FXA vs. FXY
FXA (Invesco CurrencyShares Australian Dollar Trust) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both Currency funds from Invesco - FXA tracks the USD/AUD Exchange Rate while FXY tracks the Japanese Yen. Both are passively managed. Over the past 10 years, FXA returned -0.16%/yr vs -4.97%/yr for FXY. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXA vs. FXY - Performance Comparison
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Returns By Period
In the year-to-date period, FXA achieves a 4.11% return, which is significantly higher than FXY's -3.19% return. Over the past 10 years, FXA has outperformed FXY with an annualized return of -0.16%, while FXY has yielded a comparatively lower -4.97% annualized return.
FXA
- 1D
- -1.20%
- 1M
- -2.93%
- YTD
- 4.11%
- 6M
- 3.68%
- 1Y
- 8.15%
- 3Y*
- 2.48%
- 5Y*
- -1.06%
- 10Y*
- -0.16%
FXY
- 1D
- 0.02%
- 1M
- -1.56%
- YTD
- -3.19%
- 6M
- -3.45%
- 1Y
- -9.88%
- 3Y*
- -4.26%
- 5Y*
- -7.73%
- 10Y*
- -4.97%
FXA vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 4.11% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between FXA and FXY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.18 |
Over the past year, FXA and FXY have become more correlated (0.47) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
FXA vs. FXY — Risk / Return Rank
FXA
FXY
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.
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.
| FXA | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.22 | ||
| Sortino ratioReturn per unit of downside risk | +3.25 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.81 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | -0.87 | +2.68 |
| Martin ratioReturn relative to average drawdown | 5.11 | -1.32 | +6.43 |
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Drawdowns
FXA vs. FXY - Drawdown Comparison
The maximum FXA drawdown since its inception was -40.97%, smaller than the maximum FXY drawdown of -56.35%. Use the drawdown chart below to compare losses from any high point for FXA and FXY.
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Drawdown Indicators
| FXA | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.97% | -56.35% | +15.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -11.45% | +6.93% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -15.73% | +2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -19.32% | -34.19% | +14.87% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -41.27% | +13.28% |
Current DrawdownCurrent decline from peak | -26.67% | -56.34% | +29.67% |
Average DrawdownAverage peak-to-trough decline | -18.83% | -27.81% | +8.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 7.51% | -5.91% |
Volatility
FXA vs. FXY - Volatility Comparison
Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 2.39% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 0.79%. 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
| FXA | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.39% | 0.79% | +1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 6.49% | 5.61% | +0.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 8.19% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.42% | 10.24% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.88% | 9.23% | +0.65% |
FXA vs. FXY - Expense Ratio Comparison
Both FXA and FXY have an expense ratio of 0.40%.
Dividends
FXA vs. FXY - Dividend Comparison
FXA's dividend yield for the trailing twelve months is around 0.98%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 0.98% | 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% |
Frequently Asked Questions
FXA and FXY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.39%) compared to FXY (0.79%). In terms of maximum drawdown, FXA dropped -40.97% vs FXY's -56.35%.
On 10-year performance, FXA leads with -0.16% vs -4.97% for FXY. Both ETFs have the same 0.40% expense ratio. On volatility, FXY has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXA has performed better with a -0.16% return vs -4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXA and FXY have the same expense ratio: 0.40% per year.
FXA has the higher dividend yield at 0.98%, compared with 0.00% for FXY.
FXA tracks USD/AUD Exchange Rate, while FXY tracks Japanese Yen.
FXA currently has the higher Sharpe Ratio (1.01 vs -1.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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