WIP vs. FXE
WIP (SPDR FTSE International Government Inflation-Protected Bond ETF) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both exchange-traded funds - WIP is a Inflation-Protected Bonds fund tracking the FTSE International Inflation-Linked Securities Select (USD), while FXE is a Currency fund tracking the Euro. Both are passively managed. Over the past 10 years, WIP returned 1.61%/yr vs 0.15%/yr for FXE. A 0.62 correlation means they provide meaningful diversification when combined. WIP charges 0.50%/yr vs 0.40%/yr for FXE.
Performance
WIP vs. FXE - Performance Comparison
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Returns By Period
In the year-to-date period, WIP achieves a 4.31% return, which is significantly higher than FXE's -1.03% return. Over the past 10 years, WIP has outperformed FXE with an annualized return of 1.61%, while FXE has yielded a comparatively lower 0.15% annualized return.
WIP
- 1D
- -0.72%
- 1M
- 0.70%
- YTD
- 4.31%
- 6M
- 4.96%
- 1Y
- 10.26%
- 3Y*
- 5.08%
- 5Y*
- -0.70%
- 10Y*
- 1.61%
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%
WIP vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 4.31% | 15.18% | -8.71% | 8.84% | -15.54% | -4.15% | 8.37% | 8.62% | -5.97% | 12.73% |
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Correlation
The correlation between WIP and FXE is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2008 | 0.62 |
The correlation between WIP and FXE shifts across timeframes, from 0.56 (10 years) to 0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
WIP vs. FXE — Risk / Return Rank
WIP
FXE
WIP vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) 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.
| WIP | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.08 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 0.54 | +1.46 |
| Martin ratioReturn relative to average drawdown | 5.98 | 1.28 | +4.70 |
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
| WIP | FXE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 0.43 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.06 | -0.03 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.02 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.02 | +0.11 |
Drawdowns
WIP vs. FXE - Drawdown Comparison
The maximum WIP drawdown since its inception was -29.60%, smaller than the maximum FXE drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for WIP and FXE.
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Drawdown Indicators
| WIP | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.60% | -43.33% | +13.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.16% | -5.02% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -8.12% | -3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -28.84% | -22.32% | -6.52% |
Max Drawdown (10Y)Largest decline over 10 years | -28.84% | -26.46% | -2.38% |
Current DrawdownCurrent decline from peak | -3.87% | -28.01% | +24.14% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -22.31% | +13.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 2.09% | -0.37% |
Volatility
WIP vs. FXE - Volatility Comparison
SPDR FTSE International Government Inflation-Protected Bond ETF (WIP) has a higher volatility of 2.95% compared to Invesco CurrencyShares® Euro Currency Trust (FXE) at 1.21%. This indicates that WIP'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
| WIP | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 1.21% | +1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 4.24% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.72% | 6.24% | +2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.45% | 7.66% | +3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 7.32% | +2.84% |
WIP vs. FXE - Expense Ratio Comparison
WIP has a 0.50% expense ratio, which is higher than FXE's 0.40% expense ratio.
Dividends
WIP vs. FXE - Dividend Comparison
WIP's dividend yield for the trailing twelve months is around 5.79%, more than FXE's 0.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WIP SPDR FTSE International Government Inflation-Protected Bond ETF | 5.79% | 5.51% | 6.06% | 6.54% | 11.15% | 4.63% | 1.59% | 2.49% | 4.05% | 1.91% | 1.27% | 1.14% |
Frequently Asked Questions
WIP and FXE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WIP has higher volatility (2.95%) compared to FXE (1.21%). In terms of maximum drawdown, WIP dropped -29.60% vs FXE's -43.33%.
On 10-year performance, WIP leads with 1.61% vs 0.15% for FXE. On fees, FXE is cheaper at 0.40% 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 10-year period, WIP has performed better with a 1.61% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 0.50% for WIP.
WIP has the higher dividend yield at 5.79%, compared with 0.73% for FXE.
WIP is categorized as Inflation-Protected Bonds, while FXE is Currency. WIP tracks FTSE International Inflation-Linked Securities Select (USD), while FXE tracks Euro. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.50% for WIP and 0.40% for FXE.
WIP currently has the higher Sharpe Ratio (1.18 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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