FXE vs. VCEB
FXE (Invesco CurrencyShares® Euro Currency Trust) and VCEB (Vanguard ESG U.S. Corporate Bond ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index. Both are passively managed. Over the past 5 years, FXE returned -0.23%/yr vs 0.51%/yr for VCEB. At a 0.30 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.12%/yr for VCEB.
Performance
FXE vs. VCEB - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -1.03% return, which is significantly lower than VCEB's 0.32% return.
FXE
- 1D
- -0.29%
- 1M
- -0.82%
- YTD
- -1.03%
- 6M
- -0.26%
- 1Y
- 2.68%
- 3Y*
- 4.26%
- 5Y*
- -0.23%
- 10Y*
- 0.15%
VCEB
- 1D
- -0.18%
- 1M
- 0.67%
- YTD
- 0.32%
- 6M
- 0.15%
- 1Y
- 5.34%
- 3Y*
- 5.05%
- 5Y*
- 0.51%
- 10Y*
- —
FXE vs. VCEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 4.43% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 0.32% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.46% |
Correlation
The correlation between FXE and VCEB is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020 | 0.30 |
The correlation between FXE and VCEB shifts across timeframes, from 0.30 (all time) to 0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXE vs. VCEB — Risk / Return Rank
FXE
VCEB
FXE vs. VCEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Vanguard ESG U.S. Corporate Bond ETF (VCEB). 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 | VCEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.22 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.90 | -1.36 |
| Martin ratioReturn relative to average drawdown | 1.28 | 5.87 | -4.59 |
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 | VCEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 1.28 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.08 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.05 | -0.03 |
Drawdowns
FXE vs. VCEB - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than VCEB's maximum drawdown of -21.60%. Use the drawdown chart below to compare losses from any high point for FXE and VCEB.
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Drawdown Indicators
| FXE | VCEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -21.60% | -21.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -2.82% | -2.20% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -6.09% | -2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -21.39% | -0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | — | — |
Current DrawdownCurrent decline from peak | -28.01% | -1.05% | -26.96% |
Average DrawdownAverage peak-to-trough decline | -22.31% | -7.63% | -14.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 0.91% | +1.18% |
Volatility
FXE vs. VCEB - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.21%, while Vanguard ESG U.S. Corporate Bond ETF (VCEB) has a volatility of 1.32%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than VCEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | VCEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.32% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 3.11% | +1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 4.19% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 6.84% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.32% | 6.66% | +0.66% |
FXE vs. VCEB - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than VCEB's 0.12% expense ratio.
Dividends
FXE vs. VCEB - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.73%, less than VCEB's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.65% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% |
Frequently Asked Questions
FXE and VCEB have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCEB has higher volatility (1.32%) compared to FXE (1.21%). In terms of maximum drawdown, FXE dropped -43.33% vs VCEB's -21.60%.
On 5-year performance, VCEB leads with 0.51% vs -0.23% for FXE. On fees, VCEB is cheaper at 0.12% per year. On volatility, FXE has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VCEB has performed better with a 0.51% return vs -0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCEB is cheaper with a 0.12% expense ratio, compared with 0.40% for FXE.
VCEB has the higher dividend yield at 4.65%, compared with 0.73% for FXE.
FXE is categorized as Currency, while VCEB is Corporate Bonds. FXE tracks Euro, while VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXE and 0.12% for VCEB.
VCEB currently has the higher Sharpe Ratio (1.28 vs 0.43), 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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