FXF vs. EUO
FXF (Invesco CurrencyShares® Swiss Franc Trust) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, FXF returned 1.06%/yr vs 2.24%/yr for EUO. At a correlation of -0.76, they often move in opposite directions. FXF charges 0.40%/yr vs 0.99%/yr for EUO.
Performance
FXF vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -0.80% return, which is significantly lower than EUO's 5.15% return. Over the past 10 years, FXF has underperformed EUO with an annualized return of 1.06%, while EUO has yielded a comparatively higher 2.24% annualized return.
FXF
- 1D
- -0.15%
- 1M
- -1.31%
- YTD
- -0.80%
- 6M
- -0.32%
- 1Y
- 1.23%
- 3Y*
- 4.05%
- 5Y*
- 1.88%
- 10Y*
- 1.06%
EUO
- 1D
- 0.86%
- 1M
- 1.14%
- YTD
- 5.15%
- 6M
- 5.13%
- 1Y
- 4.67%
- 3Y*
- 0.15%
- 5Y*
- 5.46%
- 10Y*
- 2.24%
FXF vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.80% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
EUO ProShares UltraShort Euro | 5.15% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between FXF and EUO is -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.76 |
The correlation between FXF and EUO shifts across timeframes, from -0.86 (1 year) to -0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. EUO — Risk / Return Rank
FXF
EUO
FXF vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and ProShares UltraShort Euro (EUO). 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.
| FXF | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.08 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | 0.63 | -0.38 |
| Martin ratioReturn relative to average drawdown | 0.54 | 1.43 | -0.89 |
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Drawdowns
FXF vs. EUO - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum EUO drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for FXF and EUO.
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Drawdown Indicators
| FXF | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -38.58% | +3.00% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -8.05% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -24.46% | +15.94% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -25.28% | +13.29% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -29.61% | +14.57% |
Current DrawdownCurrent decline from peak | -19.02% | -17.96% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -18.50% | -2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 3.56% | -1.28% |
Volatility
FXF vs. EUO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.81%, while ProShares UltraShort Euro (EUO) has a volatility of 3.01%. This indicates that FXF experiences smaller price fluctuations and is considered to be less risky than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXF | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 3.01% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 8.88% | -3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 12.72% | -5.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 15.57% | -7.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 14.88% | -7.31% |
FXF vs. EUO - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
FXF vs. EUO - Dividend Comparison
Neither FXF nor EUO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% |
Frequently Asked Questions
FXF and EUO have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (3.01%) compared to FXF (1.81%). In terms of maximum drawdown, FXF dropped -35.58% vs EUO's -38.58%.
On 10-year performance, EUO leads with 2.24% vs 1.06% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.24% return vs 1.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.99% for EUO.
FXF and EUO have nearly identical dividend yields, around 0.00%.
FXF is categorized as Currency, while EUO is Leveraged Currency. FXF tracks Swiss Franc, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.40% for FXF and 0.99% for EUO.
EUO currently has the higher Sharpe Ratio (0.40 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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