FXE vs. IAU
FXE (Invesco CurrencyShares® Euro Currency Trust) and IAU (iShares Gold Trust) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, FXE returned 0.25%/yr vs 11.37%/yr for IAU. At a 0.40 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.25%/yr for IAU.
Performance
FXE vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -2.76% return, which is significantly higher than IAU's -7.29% return. Over the past 10 years, FXE has underperformed IAU with an annualized return of 0.25%, while IAU has yielded a comparatively higher 11.37% annualized return.
FXE
- 1D
- -0.28%
- 1M
- -1.64%
- 6M
- -2.06%
- YTD
- -2.76%
- 1Y
- -1.92%
- 3Y*
- 1.97%
- 5Y*
- 0.00%
- 10Y*
- 0.25%
IAU
- 1D
- -2.60%
- 1M
- -4.98%
- 6M
- -13.00%
- YTD
- -7.29%
- 1Y
- 18.88%
- 3Y*
- 26.67%
- 5Y*
- 16.68%
- 10Y*
- 11.37%
FXE vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.76% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
IAU iShares Gold Trust | -7.29% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between FXE and IAU 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 |
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Return for Risk
FXE vs. IAU — Risk / Return Rank
FXE
IAU
FXE vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.15 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 0.72 | -1.08 |
| Martin ratioReturn relative to average drawdown | -0.76 | 1.77 | -2.54 |
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Drawdowns
FXE vs. IAU - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, roughly equal to the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for FXE and IAU.
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Drawdown Indicators
| FXE | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -45.14% | +1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -5.40% | -26.17% | +20.77% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -26.17% | +18.05% |
Max Drawdown (5Y)Largest decline over 5 years | -20.21% | -26.17% | +5.96% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -26.17% | -0.29% |
Current DrawdownCurrent decline from peak | -29.27% | -25.91% | -3.36% |
Average DrawdownAverage peak-to-trough decline | -22.33% | -16.00% | -6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 10.66% | -8.15% |
Volatility
FXE vs. IAU - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.52%, while iShares Gold Trust (IAU) has a volatility of 7.54%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 7.54% | -6.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 24.02% | -19.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.20% | 27.75% | -21.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 18.33% | -10.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.26% | 16.04% | -8.78% |
FXE vs. IAU - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
FXE vs. IAU - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.75%, while IAU 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% |
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXE and IAU 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.
IAU has higher volatility (7.54%) compared to FXE (1.52%). In terms of maximum drawdown, FXE dropped -43.33% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.37% vs 0.25% for FXE. On fees, IAU is cheaper at 0.25% per year. On volatility, FXE has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.37% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.40% for FXE.
FXE has the higher dividend yield at 0.75%, compared with 0.00% for IAU.
FXE is categorized as Currency, while IAU is Gold. FXE tracks Euro, while IAU tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXE and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.68 vs -0.31), 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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