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FXY vs. BND
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXY vs. BND

Last updated Jun 4, 2026

FXY (Invesco CurrencyShares® Japanese Yen Trust) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs 1.58%/yr for BND. At a 0.47 correlation, their price movements are largely independent. FXY charges 0.40%/yr vs 0.03%/yr for BND.

Performance

FXY vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Japanese Yen Trust (FXY) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than BND's 0.27% return. Over the past 10 years, FXY has underperformed BND with an annualized return of -4.49%, while BND has yielded a comparatively higher 1.58% annualized return.

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%

BND

1D
-0.19%
1M
0.27%
YTD
0.27%
6M
0.12%
1Y
5.11%
3Y*
3.96%
5Y*
0.09%
10Y*
1.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXY vs. BND - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
BND
Vanguard Total Bond Market ETF		0.27%7.08%1.38%5.65%-13.11%-1.86%7.71%8.84%-0.12%3.57%

Correlation

The correlation between FXY and BND is 0.50, 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

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

0.47

The correlation between FXY and BND has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco CurrencyShares® Japanese Yen Trust

Vanguard Total Bond Market ETF

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Often compared with BND:
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Return for Risk

FXY vs. BND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXY
FXY Risk / Return Rank: 11
Overall Rank
FXY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
FXY Sortino Ratio Rank: 11
Sortino Ratio Rank
FXY Omega Ratio Rank: 11
Omega Ratio Rank
FXY Calmar Ratio Rank: 11
Calmar Ratio Rank
FXY Martin Ratio Rank: 22
Martin Ratio Rank
BND
BND Risk / Return Rank: 3737
Overall Rank
BND Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
BND Sortino Ratio Rank: 3939
Sortino Ratio Rank
BND Omega Ratio Rank: 3535
Omega Ratio Rank
BND Calmar Ratio Rank: 3838
Calmar Ratio Rank
BND Martin Ratio Rank: 3636
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FXY vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Vanguard Total Bond Market ETF (BND). 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.

FXYBNDDifference

Sharpe ratio

Return per unit of total volatility

-1.25

1.36

-2.61

Sortino ratio

Return per unit of downside risk

-1.85

2.03

-3.88

Omega ratio

Gain probability vs. loss probability

0.80

1.24

-0.44

Calmar ratio

Return relative to maximum drawdown

-0.94

1.92

-2.85

Martin ratio

Return relative to average drawdown

-1.39

5.80

-7.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXY vs. BND - Sharpe Ratio Comparison

The current FXY Sharpe Ratio is -1.25, which is lower than the BND Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FXY and BND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FXYBNDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.25

1.36

-2.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.76

0.01

-0.78

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.48

0.29

-0.77

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.18

0.59

-0.77

Drawdowns

FXY vs. BND - Drawdown Comparison

The maximum FXY drawdown since its inception was -56.03%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for FXY and BND.

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Drawdown Indicators

FXYBNDDifference

Max Drawdown

Largest peak-to-trough decline

-56.03%

-18.58%

-37.45%

Max Drawdown (1Y)

Largest decline over 1 year

-11.16%

-2.68%

-8.48%

Max Drawdown (3Y)

Largest decline over 3 years

-15.12%

-5.92%

-9.20%

Max Drawdown (5Y)

Largest decline over 5 years

-33.72%

-17.91%

-15.81%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

-18.58%

-22.26%

Current Drawdown

Current decline from peak

-55.93%

-2.37%

-53.56%

Average Drawdown

Average peak-to-trough decline

-27.74%

-3.06%

-24.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.50%

0.88%

+6.62%

Volatility

FXY vs. BND - Volatility Comparison

Invesco CurrencyShares® Japanese Yen Trust (FXY) and Vanguard Total Bond Market ETF (BND) have volatilities of 1.19% and 1.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FXYBNDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.19%

1.23%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

5.75%

2.66%

+3.09%

Volatility (1Y)

Calculated over the trailing 1-year period

8.38%

3.78%

+4.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.24%

6.02%

+4.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.33%

5.53%

+3.80%

FXY vs. BND - Expense Ratio Comparison

FXY has a 0.40% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

FXY vs. BND - Dividend Comparison

FXY has not paid dividends to shareholders, while BND's dividend yield for the trailing twelve months is around 3.97%.

PositionTTM20252024202320222021202020192018201720162015
BND
Vanguard Total Bond Market ETF		3.97%3.86%3.67%3.09%2.60%2.12%2.38%2.72%2.81%2.54%2.51%2.57%
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

FXY and BND have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BND has higher volatility (1.23%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs BND's -18.58%.

On 10-year performance, BND leads with 1.58% vs -4.49% for FXY. On fees, BND is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BND has performed better with a 1.58% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BND is cheaper with a 0.03% expense ratio, compared with 0.40% for FXY.

BND has the higher dividend yield at 3.97%, compared with 0.00% for FXY.

FXY is categorized as Currency, while BND is Total Bond Market. FXY tracks Japanese Yen, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXY and 0.03% for BND.

BND currently has the higher Sharpe Ratio (1.36 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.

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