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 -0.24%/yr vs -4.73%/yr for FXY. Their 0.18 correlation means their historical movements had little consistent relationship. 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 5.58% return, which is significantly higher than FXY's -0.29% return. Over the past 10 years, FXA has outperformed FXY with an annualized return of -0.24%, while FXY has yielded a comparatively lower -4.73% annualized return.
FXA
- 1D
- -0.52%
- 1M
- 1.30%
- 6M
- 1.27%
- YTD
- 5.58%
- 1Y
- 9.62%
- 3Y*
- 3.51%
- 5Y*
- -0.22%
- 10Y*
- -0.24%
- ALL TIME*
- 1.70%
FXY
- 1D
- 1.46%
- 1M
- 2.72%
- 6M
- -0.98%
- YTD
- -0.29%
- 1Y
- -6.30%
- 3Y*
- -3.70%
- 5Y*
- -7.41%
- 10Y*
- -4.73%
- ALL TIME*
- -1.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $538.57K | $623.52K | $756.14K | |
| $28.85M | $18.11M | $12.80M |
FXA vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 5.58% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -0.29% | 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 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.38 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 (0.39) 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 | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.87 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | -0.58 | +2.59 |
| Martin ratioReturn relative to average drawdown | 4.87 | -0.94 | +5.81 |
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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 -56.95%. 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% | -56.95% | +15.98% |
Max Drawdown (1Y)Largest decline over 1 year | -4.82% | -10.86% | +6.04% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -14.91% | +1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -18.90% | -34.99% | +16.09% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -42.08% | +14.09% |
Current DrawdownCurrent decline from peak | -25.63% | -55.03% | +29.40% |
Average DrawdownAverage peak-to-trough decline | -18.87% | -27.97% | +9.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 6.69% | -4.71% |
Volatility
FXA vs. FXY - Volatility Comparison
The current volatility for Invesco CurrencyShares Australian Dollar Trust (FXA) is 1.93%, while Invesco CurrencyShares® Japanese Yen Trust (FXY) has a volatility of 3.19%. This indicates that FXA experiences smaller price fluctuations and is considered to be less risky 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 | 1.93% | 3.19% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 6.22% | 5.62% | +0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.88% | 8.10% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.40% | 10.31% | +0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.83% | 9.13% | +0.70% |
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 1.04%, 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 | 1.04% | 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 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXY has higher volatility (3.19%) compared to FXA (1.93%). In terms of maximum drawdown, FXA dropped -40.97% vs FXY's -56.95%.
On 10-year performance, FXA leads with -0.24% vs -4.73% for FXY. Both ETFs have the same 0.40% expense ratio. On volatility, FXA has been the lower-risk option at 1.93%. 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 -0.24% return vs -4.73%. 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 1.04%, compared with 0.00% for FXY.
FXA tracks USD/AUD Exchange Rate, while FXY tracks Japanese Yen.
FXA currently has the higher Sharpe Ratio (1.23 vs -0.78), 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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