FXE vs. VGK
FXE (Invesco CurrencyShares® Euro Currency Trust) and VGK (Vanguard FTSE Europe ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, FXE returned 0.23%/yr vs 10.38%/yr for VGK. At a 0.48 correlation, their price movements are largely independent. FXE charges 0.40%/yr vs 0.06%/yr for VGK.
Performance
FXE vs. VGK - 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 VGK's 6.16% return. Over the past 10 years, FXE has underperformed VGK with an annualized return of 0.23%, while VGK has yielded a comparatively higher 10.38% 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%
VGK
- 1D
- -1.24%
- 1M
- -0.13%
- YTD
- 6.16%
- 6M
- 6.16%
- 1Y
- 19.10%
- 3Y*
- 16.76%
- 5Y*
- 8.57%
- 10Y*
- 10.38%
FXE vs. VGK - 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% |
VGK Vanguard FTSE Europe ETF | 6.16% | 35.83% | 1.88% | 20.19% | -15.98% | 16.89% | 5.43% | 24.85% | -14.89% | 26.98% |
Correlation
The correlation between FXE and VGK is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2005 | 0.48 |
The correlation between FXE and VGK shifts across timeframes, from 0.47 (10 years) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXE vs. VGK — Risk / Return Rank
FXE
VGK
FXE vs. VGK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and Vanguard FTSE Europe ETF (VGK). 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 | VGK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.22 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.59 | -1.79 |
| Martin ratioReturn relative to average drawdown | -0.45 | 5.89 | -6.34 |
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Drawdowns
FXE vs. VGK - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, smaller than the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for FXE and VGK.
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Drawdown Indicators
| FXE | VGK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -63.61% | +20.28% |
Max Drawdown (1Y)Largest decline over 1 year | -5.17% | -12.09% | +6.92% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -14.31% | +6.19% |
Max Drawdown (5Y)Largest decline over 5 years | -20.61% | -32.74% | +12.13% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -37.24% | +10.78% |
Current DrawdownCurrent decline from peak | -29.31% | -1.91% | -27.40% |
Average DrawdownAverage peak-to-trough decline | -22.32% | -13.31% | -9.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 3.25% | -0.97% |
Volatility
FXE vs. VGK - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.55%, while Vanguard FTSE Europe ETF (VGK) has a volatility of 4.96%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | VGK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 4.96% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.41% | 13.38% | -8.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 15.81% | -9.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 17.96% | -10.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.27% | 18.56% | -11.29% |
FXE vs. VGK - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is higher than VGK's 0.06% expense ratio.
Dividends
FXE vs. VGK - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.74%, less than VGK's 2.95% 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% |
VGK Vanguard FTSE Europe ETF | 2.95% | 2.86% | 3.61% | 3.15% | 3.25% | 3.05% | 2.11% | 3.27% | 3.95% | 2.70% | 3.52% | 3.25% |
Frequently Asked Questions
FXE and VGK have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGK has higher volatility (4.96%) compared to FXE (1.55%). In terms of maximum drawdown, FXE dropped -43.33% vs VGK's -63.61%.
On 10-year performance, VGK leads with 10.38% vs 0.23% for FXE. On fees, VGK is cheaper at 0.06% 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, VGK has performed better with a 10.38% return vs 0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGK is cheaper with a 0.06% expense ratio, compared with 0.40% for FXE.
VGK has the higher dividend yield at 2.95%, compared with 0.74% for FXE.
FXE is categorized as Currency, while VGK is Europe Equities. FXE tracks Euro, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXE and 0.06% for VGK.
VGK currently has the higher Sharpe Ratio (1.21 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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