FXF vs. FXE

Last updated Jun 4, 2026

FXF (Invesco CurrencyShares® Swiss Franc Trust) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both Currency funds from Invesco - FXF tracks the Swiss Franc while FXE tracks the Euro. Both are passively managed. Over the past 10 years, FXF returned 1.25%/yr vs 0.15%/yr for FXE. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.40% expense ratio.

Performance

FXF vs. FXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco CurrencyShares® Euro Currency Trust (FXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXF achieves a -0.20% return, which is significantly higher than FXE's -1.03% return. Over the past 10 years, FXF has outperformed FXE with an annualized return of 1.25%, while FXE has yielded a comparatively lower 0.15% annualized return.

FXF

• 1D: -0.62%
• 1M: -1.07%
• YTD: -0.20%
• 6M: 0.70%
• 1Y: 3.46%
• 3Y*: 4.38%
• 5Y*: 2.01%
• 10Y*: 1.25%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXF vs. FXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXF Invesco CurrencyShares® Swiss Franc Trust	-0.20%	14.04%	-7.46%	9.63%	-2.29%	-4.08%	8.18%	0.32%	-2.01%	3.31%
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%

Correlation

The correlation between FXF and FXE is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 27, 2006	0.77

The correlation between FXF and FXE shifts across timeframes, from 0.75 (5 years) to 0.87 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FXF vs. FXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXF

FXF Risk / Return Rank: 16
FXF Sharpe Ratio Rank: 16
FXF Sortino Ratio Rank: 15
FXF Omega Ratio Rank: 14
FXF Calmar Ratio Rank: 18
FXF Martin Ratio Rank: 16

FXE

FXE Risk / Return Rank: 15
FXE Sharpe Ratio Rank: 15
FXE Sortino Ratio Rank: 14
FXE Omega Ratio Rank: 14
FXE Calmar Ratio Rank: 15
FXE Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXF vs. FXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) and Invesco CurrencyShares® Euro Currency Trust (FXE). 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.

	FXF	FXE	Difference
Sharpe ratio: Return per unit of total volatility	0.47	0.43	+0.03
Sortino ratio: Return per unit of downside risk	0.77	0.68	+0.09
Omega ratio: Gain probability vs. loss probability	1.09	1.08	+0.01
Calmar ratio: Return relative to maximum drawdown	0.72	0.54	+0.19
Martin ratio: Return relative to average drawdown	1.62	1.28	+0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXF vs. FXE - Sharpe Ratio Comparison

The current FXF Sharpe Ratio is 0.47, which is comparable to the FXE Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of FXF and FXE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXF	FXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.47	0.43	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	-0.03	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.02	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.02	+0.16

Drawdowns

FXF vs. FXE - Drawdown Comparison

The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum FXE drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for FXF and FXE.

Drawdown Indicators

	FXF	FXE	Difference
Max Drawdown Largest peak-to-trough decline	-35.58%	-43.33%	+7.75%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-5.02%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-8.52%	-8.12%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-13.03%	-22.32%	+9.29%
Max Drawdown (10Y) Largest decline over 10 years	-15.04%	-26.46%	+11.42%
Current Drawdown Current decline from peak	-18.53%	-28.01%	+9.48%
Average Drawdown Average peak-to-trough decline	-20.84%	-22.31%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.09%	+0.06%

Volatility

FXF vs. FXE - Volatility Comparison

Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.69% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.21%. This indicates that FXF's price experiences larger fluctuations and is considered to be riskier than FXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXF	FXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	1.21%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	5.56%	4.24%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	6.24%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	7.66%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	7.32%	+0.25%

FXF vs. FXE - Expense Ratio Comparison

Both FXF and FXE have an expense ratio of 0.40%.

Dividends

FXF vs. FXE - Dividend Comparison

FXF has not paid dividends to shareholders, while FXE's dividend yield for the trailing twelve months is around 0.73%.

Position	TTM	2025	2024	2023	2022
FXE Invesco CurrencyShares® Euro Currency Trust	0.73%	0.94%	2.28%	1.49%	0.01%
FXF Invesco CurrencyShares® Swiss Franc Trust	0.00%	0.00%	0.03%	0.02%	0.00%

Frequently Asked Questions

Can I hold both FXF and FXE in my portfolio?

FXF and FXE have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXF or FXE?

FXF has higher volatility (1.69%) compared to FXE (1.21%). In terms of maximum drawdown, FXF dropped -35.58% vs FXE's -43.33%.

Which ETF is better, FXF or FXE?

On 10-year performance, FXF leads with 1.25% vs 0.15% for FXE. Both ETFs have the same 0.40% expense ratio. 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.

Which ETF has performed better, FXF or FXE?

Over the 10-year period, FXF has performed better with a 1.25% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXF or FXE?

FXF and FXE have the same expense ratio: 0.40% per year.

Which ETF pays a higher dividend yield, FXF or FXE?

FXE has the higher dividend yield at 0.73%, compared with 0.00% for FXF.

What is the main difference between FXF and FXE?

FXF tracks Swiss Franc, while FXE tracks Euro.

Which has better risk-adjusted returns?

FXF currently has the higher Sharpe Ratio (0.47 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.