FXE vs. UGA
FXE (Invesco CurrencyShares® Euro Currency Trust) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, FXE returned 0.23%/yr vs 14.31%/yr for UGA. At a 0.13 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.75%/yr for UGA.
Performance
FXE vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXE achieves a -2.81% return, which is significantly lower than UGA's 64.09% return. Over the past 10 years, FXE has underperformed UGA with an annualized return of 0.23%, while UGA has yielded a comparatively higher 14.31% 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%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
FXE vs. UGA - 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% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between FXE and UGA is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.13 |
The correlation between FXE and UGA shifts across timeframes, from -0.27 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXE vs. UGA — Risk / Return Rank
FXE
UGA
FXE vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.30 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 3.17 | -3.36 |
| Martin ratioReturn relative to average drawdown | -0.45 | 9.39 | -9.84 |
Loading charts...
Drawdowns
FXE vs. UGA - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FXE and UGA.
Loading charts...
Drawdown Indicators
| FXE | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -86.59% | +43.26% |
Max Drawdown (1Y)Largest decline over 1 year | -5.17% | -18.96% | +13.79% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -26.68% | +18.56% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -38.11% | +17.50% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -75.89% | +49.43% |
Current DrawdownCurrent decline from peak | -29.31% | -18.05% | -11.26% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -36.69% | +14.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 6.43% | -4.15% |
Volatility
FXE vs. UGA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.55%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXE | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 9.24% | -7.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 30.57% | -26.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 35.22% | -28.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 34.45% | -26.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.27% | 37.22% | -29.95% |
FXE vs. UGA - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
FXE vs. UGA - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.74% | 0.94% | 2.28% | 1.49% | 0.01% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXE and UGA have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to FXE (1.55%). In terms of maximum drawdown, FXE dropped -43.33% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 0.23% for FXE. On fees, FXE is cheaper at 0.40% 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, UGA has performed better with a 14.31% return vs 0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 0.75% for UGA.
FXE has the higher dividend yield at 0.74%, compared with 0.00% for UGA.
FXE is categorized as Currency, while UGA is Oil & Gas. FXE tracks Euro, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Invesco and Concierge Technologies. Their fees differ too: 0.40% for FXE and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 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.
Find the right allocation for FXE and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer