FXB vs. FXY
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both Currency funds from Invesco - FXB tracks the British Pound while FXY tracks the Japanese Yen. Both are passively managed. Over the past 10 years, FXB returned 0.48%/yr vs -4.97%/yr for FXY. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXB vs. FXY - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a -1.17% return, which is significantly higher than FXY's -3.19% return. Over the past 10 years, FXB has outperformed FXY with an annualized return of 0.48%, while FXY has yielded a comparatively lower -4.97% annualized return.
FXB
- 1D
- -0.37%
- 1M
- -1.63%
- YTD
- -1.17%
- 6M
- -1.24%
- 1Y
- -0.33%
- 3Y*
- 4.05%
- 5Y*
- 0.79%
- 10Y*
- 0.48%
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%
FXB vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.17% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
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 FXB and FXY is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.23 |
Over the past year, FXB and FXY have become more correlated (0.60) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
FXB vs. FXY — Risk / Return Rank
FXB
FXY
FXB vs. FXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.
| FXB | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.81 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | -0.87 | +0.79 |
| Martin ratioReturn relative to average drawdown | -0.15 | -1.32 | +1.17 |
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Drawdowns
FXB vs. FXY - Drawdown Comparison
The maximum FXB drawdown since its inception was -48.99%, smaller than the maximum FXY drawdown of -56.35%. Use the drawdown chart below to compare losses from any high point for FXB and FXY.
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Drawdown Indicators
| FXB | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -56.35% | +7.36% |
Max Drawdown (1Y)Largest decline over 1 year | -4.53% | -11.45% | +6.92% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -15.73% | +7.29% |
Max Drawdown (5Y)Largest decline over 5 years | -23.61% | -34.19% | +10.58% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -41.27% | +15.16% |
Current DrawdownCurrent decline from peak | -30.64% | -56.34% | +25.70% |
Average DrawdownAverage peak-to-trough decline | -27.54% | -27.81% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 7.51% | -5.26% |
Volatility
FXB vs. FXY - Volatility Comparison
Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a higher volatility of 1.62% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 0.79%. This indicates that FXB'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
| FXB | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 0.79% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 5.61% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 8.19% | -1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.48% | 10.24% | -1.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 9.23% | -0.36% |
FXB vs. FXY - Expense Ratio Comparison
Both FXB and FXY have an expense ratio of 0.40%.
Dividends
FXB vs. FXY - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.24%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 2.44% | 3.25% | 2.59% | 0.29% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXB and FXY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.62%) compared to FXY (0.79%). In terms of maximum drawdown, FXB dropped -48.99% vs FXY's -56.35%.
On 10-year performance, FXB leads with 0.48% 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, FXB has performed better with a 0.48% return vs -4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB and FXY have the same expense ratio: 0.40% per year.
FXB has the higher dividend yield at 2.24%, compared with 0.00% for FXY.
FXB tracks British Pound, while FXY tracks Japanese Yen.
FXB currently has the higher Sharpe Ratio (-0.05 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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