IBIT vs. FXE
IBIT (iShares Bitcoin Trust ETF) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while FXE is a Currency fund tracking the Euro. Both are passively managed. Over the past year, IBIT returned -44.68% vs -1.00% for FXE. At a 0.17 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.40%/yr for FXE.
Performance
IBIT vs. FXE - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -25.70% return, which is significantly lower than FXE's -2.42% return.
IBIT
- 1D
- 1.49%
- 1M
- 3.57%
- 6M
- -31.99%
- YTD
- -25.70%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.65%
FXE
- 1D
- -0.23%
- 1M
- -0.31%
- 6M
- -1.19%
- YTD
- -2.42%
- 1Y
- -1.00%
- 3Y*
- 2.37%
- 5Y*
- 0.13%
- 10Y*
- 0.37%
- ALL TIME*
- 0.08%
IBIT vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -25.70% | -6.41% | 89.87% |
FXE Invesco CurrencyShares® Euro Currency Trust | -2.42% | 14.52% | -3.62% |
Correlation
The correlation between IBIT and FXE is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.17 |
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Return for Risk
IBIT vs. FXE — Risk / Return Rank
IBIT
FXE
IBIT vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
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.
| IBIT | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.98 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.19 | -0.65 |
| Martin ratioReturn relative to average drawdown | -1.34 | -0.39 | -0.95 |
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Drawdowns
IBIT vs. FXE - Drawdown Comparison
The maximum IBIT drawdown since its inception was -53.30%, which is greater than FXE's maximum drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for IBIT and FXE.
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Drawdown Indicators
| IBIT | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.30% | -43.33% | -9.97% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -5.40% | -47.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.12% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.21% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.46% | — |
Current DrawdownCurrent decline from peak | -48.25% | -29.03% | -19.22% |
Average DrawdownAverage peak-to-trough decline | -17.81% | -22.34% | +4.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.42% | 2.60% | +30.82% |
Volatility
IBIT vs. FXE - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 10.67% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.26%. This indicates that IBIT'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
| IBIT | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.67% | 1.26% | +9.41% |
Volatility (6M)Calculated over the trailing 6-month period | 34.60% | 4.46% | +30.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 6.18% | +38.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.85% | 7.66% | +42.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.85% | 7.26% | +42.59% |
IBIT vs. FXE - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than FXE's 0.40% expense ratio.
Dividends
IBIT vs. FXE - Dividend Comparison
IBIT has not paid dividends to shareholders, while FXE's dividend yield for the trailing twelve months is around 0.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.75% | 0.94% | 2.28% | 1.49% | 0.01% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBIT and FXE have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (10.67%) compared to FXE (1.26%). In terms of maximum drawdown, IBIT dropped -53.30% vs FXE's -43.33%.
On 1-year performance, FXE leads with -1.00% vs -44.68% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, FXE has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FXE has performed better with a -1.00% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.40% for FXE.
FXE has the higher dividend yield at 0.75%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while FXE is Currency. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while FXE tracks Euro. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for IBIT and 0.40% for FXE.
FXE currently has the higher Sharpe Ratio (-0.16 vs -1.01), 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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