GSY vs. EUO
GSY (Invesco Ultra Short Duration ETF) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). GSY is actively managed, while EUO is passively managed. Over the past 10 years, GSY returned 2.86%/yr vs 2.24%/yr for EUO. At a correlation of -0.09, they often move in opposite directions. GSY charges 0.22%/yr vs 0.99%/yr for EUO.
Performance
GSY vs. EUO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GSY achieves a 1.72% return, which is significantly lower than EUO's 5.15% return. Over the past 10 years, GSY has outperformed EUO with an annualized return of 2.86%, while EUO has yielded a comparatively lower 2.24% annualized return.
GSY
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.72%
- 6M
- 1.96%
- 1Y
- 4.49%
- 3Y*
- 5.48%
- 5Y*
- 3.68%
- 10Y*
- 2.86%
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%
GSY vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 1.72% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
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 GSY and EUO is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.09 |
Over the past year, the inverse relationship between GSY and EUO has strengthened: their correlation has moved from -0.09 to -0.31, meaning they now move in opposite directions more often than their long-term average.
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
GSY vs. EUO — Risk / Return Rank
GSY
EUO
GSY vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) 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.
| GSY | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.80 | ||
| Sortino ratioReturn per unit of downside risk | +26.70 | ||
| Omega ratioGain probability vs. loss probability | 6.54 | 1.08 | +5.46 |
| Calmar ratioReturn relative to maximum drawdown | 75.72 | 0.63 | +75.08 |
| Martin ratioReturn relative to average drawdown | 373.96 | 1.43 | +372.53 |
Loading charts...
Drawdowns
GSY vs. EUO - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, smaller than the maximum EUO drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for GSY and EUO.
Loading charts...
Drawdown Indicators
| GSY | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -38.58% | +26.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -8.05% | +7.99% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -24.46% | +24.28% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | -25.28% | +23.80% |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | -29.61% | +24.36% |
Current DrawdownCurrent decline from peak | 0.00% | -17.96% | +17.96% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -18.50% | +16.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.56% | -3.55% |
Volatility
GSY vs. EUO - Volatility Comparison
The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.15%, while ProShares UltraShort Euro (EUO) has a volatility of 3.01%. This indicates that GSY 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.
Loading charts...
Volatility by Period
| GSY | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | 3.01% | -2.86% |
Volatility (6M)Calculated over the trailing 6-month period | 0.31% | 8.88% | -8.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.40% | 12.72% | -12.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.58% | 15.57% | -14.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 14.88% | -13.66% |
GSY vs. EUO - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
GSY vs. EUO - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.34%, while EUO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GSY Invesco Ultra Short Duration ETF | 4.34% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
Frequently Asked Questions
GSY and EUO have a correlation of -0.31, 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 GSY (0.15%). In terms of maximum drawdown, GSY dropped -12.14% vs EUO's -38.58%.
On 10-year performance, GSY leads with 2.86% vs 2.24% for EUO. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSY has performed better with a 2.86% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSY is cheaper with a 0.22% expense ratio, compared with 0.99% for EUO.
GSY has the higher dividend yield at 4.34%, compared with 0.00% for EUO.
GSY is categorized as Ultrashort Bond, while EUO is Leveraged Currency. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.22% for GSY and 0.99% for EUO.
GSY currently has the higher Sharpe Ratio (11.20 vs 0.40), 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 GSY and EUO
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