FXE vs. TLT
Compare and contrast key facts about Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares 20+ Year Treasury Bond ETF (TLT).
FXE and TLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXE is a passively managed fund by Invesco that tracks the performance of the Euro. It was launched on Dec 9, 2005. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. Both FXE and TLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FXE vs. TLT - Performance Comparison
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FXE vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -1.45% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
TLT iShares 20+ Year Treasury Bond ETF | 0.17% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Returns By Period
In the year-to-date period, FXE achieves a -1.45% return, which is significantly lower than TLT's 0.17% return. Over the past 10 years, FXE has outperformed TLT with an annualized return of 0.07%, while TLT has yielded a comparatively lower -1.38% annualized return.
FXE
- 1D
- 0.85%
- 1M
- -2.13%
- YTD
- -1.45%
- 6M
- -1.19%
- 1Y
- 7.67%
- 3Y*
- 3.75%
- 5Y*
- 0.31%
- 10Y*
- 0.07%
TLT
- 1D
- -0.10%
- 1M
- -4.23%
- YTD
- 0.17%
- 6M
- -0.87%
- 1Y
- -0.49%
- 3Y*
- -2.78%
- 5Y*
- -5.85%
- 10Y*
- -1.38%
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FXE vs. TLT - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than TLT's 0.15% expense ratio.
Return for Risk
FXE vs. TLT — Risk / Return Rank
FXE
TLT
FXE vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| FXE | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.01 | -0.04 | +1.05 |
Sortino ratioReturn per unit of downside risk | 1.62 | 0.02 | +1.60 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.00 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.51 | 0.05 | +1.46 |
Martin ratioReturn relative to average drawdown | 4.05 | 0.11 | +3.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXE | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | -0.04 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | -0.37 | +0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | -0.09 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.26 | -0.24 |
Correlation
The correlation between FXE and TLT is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FXE vs. TLT - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.81%, less than TLT's 4.49% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.81% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.49% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Drawdowns
FXE vs. TLT - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FXE and TLT.
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Drawdown Indicators
| FXE | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -48.35% | +5.02% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -9.23% | +4.21% |
Max Drawdown (5Y)Largest decline over 5 years | -22.70% | -43.70% | +21.00% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -48.35% | +21.89% |
Current DrawdownCurrent decline from peak | -28.32% | -40.17% | +11.85% |
Average DrawdownAverage peak-to-trough decline | -22.26% | -13.62% | -8.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 4.38% | -2.51% |
Volatility
FXE vs. TLT - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 2.26%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 3.71%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 3.71% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 6.61% | -2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.65% | 11.44% | -3.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.70% | 15.90% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.37% | 14.93% | -7.56% |