-2.90%	-5.30%	13.05%
GLD SPDR Gold Shares	-7.24%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between FXE and GLD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 12, 2005	0.40

Return for Risk

FXE vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXE

FXE Risk / Return Rank: 8
FXE Sharpe Ratio Rank: 8
FXE Sortino Ratio Rank: 7
FXE Omega Ratio Rank: 7
FXE Calmar Ratio Rank: 9
FXE Martin Ratio Rank: 8

GLD

GLD Risk / Return Rank: 24
GLD Sharpe Ratio Rank: 25
GLD Sortino Ratio Rank: 24
GLD Omega Ratio Rank: 28
GLD Calmar Ratio Rank: 22
GLD Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXE vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and SPDR Gold Shares (GLD). 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	GLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	0.69	-0.85
Sortino ratio: Return per unit of downside risk	-0.19	1.03	-1.22
Omega ratio: Gain probability vs. loss probability	0.98	1.15	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.19	0.73	-0.92
Martin ratio: Return relative to average drawdown	-0.39	1.71	-2.09

FXE vs. GLD - Sharpe Ratio Comparison

The current FXE Sharpe Ratio is -0.16, which is lower than the GLD Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of FXE and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXE vs. GLD - Drawdown Comparison

The maximum FXE drawdown since its inception was -43.33%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for FXE and GLD.

Drawdown Indicators

	FXE	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-43.33%	-45.56%	+2.23%
Max Drawdown (1Y) Largest decline over 1 year	-5.40%	-26.40%	+21.00%
Max Drawdown (3Y) Largest decline over 3 years	-8.12%	-26.40%	+18.28%
Max Drawdown (5Y) Largest decline over 5 years	-20.21%	-26.40%	+6.19%
Max Drawdown (10Y) Largest decline over 10 years	-26.46%	-26.40%	-0.06%
Current Drawdown Current decline from peak	-29.03%	-25.87%	-3.16%
Average Drawdown Average peak-to-trough decline	-22.34%	-16.19%	-6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	11.28%	-8.68%

Volatility

FXE vs. GLD - Volatility Comparison

The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.26%, while SPDR Gold Shares (GLD) has a volatility of 6.38%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXE	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	6.38%	-5.12%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	24.20%	-19.74%
Volatility (1Y) Calculated over the trailing 1-year period	6.18%	28.06%	-21.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	18.42%	-10.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.26%	16.11%	-8.85%

FXE vs. GLD - Expense Ratio Comparison

Both FXE and GLD have an expense ratio of 0.40%.

Dividends

FXE vs. GLD - Dividend Comparison

FXE's dividend yield for the trailing twelve months is around 0.75%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FXE Invesco CurrencyShares® Euro Currency Trust	0.75%	0.94%	2.28%	1.49%	0.01%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXE and GLD in my portfolio?

FXE and GLD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXE or GLD?

GLD has higher volatility (6.38%) compared to FXE (1.26%). In terms of maximum drawdown, FXE dropped -43.33% vs GLD's -45.56%.

Which ETF is better, FXE or GLD?

On 10-year performance, GLD leads with 11.27% vs 0.37% for FXE. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXE or GLD?

Over the 10-year period, GLD has performed better with a 11.27% return vs 0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXE or GLD?

FXE and GLD have the same expense ratio: 0.40% per year.

Which ETF pays a higher dividend yield, FXE or GLD?

FXE has the higher dividend yield at 0.75%, compared with 0.00% for GLD.

What is the main difference between FXE and GLD?

FXE is categorized as Currency, while GLD is Gold. FXE tracks Euro, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.69 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.