UDN vs. FXE
Compare and contrast key facts about Invesco DB US Dollar Index Bearish Fund (UDN) and Invesco CurrencyShares® Euro Currency Trust (FXE).
UDN and FXE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UDN is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Short USD Currency Portfolio Index. It was launched on Feb 20, 2007. FXE is a passively managed fund by Invesco that tracks the performance of the Euro. It was launched on Dec 9, 2005. Both UDN and FXE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UDN vs. FXE - Performance Comparison
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UDN vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -1.04% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
FXE Invesco CurrencyShares® Euro Currency Trust | -1.28% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Returns By Period
In the year-to-date period, UDN achieves a -1.04% return, which is significantly higher than FXE's -1.28% return. Over the past 10 years, UDN has underperformed FXE with an annualized return of -0.46%, while FXE has yielded a comparatively higher 0.09% annualized return.
UDN
- 1D
- 0.28%
- 1M
- -0.99%
- YTD
- -1.04%
- 6M
- -1.26%
- 1Y
- 6.00%
- 3Y*
- 3.15%
- 5Y*
- -0.27%
- 10Y*
- -0.46%
FXE
- 1D
- 0.17%
- 1M
- -0.91%
- YTD
- -1.28%
- 6M
- -0.93%
- 1Y
- 8.11%
- 3Y*
- 3.81%
- 5Y*
- 0.34%
- 10Y*
- 0.09%
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UDN vs. FXE - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than FXE's 0.40% expense ratio.
Return for Risk
UDN vs. FXE — Risk / Return Rank
UDN
FXE
UDN vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.
| UDN | FXE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.81 | 1.07 | -0.25 |
Sortino ratioReturn per unit of downside risk | 1.29 | 1.71 | -0.41 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.20 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.57 | -0.27 |
Martin ratioReturn relative to average drawdown | 3.10 | 4.16 | -1.06 |
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
| UDN | FXE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.81 | 1.07 | -0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.04 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.07 | 0.01 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.02 | -0.11 |
Correlation
The correlation between UDN and FXE is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UDN vs. FXE - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 2.97%, more than FXE's 0.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | 2.97% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
FXE Invesco CurrencyShares® Euro Currency Trust | 0.77% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
UDN vs. FXE - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, roughly equal to the maximum FXE drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for UDN and FXE.
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Drawdown Indicators
| UDN | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -43.33% | +1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.54% | -5.02% | +0.48% |
Max Drawdown (5Y)Largest decline over 5 years | -22.75% | -22.70% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -26.46% | +0.74% |
Current DrawdownCurrent decline from peak | -28.02% | -28.19% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -20.55% | -22.26% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 1.89% | +0.01% |
Volatility
UDN vs. FXE - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 2.08%, while Invesco CurrencyShares® Euro Currency Trust (FXE) has a volatility of 2.19%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky 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
| UDN | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.08% | 2.19% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 4.24% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.42% | 7.65% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.43% | 7.70% | -0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 7.37% | -0.42% |