FXC vs. FXY
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both Currency funds from Invesco - FXC tracks the Canadian Dollar while FXY tracks the Japanese Yen. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs -4.47%/yr for FXY. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXC vs. FXY - Performance Comparison
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Returns By Period
In the year-to-date period, FXC achieves a -0.74% return, which is significantly higher than FXY's -2.11% return. Over the past 10 years, FXC has outperformed FXY with an annualized return of -0.15%, while FXY has yielded a comparatively lower -4.47% annualized return.
FXC
- 1D
- 0.01%
- 1M
- -1.76%
- YTD
- -0.74%
- 6M
- 1.05%
- 1Y
- -0.81%
- 3Y*
- 0.26%
- 5Y*
- -1.74%
- 10Y*
- -0.15%
FXY
- 1D
- -0.14%
- 1M
- -1.73%
- YTD
- -2.11%
- 6M
- -2.69%
- 1Y
- -11.07%
- 3Y*
- -4.76%
- 5Y*
- -7.63%
- 10Y*
- -4.47%
FXC vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -0.74% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.11% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between FXC and FXY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | 0.08 |
Over the past year, FXC and FXY have become more correlated (0.46) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
FXC vs. FXY — Risk / Return Rank
FXC
FXY
FXC vs. FXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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.
| FXC | FXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.18 | -1.33 | +1.15 |
Sortino ratioReturn per unit of downside risk | -0.24 | -1.96 | +1.72 |
Omega ratioGain probability vs. loss probability | 0.97 | 0.79 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | -0.16 | -0.91 | +0.74 |
Martin ratioReturn relative to average drawdown | -0.32 | -1.35 | +1.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXC | FXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.18 | -1.33 | +1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | -0.75 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | -0.48 | +0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.05 | -0.18 | +0.13 |
Drawdowns
FXC vs. FXY - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum FXY drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for FXC and FXY.
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Drawdown Indicators
| FXC | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -56.03% | +20.64% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -11.16% | +7.38% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -15.12% | +7.78% |
Max Drawdown (5Y)Largest decline over 5 years | -13.53% | -33.72% | +20.19% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -40.84% | +25.38% |
Current DrawdownCurrent decline from peak | -28.56% | -55.85% | +27.29% |
Average DrawdownAverage peak-to-trough decline | -19.91% | -27.73% | +7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 7.64% | -5.66% |
Volatility
FXC vs. FXY - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 0.69%, while Invesco CurrencyShares® Japanese Yen Trust (FXY) has a volatility of 1.19%. This indicates that FXC 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
| FXC | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 1.19% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 5.77% | -2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 8.43% | -3.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.37% | 10.25% | -3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 9.33% | -2.67% |
FXC vs. FXY - Expense Ratio Comparison
Both FXC and FXY have an expense ratio of 0.40%.
Dividends
FXC vs. FXY - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.26%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.26% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
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
FXC and FXY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXY has higher volatility (1.19%) compared to FXC (0.69%). In terms of maximum drawdown, FXC dropped -35.39% vs FXY's -56.03%.
On 10-year performance, FXC leads with -0.15% vs -4.47% for FXY. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXC has performed better with a -0.15% return vs -4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC and FXY have the same expense ratio: 0.40% per year.
FXC has the higher dividend yield at 0.26%, compared with 0.00% for FXY.
FXC tracks Canadian Dollar, while FXY tracks Japanese Yen.
FXC currently has the higher Sharpe Ratio (-0.18 vs -1.33), 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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