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 -40.63% vs 0.73% for FXE. At a 0.16 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 -27.41% return, which is significantly lower than FXE's -1.14% return.
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FXE
- 1D
- -0.05%
- 1M
- -1.06%
- YTD
- -1.14%
- 6M
- -1.00%
- 1Y
- 0.73%
- 3Y*
- 3.95%
- 5Y*
- -0.15%
- 10Y*
- 0.28%
IBIT vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
FXE Invesco CurrencyShares® Euro Currency Trust | -1.14% | 14.52% | -3.62% |
Correlation
The correlation between IBIT and FXE is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.16 |
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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 | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.03 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 0.15 | -0.93 |
| Martin ratioReturn relative to average drawdown | -1.37 | 0.33 | -1.71 |
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Drawdowns
IBIT vs. FXE - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, 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 | -52.11% | -43.33% | -8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -5.02% | -47.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.12% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.86% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.46% | — |
Current DrawdownCurrent decline from peak | -49.45% | -28.10% | -21.35% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -22.31% | +5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 2.18% | +27.46% |
Volatility
IBIT vs. FXE - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 12.07% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.30%. 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 | 12.07% | 1.30% | +10.77% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 4.28% | +30.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 6.23% | +37.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 7.66% | +42.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 7.32% | +42.94% |
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 0.73%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 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 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to FXE (1.30%). In terms of maximum drawdown, IBIT dropped -52.11% vs FXE's -43.33%.
On 1-year performance, FXE leads with 0.73% vs -40.63% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, FXE has been the lower-risk option at 1.30%. 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 0.73% return vs -40.63%. 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 0.73%, 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 (0.12 vs -0.92), 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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