FXE vs. SPMO
FXE (Invesco CurrencyShares® Euro Currency Trust) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, FXE returned 0.23%/yr vs 21.03%/yr for SPMO. At a 0.15 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.13%/yr for SPMO.
Performance
FXE vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -2.81% return, which is significantly lower than SPMO's 29.91% return. Over the past 10 years, FXE has underperformed SPMO with an annualized return of 0.23%, while SPMO has yielded a comparatively higher 21.03% annualized return.
FXE
- 1D
- -0.38%
- 1M
- -1.87%
- YTD
- -2.81%
- 6M
- -3.08%
- 1Y
- -1.02%
- 3Y*
- 3.01%
- 5Y*
- -0.19%
- 10Y*
- 0.23%
SPMO
- 1D
- -4.53%
- 1M
- 6.65%
- YTD
- 29.91%
- 6M
- 28.13%
- 1Y
- 43.55%
- 3Y*
- 42.47%
- 5Y*
- 22.89%
- 10Y*
- 21.03%
FXE vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -2.81% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
SPMO Invesco S&P 500 Momentum ETF | 29.91% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between FXE and SPMO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.15 |
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Return for Risk
FXE vs. SPMO — Risk / Return Rank
FXE
SPMO
FXE vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.39 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.45 | -3.64 |
| Martin ratioReturn relative to average drawdown | -0.45 | 12.97 | -13.42 |
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Drawdowns
FXE vs. SPMO - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for FXE and SPMO.
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Drawdown Indicators
| FXE | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -30.95% | -12.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.17% | -12.70% | +7.53% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -20.13% | +12.01% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -22.74% | +2.13% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -30.95% | +4.49% |
Current DrawdownCurrent decline from peak | -29.31% | -4.53% | -24.78% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -4.59% | -17.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 3.37% | -1.09% |
Volatility
FXE vs. SPMO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.55%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 11.75%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 11.75% | -10.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 17.78% | -13.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 20.55% | -14.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 19.88% | -12.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.27% | 20.60% | -13.33% |
FXE vs. SPMO - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
FXE vs. SPMO - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, more than SPMO's 0.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMO Invesco S&P 500 Momentum ETF | 0.68% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
FXE and SPMO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (11.75%) compared to FXE (1.55%). In terms of maximum drawdown, FXE dropped -43.33% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.03% vs 0.23% for FXE. On fees, SPMO is cheaper at 0.13% per year. On volatility, FXE has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 21.03% return vs 0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.40% for FXE.
FXE has the higher dividend yield at 0.74%, compared with 0.68% for SPMO.
FXE is categorized as Currency, while SPMO is Momentum. FXE tracks Euro, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.40% for FXE and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.13 vs -0.17), 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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