^DXY vs. ^TNX

Last updated Jun 5, 2026

^DXY (US Dollar Currency Index) and ^TNX (Cboe 10-Year Treasury Note Yield Index) are both indexes. At a 0.10 correlation, their price movements are largely independent.

Performance

^DXY vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Dollar Currency Index (^DXY) and Cboe 10-Year Treasury Note Yield Index (^TNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

^DXY

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

^TNX

• 1D: 0.53%
• 1M: 3.18%
• 6M: 9.83%
• YTD: 9.75%
• 1Y: 2.56%
• 3Y*: 6.36%
• 5Y*: 28.58%
• 10Y*: 11.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^DXY vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^DXY US Dollar Currency Index	1.13%	-9.37%	7.06%	-2.11%	7.87%	6.71%	-6.69%	0.22%	4.40%	-9.87%
^TNX Cboe 10-Year Treasury Note Yield Index	9.75%	-8.97%	18.29%	-0.34%	156.55%	64.89%	-52.21%	-28.56%	11.68%	-1.68%

Correlation

The correlation between ^DXY and ^TNX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Nov 8, 1985	0.10

Over the past year, ^DXY and ^TNX have become more correlated (0.41) than their long-term average of 0.10, meaning their price movements have been converging.

Return for Risk

^DXY vs. ^TNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^DXY

^DXY Risk / Return Rank: 17
^DXY Sharpe Ratio Rank: 18
^DXY Sortino Ratio Rank: 15
^DXY Omega Ratio Rank: 15
^DXY Calmar Ratio Rank: 19
^DXY Martin Ratio Rank: 19

^TNX

^TNX Risk / Return Rank: 12
^TNX Sharpe Ratio Rank: 13
^TNX Sortino Ratio Rank: 10
^TNX Omega Ratio Rank: 9
^TNX Calmar Ratio Rank: 13
^TNX Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^DXY vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Dollar Currency Index (^DXY) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.

	^DXY	^TNX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.17	—
Sortino ratio: Return per unit of downside risk	—	0.34	—
Omega ratio: Gain probability vs. loss probability	—	1.04	—
Calmar ratio: Return relative to maximum drawdown	—	0.22	—
Martin ratio: Return relative to average drawdown	—	0.41	—

Drawdowns

Drawdown Indicators

	^DXY	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	—	-96.85%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.43%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-27.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.41%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-84.57%	—
Current Drawdown Current decline from peak	—	-71.16%	—
Average Drawdown Average peak-to-trough decline	—	-55.03%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.22%	—

Volatility

Volatility by Period

	^DXY	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	14.96%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	31.70%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	47.65%	—

Frequently Asked Questions

Can I hold both ^DXY and ^TNX in my portfolio?

^DXY and ^TNX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.