VCEB vs. FXE
VCEB (Vanguard ESG U.S. Corporate Bond ETF) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both exchange-traded funds - VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select Index, while FXE is a Currency fund tracking the Euro. Both are passively managed. Over the past 5 years, VCEB returned 0.51%/yr vs -0.23%/yr for FXE. At a 0.30 correlation, their price movements are largely independent. VCEB charges 0.12%/yr vs 0.40%/yr for FXE.
Performance
VCEB vs. FXE - Performance Comparison
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Returns By Period
In the year-to-date period, VCEB achieves a 0.32% return, which is significantly higher than FXE's -1.03% return.
VCEB
- 1D
- -0.18%
- 1M
- 0.67%
- YTD
- 0.32%
- 6M
- 0.15%
- 1Y
- 5.34%
- 3Y*
- 5.05%
- 5Y*
- 0.51%
- 10Y*
- —
FXE
- 1D
- -0.29%
- 1M
- -0.82%
- YTD
- -1.03%
- 6M
- -0.26%
- 1Y
- 2.68%
- 3Y*
- 4.26%
- 5Y*
- -0.23%
- 10Y*
- 0.15%
VCEB vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VCEB Vanguard ESG U.S. Corporate Bond ETF | 0.32% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.46% |
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 4.43% |
Correlation
The correlation between VCEB and FXE is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Sep 25, 2020 | 0.30 |
The correlation between VCEB and FXE shifts across timeframes, from 0.30 (all time) to 0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VCEB vs. FXE — Risk / Return Rank
VCEB
FXE
VCEB vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) 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.
| VCEB | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.08 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 0.54 | +1.36 |
| Martin ratioReturn relative to average drawdown | 5.87 | 1.28 | +4.59 |
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
| VCEB | FXE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.28 | 0.43 | +0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | -0.03 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.02 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.02 | +0.03 |
Drawdowns
VCEB vs. FXE - Drawdown Comparison
The maximum VCEB drawdown since its inception was -21.60%, smaller than the maximum FXE drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for VCEB and FXE.
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Drawdown Indicators
| VCEB | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.60% | -43.33% | +21.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -5.02% | +2.20% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -8.12% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -21.39% | -22.32% | +0.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.46% | — |
Current DrawdownCurrent decline from peak | -1.05% | -28.01% | +26.96% |
Average DrawdownAverage peak-to-trough decline | -7.63% | -22.31% | +14.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 2.09% | -1.18% |
Volatility
VCEB vs. FXE - Volatility Comparison
Vanguard ESG U.S. Corporate Bond ETF (VCEB) has a higher volatility of 1.32% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.21%. This indicates that VCEB'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
| VCEB | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 1.21% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 4.24% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 6.24% | -2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.84% | 7.66% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 7.32% | -0.66% |
VCEB vs. FXE - Expense Ratio Comparison
VCEB has a 0.12% expense ratio, which is lower than FXE's 0.40% expense ratio.
Dividends
VCEB vs. FXE - Dividend Comparison
VCEB's dividend yield for the trailing twelve months is around 4.65%, more than FXE's 0.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.65% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% |
Frequently Asked Questions
VCEB and FXE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCEB has higher volatility (1.32%) compared to FXE (1.21%). In terms of maximum drawdown, VCEB dropped -21.60% vs FXE's -43.33%.
On 5-year performance, VCEB leads with 0.51% vs -0.23% for FXE. On fees, VCEB is cheaper at 0.12% per year. On volatility, FXE has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VCEB has performed better with a 0.51% return vs -0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCEB is cheaper with a 0.12% expense ratio, compared with 0.40% for FXE.
VCEB has the higher dividend yield at 4.65%, compared with 0.73% for FXE.
VCEB is categorized as Corporate Bonds, while FXE is Currency. VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while FXE tracks Euro. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.12% for VCEB and 0.40% for FXE.
VCEB currently has the higher Sharpe Ratio (1.28 vs 0.43), 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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