CNY=X vs. USD=X

Last updated Apr 2, 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	-1.58%	-4.20%	2.84%	2.90%	8.58%	-2.65%	-6.27%	1.26%	5.67%	-6.29%
USD=X USD Cash	-1.58%	-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

As of year-to-date, both investments have demonstrated similar returns, with CNY=X at -1.58% and USD=X 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: -0.22%
• 1M: 0.01%
• YTD: -1.58%
• 6M: -3.32%
• 1Y: -5.33%
• 3Y*: 0.07%
• 5Y*: 0.95%
• 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: 2
CNY=X Sharpe Ratio Rank: 0
CNY=X Sortino Ratio Rank: 0
CNY=X Omega Ratio Rank: 0
CNY=X Calmar Ratio Rank: 6
CNY=X Martin Ratio Rank: 3

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	-1.86	-2.12	+0.26
Sortino ratio Return per unit of downside risk	-2.35	-2.70	+0.35
Omega ratio Gain probability vs. loss probability	0.70	0.69	+0.01
Calmar ratio Return relative to maximum drawdown	-0.84	-1.11	+0.27
Martin ratio Return relative to average drawdown	-1.73	-2.11	+0.37
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 -1.86, 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	-1.86	-2.12	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.23	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.15	0.00
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	-11.01%	0.00%	-11.01%
Average Drawdown Average peak-to-trough decline	-13.01%	0.00%	-13.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	0.00%	+2.49%

Volatility

CNY=X vs. USD=X - Volatility Comparison

The current volatility for USD/CNY (CNY=X) is 1.08%, while USD Cash (USD=X) has a volatility of 1.14%. This indicates that CNY=X experiences smaller price fluctuations and is considered to be less risky than USD=X based on this measure. 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	1.08%	1.14%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.56%	1.75%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	2.15%	+0.18%
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%