FXY vs. BNDX
FXY (Invesco CurrencyShares® Japanese Yen Trust) and BNDX (Vanguard Total International Bond ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs 1.68%/yr for BNDX. At a 0.37 correlation, their price movements are largely independent. FXY charges 0.40%/yr vs 0.07%/yr for BNDX.
Performance
FXY vs. BNDX - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than BNDX's 0.54% return. Over the past 10 years, FXY has underperformed BNDX with an annualized return of -4.49%, while BNDX has yielded a comparatively higher 1.68% 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%
BNDX
- 1D
- -0.35%
- 1M
- 0.63%
- YTD
- 0.54%
- 6M
- 0.23%
- 1Y
- 1.82%
- 3Y*
- 4.03%
- 5Y*
- 0.33%
- 10Y*
- 1.68%
FXY vs. BNDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BNDX Vanguard Total International Bond ETF | 0.54% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
Correlation
The correlation between FXY and BNDX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013 | 0.37 |
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Return for Risk
FXY vs. BNDX — Risk / Return Rank
FXY
BNDX
FXY vs. BNDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Vanguard Total International Bond ETF (BNDX). 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.
| FXY | BNDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.10 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.62 | -1.56 |
| Martin ratioReturn relative to average drawdown | -1.39 | 1.78 | -3.17 |
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
| FXY | BNDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 0.53 | -1.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.07 | -0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.41 | -0.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.61 | -0.79 |
Drawdowns
FXY vs. BNDX - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, which is greater than BNDX's maximum drawdown of -16.23%. Use the drawdown chart below to compare losses from any high point for FXY and BNDX.
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Drawdown Indicators
| FXY | BNDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -16.23% | -39.80% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -2.93% | -8.23% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -2.93% | -12.19% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -15.86% | -17.86% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -16.23% | -24.61% |
Current DrawdownCurrent decline from peak | -55.93% | -1.49% | -54.44% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -3.09% | -24.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 1.02% | +6.48% |
Volatility
FXY vs. BNDX - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Vanguard Total International Bond ETF (BNDX) has a volatility of 1.57%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than BNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | BNDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.57% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 2.91% | +2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 3.43% | +4.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 4.88% | +5.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 4.09% | +5.24% |
FXY vs. BNDX - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than BNDX's 0.07% expense ratio.
Dividends
FXY vs. BNDX - Dividend Comparison
FXY has not paid dividends to shareholders, while BNDX's dividend yield for the trailing twelve months is around 4.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.49% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
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 BNDX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDX has higher volatility (1.57%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs BNDX's -16.23%.
On 10-year performance, BNDX leads with 1.68% vs -4.49% for FXY. On fees, BNDX is cheaper at 0.07% per year. 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, BNDX has performed better with a 1.68% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX is cheaper with a 0.07% expense ratio, compared with 0.40% for FXY.
BNDX has the higher dividend yield at 4.49%, compared with 0.00% for FXY.
FXY is categorized as Currency, while BNDX is Global Bonds. FXY tracks Japanese Yen, while BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXY and 0.07% for BNDX.
BNDX currently has the higher Sharpe Ratio (0.53 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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