GLD vs. FXE
GLD (SPDR Gold Shares) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while FXE is a Currency fund tracking the Euro. Both are passively managed. Over the past 10 years, GLD returned 12.56%/yr vs 0.20%/yr for FXE. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
GLD vs. FXE - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a 0.24% return, which is significantly higher than FXE's -1.52% return. Over the past 10 years, GLD has outperformed FXE with an annualized return of 12.56%, while FXE has yielded a comparatively lower 0.20% annualized return.
GLD
- 1D
- 0.26%
- 1M
- -8.41%
- YTD
- 0.24%
- 6M
- 3.07%
- 1Y
- 30.18%
- 3Y*
- 29.71%
- 5Y*
- 17.55%
- 10Y*
- 12.56%
FXE
- 1D
- 0.12%
- 1M
- -2.05%
- YTD
- -1.52%
- 6M
- -0.54%
- 1Y
- 1.92%
- 3Y*
- 3.96%
- 5Y*
- -0.34%
- 10Y*
- 0.20%
GLD vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.24% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
FXE Invesco CurrencyShares® Euro Currency Trust | -1.52% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Correlation
The correlation between GLD and FXE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2005 | 0.40 |
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Return for Risk
GLD vs. FXE — Risk / Return Rank
GLD
FXE
GLD vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.06 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 0.38 | +1.12 |
| Martin ratioReturn relative to average drawdown | 3.78 | 0.90 | +2.88 |
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
| GLD | FXE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.31 | +0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | -0.04 | +1.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.03 | +0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.01 | +0.58 |
Drawdowns
GLD vs. FXE - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than FXE's maximum drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for GLD and FXE.
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Drawdown Indicators
| GLD | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -43.33% | -2.23% |
Max Drawdown (1Y)Largest decline over 1 year | -20.10% | -5.02% | -15.08% |
Max Drawdown (3Y)Largest decline over 3 years | -20.10% | -8.12% | -11.98% |
Max Drawdown (5Y)Largest decline over 5 years | -21.03% | -22.17% | +1.14% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -26.46% | +4.46% |
Current DrawdownCurrent decline from peak | -19.89% | -28.37% | +8.48% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -22.31% | +6.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.01% | 2.13% | +5.88% |
Volatility
GLD vs. FXE - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 5.68% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.36%. This indicates that GLD'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.
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Volatility by Period
| GLD | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 1.36% | +4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 23.47% | 4.30% | +19.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.87% | 6.25% | +20.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.07% | 7.67% | +10.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.99% | 7.32% | +8.67% |
GLD vs. FXE - Expense Ratio Comparison
Both GLD and FXE have an expense ratio of 0.40%.
Dividends
GLD vs. FXE - Dividend Comparison
GLD 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% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLD and FXE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (5.68%) compared to FXE (1.36%). In terms of maximum drawdown, GLD dropped -45.56% vs FXE's -43.33%.
On 10-year performance, GLD leads with 12.56% vs 0.20% for FXE. Both ETFs have the same 0.40% expense ratio. On volatility, FXE has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.56% return vs 0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD and FXE have the same expense ratio: 0.40% per year.
FXE has the higher dividend yield at 0.73%, compared with 0.00% for GLD.
GLD is categorized as Gold, while FXE is Currency. GLD tracks LBMA Gold Price PM, while FXE tracks Euro. They also come from different issuers: State Street and Invesco.
GLD currently has the higher Sharpe Ratio (1.13 vs 0.31), 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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