Tool · Simulator
Currency moves the result.
Two engines, one return
USD investor
-19.0%
EUR investor · unhedged
-14.1%
EUR investor · hedged
-19.5%
Asset return (in USD)-19.0%
−40%+40%
EUR/USD change (positive = USD up)+6.0%
−20%+20%
Real-world presets
Hedged column assumes 0.20% extra TER + 0.30% interest-rate carry; the actual carry varies year to year.
From Lesson 10
Currency, the hidden lever
This simulator pairs with a longer lesson on currency: why a global ETF in dollars is not the same investment for an American and a European, when hedging makes sense, and four iconic years that show the cushion and amplification effects in real history.
Read the full lesson →