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 0.27%/yr vs -4.49%/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
Loading charts...
Returns By Period
In the year-to-date period, FXA achieves a 7.28% return, which is significantly higher than FXY's -2.28% return. Over the past 10 years, FXA has outperformed FXY with an annualized return of 0.27%, while FXY has yielded a comparatively lower -4.49% annualized return.
FXA
- 1D
- -0.71%
- 1M
- -0.48%
- YTD
- 7.28%
- 6M
- 8.49%
- 1Y
- 11.38%
- 3Y*
- 3.89%
- 5Y*
- -0.88%
- 10Y*
- 0.27%
FXY
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -2.28%
- 6M
- -3.30%
- 1Y
- -10.40%
- 3Y*
- -4.81%
- 5Y*
- -7.79%
- 10Y*
- -4.49%
FXA vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 7.28% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.28% | 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 14, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| FXA | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.80 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | -0.94 | +3.65 |
| Martin ratioReturn relative to average drawdown | 7.85 | -1.39 | +9.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FXA | FXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | -1.25 | +2.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.76 | +0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.03 | -0.48 | +0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | -0.18 | +0.33 |
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.
Loading charts...
Drawdown Indicators
| FXA | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.97% | -56.03% | +15.06% |
Max Drawdown (1Y)Largest decline over 1 year | -4.21% | -11.16% | +6.95% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -15.12% | +2.10% |
Max Drawdown (5Y)Largest decline over 5 years | -21.05% | -33.72% | +12.67% |
Max Drawdown (10Y)Largest decline over 10 years | -27.99% | -40.84% | +12.85% |
Current DrawdownCurrent decline from peak | -24.43% | -55.93% | +31.50% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -27.74% | +8.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 7.50% | -6.05% |
Volatility
FXA vs. FXY - Volatility Comparison
Invesco CurrencyShares Australian Dollar Trust (FXA) has a higher volatility of 2.25% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 1.19%. 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.
Loading charts...
Volatility by Period
| FXA | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 1.19% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 6.21% | 5.75% | +0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.96% | 8.38% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.41% | 10.24% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.90% | 9.33% | +0.57% |
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 0.95%, 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 | 0.95% | 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 (2.25%) compared to FXY (1.19%). In terms of maximum drawdown, FXA dropped -40.97% vs FXY's -56.03%.
On 10-year performance, FXA leads with 0.27% vs -4.49% for FXY. Both ETFs have the same 0.40% expense ratio. On volatility, FXY has been the lower-risk option at 1.19%. 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 0.27% return vs -4.49%. 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 0.95%, compared with 0.00% for FXY.
FXA tracks USD/AUD Exchange Rate, while FXY tracks Japanese Yen.
FXA currently has the higher Sharpe Ratio (1.44 vs -1.25), 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.
Find the right allocation for FXA and FXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer