FXE vs. WIP
FXE (Invesco CurrencyShares® Euro Currency Trust) and WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) are both exchange-traded funds - FXE is a Currency fund tracking the Euro, while WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD). Both are passively managed. Over the past 10 years, FXE returned 0.15%/yr vs 1.61%/yr for WIP. A 0.62 correlation means they provide meaningful diversification when combined. FXE charges 0.40%/yr vs 0.50%/yr for WIP.
Performance
FXE vs. WIP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXE achieves a -1.03% return, which is significantly lower than WIP's 4.31% return. Over the past 10 years, FXE has underperformed WIP with an annualized return of 0.15%, while WIP has yielded a comparatively higher 1.61% annualized 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%
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
FXE vs. WIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | -5.97% | 12.73% |
Correlation
The correlation between FXE and WIP is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2008 | 0.62 |
The correlation between FXE and WIP shifts across timeframes, from 0.56 (10 years) to 0.71 (1 year), 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. WIP — Risk / Return Rank
FXE
WIP
FXE vs. WIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) and SPDR FTSE International Government Inflation-Protected Bond ETF (WIP). 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 | WIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.20 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 2.00 | -1.46 |
| Martin ratioReturn relative to average drawdown | 1.28 | 5.98 | -4.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FXE | WIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 1.18 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | -0.06 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.02 | 0.16 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.12 | -0.11 |
Drawdowns
FXE vs. WIP - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than WIP's maximum drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for FXE and WIP.
Loading charts...
Drawdown Indicators
| FXE | WIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -29.60% | -13.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -5.16% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -11.16% | +3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -28.84% | +6.52% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -28.84% | +2.38% |
Current DrawdownCurrent decline from peak | -28.01% | -3.87% | -24.14% |
Average DrawdownAverage peak-to-trough decline | -22.31% | -8.58% | -13.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 1.72% | +0.37% |
Volatility
FXE vs. WIP - Volatility Comparison
The current volatility for Invesco CurrencyShares® Euro Currency Trust (FXE) is 1.21%, while SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a volatility of 2.95%. This indicates that FXE experiences smaller price fluctuations and is considered to be less risky than WIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXE | WIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 2.95% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 6.89% | -2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 8.72% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 11.45% | -3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.32% | 10.16% | -2.84% |
FXE vs. WIP - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is lower than WIP's 0.50% expense ratio.
Dividends
FXE vs. WIP - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.73%, less than WIP's 5.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
FXE and WIP have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to FXE (1.21%). In terms of maximum drawdown, FXE dropped -43.33% vs WIP's -29.60%.
On 10-year performance, WIP leads with 1.61% vs 0.15% for FXE. On fees, FXE is cheaper at 0.40% 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 10-year period, WIP has performed better with a 1.61% return vs 0.15%. 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 0.50% for WIP.
WIP has the higher dividend yield at 5.79%, compared with 0.73% for FXE.
FXE is categorized as Currency, while WIP is Inflation-Protected Bonds. FXE tracks Euro, while WIP tracks FTSE International Inflation-Linked Securities Select (USD). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.40% for FXE and 0.50% for WIP.
WIP currently has the higher Sharpe Ratio (1.18 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.
Find the right allocation for FXE and WIP
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