CNY=X vs. USD=X

Last updated Apr 3, 2026

Compare and contrast key facts about USD/CNY (CNY=X) and USD Cash (USD=X).

Performance

CNY=X vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a CN¥10,000 investment in USD/CNY (CNY=X) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

CNY=X vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNY=X USD/CNY	-1.60%	-4.20%	2.84%	2.90%	8.58%	-2.65%	-6.27%	1.26%	5.67%	-6.29%
USD=X USD Cash	-1.60%	-4.20%	2.84%	2.90%	8.58%	-2.65%	-6.27%	1.26%	5.67%	-6.29%

Different Trading Currencies

CNY=X is traded in CNY, while USD=X is traded in USD. To make them comparable, the USD=X values have been converted to CNY using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with CNY=X having a -1.60% return and USD=X slightly higher at -1.58%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: CNY=X at 0.61% and USD=X at 0.61%.

CNY=X

• 1D: 0.13%
• 1M: -0.27%
• YTD: -1.60%
• 6M: -3.34%
• 1Y: -5.32%
• 3Y*: 0.02%
• 5Y*: 0.94%
• 10Y*: 0.61%

USD=X

• 1D: 0.00%
• 1M: -0.25%
• YTD: -1.58%
• 6M: -3.32%
• 1Y: -5.30%
• 3Y*: 0.02%
• 5Y*: 0.95%
• 10Y*: 0.61%

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

Return for Risk

CNY=X vs. USD=X — Risk / Return Rank

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

CNY=X

CNY=X Risk / Return Rank: 4
CNY=X Sharpe Ratio Rank: 1
CNY=X Sortino Ratio Rank: 2
CNY=X Omega Ratio Rank: 1
CNY=X Calmar Ratio Rank: 10
CNY=X Martin Ratio Rank: 5

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.

CNY=X vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/CNY (CNY=X) and USD Cash (USD=X). 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.

	CNY=X	USD=X	Difference
Sharpe ratio Return per unit of total volatility	-1.84	-2.12	+0.28
Sortino ratio Return per unit of downside risk	-2.32	-2.70	+0.37
Omega ratio Gain probability vs. loss probability	0.70	0.69	+0.01
Calmar ratio Return relative to maximum drawdown	-0.79	-1.11	+0.32
Martin ratio Return relative to average drawdown	-1.62	-2.11	+0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNY=X vs. USD=X - Sharpe Ratio Comparison

The current CNY=X Sharpe Ratio is -1.84, which is comparable to the USD=X Sharpe Ratio of -2.12. The chart below compares the historical Sharpe Ratios of CNY=X and USD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CNY=X	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.84	-2.12	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.23	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.15	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	-0.19	0.00

Correlation

The correlation between CNY=X and USD=X is 1.00, 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.

Drawdowns

CNY=X vs. USD=X - Drawdown Comparison

The maximum CNY=X drawdown since its inception was -21.90%, roughly equal to the maximum USD=X drawdown of -21.90%. Use the drawdown chart below to compare losses from any high point for CNY=X and USD=X.

Drawdown Indicators

	CNY=X	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-21.90%	0.00%	-21.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	0.00%	-6.93%
Max Drawdown (5Y) Largest decline over 5 years	-8.23%	0.00%	-8.23%
Max Drawdown (10Y) Largest decline over 10 years	-12.12%	0.00%	-12.12%
Current Drawdown Current decline from peak	-11.04%	0.00%	-11.04%
Average Drawdown Average peak-to-trough decline	-13.01%	0.00%	-13.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	0.00%	+2.51%

Volatility

CNY=X vs. USD=X - Volatility Comparison

USD/CNY (CNY=X) and USD Cash (USD=X) have volatilities of 1.11% and 1.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNY=X	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.14%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.60%	1.75%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	2.15%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.91%	3.37%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	3.35%	+0.57%