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 -0.37%/yr vs -4.97%/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
The year-to-date returns for both investments are quite close, with FXC having a -3.29% return and FXY slightly higher at -3.19%. Over the past 10 years, FXC has outperformed FXY with an annualized return of -0.37%, while FXY has yielded a comparatively lower -4.97% annualized return.
FXC
- 1D
- -0.39%
- 1M
- -2.71%
- YTD
- -3.29%
- 6M
- -3.54%
- 1Y
- -3.10%
- 3Y*
- -1.21%
- 5Y*
- -1.89%
- 10Y*
- -0.37%
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%
FXC vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -3.29% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
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 FXC and FXY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.08 |
Over the past year, FXC and FXY have become more correlated (0.45) 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.
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.
| FXC | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.81 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | -0.87 | +0.24 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.32 | -0.12 |
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Drawdowns
FXC vs. FXY - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum FXY drawdown of -56.35%. 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% | -56.35% | +20.96% |
Max Drawdown (1Y)Largest decline over 1 year | -4.99% | -11.45% | +6.46% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -15.73% | +8.39% |
Max Drawdown (5Y)Largest decline over 5 years | -11.93% | -34.19% | +22.26% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -41.27% | +25.81% |
Current DrawdownCurrent decline from peak | -30.39% | -56.34% | +25.95% |
Average DrawdownAverage peak-to-trough decline | -19.94% | -27.81% | +7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 7.51% | -5.35% |
Volatility
FXC vs. FXY - Volatility Comparison
Invesco CurrencyShares® Canadian Dollar Trust (FXC) has a higher volatility of 1.10% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 0.79%. This indicates that FXC'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
| FXC | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.79% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 5.61% | -2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.50% | 8.19% | -3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.35% | 10.24% | -3.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.62% | 9.23% | -2.61% |
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 0.27%, 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 | 0.27% | 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 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXC has higher volatility (1.10%) compared to FXY (0.79%). In terms of maximum drawdown, FXC dropped -35.39% vs FXY's -56.35%.
On 10-year performance, FXC leads with -0.37% 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, FXC has performed better with a -0.37% return vs -4.97%. 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 0.27%, compared with 0.00% for FXY.
FXC tracks Canadian Dollar, while FXY tracks Japanese Yen.
FXC currently has the higher Sharpe Ratio (-0.69 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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