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FXA vs. FXY
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FXA vs. FXY

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco CurrencyShares Australian Dollar Trust (FXA) and Invesco CurrencyShares® Japanese Yen Trust (FXY).

FXA and FXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXA is a passively managed fund by Invesco that tracks the performance of the USD/AUD Exchange Rate. It was launched on Jun 21, 2006. FXY is a passively managed fund by Invesco that tracks the performance of the Japanese Yen. It was launched on Feb 12, 2007. Both FXA and FXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FXA vs. FXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares Australian Dollar Trust (FXA) and Invesco CurrencyShares® Japanese Yen Trust (FXY). The values are adjusted to include any dividend payments, if applicable.

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FXA vs. FXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXA
Invesco CurrencyShares Australian Dollar Trust		3.69%9.10%-7.75%1.20%-6.46%-6.17%9.52%0.13%-8.84%9.05%
FXY
Invesco CurrencyShares® Japanese Yen Trust		-1.35%0.09%-10.93%-7.44%-12.75%-10.90%4.61%0.37%2.31%3.17%

Returns By Period

In the year-to-date period, FXA achieves a 3.69% return, which is significantly higher than FXY's -1.35% return. Over the past 10 years, FXA has outperformed FXY with an annualized return of -0.46%, while FXY has yielded a comparatively lower -3.96% annualized return.

FXA

1D
0.74%
1M
-2.97%
YTD
3.69%
6M
4.85%
1Y
11.63%
3Y*
2.39%
5Y*
-1.24%
10Y*
-0.46%

FXY

1D
0.64%
1M
-0.89%
YTD
-1.35%
6M
-7.42%
1Y
-6.07%
3Y*
-6.20%
5Y*
-7.45%
10Y*
-3.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Invesco CurrencyShares Australian Dollar Trust

Invesco CurrencyShares® Japanese Yen Trust

Often compared with FXA:
FXA vs. FXAIXFXA vs. GC=FFXA vs. FXBFXA vs. GOVZFXA vs. FSPGXFXA vs. QQQFXA vs. FNCMX
Often compared with FXY:
FXY vs. YCLFXY vs. SPYFXY vs. FXEFXY vs. EWJFXY vs. DXJSFXY vs. QQQFXY vs. SCHD

FXA vs. FXY - Expense Ratio Comparison

Both FXA and FXY have an expense ratio of 0.40%.

FXA
Invesco CurrencyShares Australian Dollar Trust
FXY
Invesco CurrencyShares® Japanese Yen Trust

Return for Risk

FXA vs. FXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXA
FXA Risk / Return Rank: 6868
Overall Rank
FXA Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
FXA Sortino Ratio Rank: 6464
Sortino Ratio Rank
FXA Omega Ratio Rank: 6161
Omega Ratio Rank
FXA Calmar Ratio Rank: 7676
Calmar Ratio Rank
FXA Martin Ratio Rank: 7272
Martin Ratio Rank
FXY
FXY Risk / Return Rank: 44
Overall Rank
FXY Sharpe Ratio Rank: 33
Sharpe Ratio Rank
FXY Sortino Ratio Rank: 33
Sortino Ratio Rank
FXY Omega Ratio Rank: 33
Omega Ratio Rank
FXY Calmar Ratio Rank: 44
Calmar Ratio Rank
FXY Martin Ratio Rank: 66
Martin Ratio Rank
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.

FXA vs. FXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares Australian Dollar Trust (FXA) and Invesco CurrencyShares® Japanese Yen Trust (FXY). 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.

FXAFXYDifference

Sharpe ratio

Return per unit of total volatility

1.17

-0.58

+1.75

Sortino ratio

Return per unit of downside risk

1.63

-0.78

+2.41

Omega ratio

Gain probability vs. loss probability

1.22

0.91

+0.31

Calmar ratio

Return relative to maximum drawdown

1.98

-0.48

+2.46

Martin ratio

Return relative to average drawdown

7.27

-0.80

+8.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXA vs. FXY - Sharpe Ratio Comparison

The current FXA Sharpe Ratio is 1.17, which is higher than the FXY Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of FXA and FXY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FXAFXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.17

-0.58

+1.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.12

-0.73

+0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.05

-0.42

+0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

-0.18

+0.31

Correlation

The correlation between FXA and FXY is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FXA vs. FXY - Dividend Comparison

FXA's dividend yield for the trailing twelve months is around 1.03%, while FXY has not paid dividends to shareholders.

TTM20252024202320222021202020192018201720162015
FXA
Invesco CurrencyShares Australian Dollar Trust		0.93%1.16%1.66%0.98%0.05%0.00%0.03%0.53%1.04%0.83%1.01%1.52%
FXY
Invesco CurrencyShares® Japanese Yen Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

FXA vs. FXY - Drawdown Comparison

The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum FXY drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for FXA and FXY.

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Drawdown Indicators

FXAFXYDifference

Max Drawdown

Largest peak-to-trough decline

-40.97%

-56.03%

+15.06%

Max Drawdown (1Y)

Largest decline over 1 year

-5.55%

-12.45%

+6.90%

Max Drawdown (5Y)

Largest decline over 5 years

-21.99%

-34.49%

+12.50%

Max Drawdown (10Y)

Largest decline over 10 years

-27.99%

-40.84%

+12.85%

Current Drawdown

Current decline from peak

-26.96%

-55.51%

+28.55%

Average Drawdown

Average peak-to-trough decline

-18.77%

-27.48%

+8.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.51%

7.46%

-5.95%

Volatility

FXA vs. FXY - Volatility Comparison

Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 3.43% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 2.33%. This indicates that FXA's price experiences larger fluctuations and is considered to be riskier than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXAFXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.43%

2.33%

+1.10%

Volatility (6M)

Calculated over the trailing 6-month period

5.95%

6.09%

-0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

9.99%

10.25%

-0.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.46%

10.20%

+0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.00%

9.47%

+0.53%