FXY vs. DBE
FXY (Invesco CurrencyShares® Japanese Yen Trust) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, FXY returned -4.71%/yr vs 11.34%/yr for DBE. At a correlation of -0.09, they often move in opposite directions. FXY charges 0.40%/yr vs 0.78%/yr for DBE.
Performance
FXY vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.58% return, which is significantly lower than DBE's 69.05% return. Over the past 10 years, FXY has underperformed DBE with an annualized return of -4.71%, while DBE has yielded a comparatively higher 11.34% annualized return.
FXY
- 1D
- 0.19%
- 1M
- -1.21%
- 6M
- -2.06%
- YTD
- -3.58%
- 1Y
- -9.23%
- 3Y*
- -5.44%
- 5Y*
- -7.97%
- 10Y*
- -4.71%
DBE
- 1D
- 1.79%
- 1M
- 0.60%
- 6M
- 61.38%
- YTD
- 69.05%
- 1Y
- 57.89%
- 3Y*
- 17.83%
- 5Y*
- 17.23%
- 10Y*
- 11.34%
FXY vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.58% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
DBE Invesco DB Energy Fund | 69.05% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 5.21% |
Correlation
The correlation between FXY and DBE is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | -0.09 |
The correlation between FXY and DBE shifts across timeframes, from -0.26 (1 year) to -0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. DBE — Risk / Return Rank
FXY
DBE
FXY vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco DB Energy Fund (DBE). 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.
| FXY | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.93 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.35 | -3.26 |
| Martin ratioReturn relative to average drawdown | -1.47 | 7.10 | -8.57 |
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Drawdowns
FXY vs. DBE - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.62%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for FXY and DBE.
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Drawdown Indicators
| FXY | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.62% | -86.69% | +30.07% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -24.72% | +14.51% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -24.72% | +8.81% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -38.74% | +4.13% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -60.84% | +19.20% |
Current DrawdownCurrent decline from peak | -56.51% | -35.82% | -20.69% |
Average DrawdownAverage peak-to-trough decline | -27.89% | -57.19% | +29.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 8.17% | -1.86% |
Volatility
FXY vs. DBE - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.53%, while Invesco DB Energy Fund (DBE) has a volatility of 12.20%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 12.20% | -10.67% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 32.74% | -27.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.08% | 35.99% | -27.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 29.88% | -19.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 28.40% | -19.22% |
FXY vs. DBE - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
FXY vs. DBE - Dividend Comparison
FXY has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.29% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXY and DBE have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.20%) compared to FXY (1.53%). In terms of maximum drawdown, FXY dropped -56.62% vs DBE's -86.69%.
On 10-year performance, DBE leads with 11.34% vs -4.71% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DBE has performed better with a 11.34% return vs -4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.29%, compared with 0.00% for FXY.
FXY is categorized as Currency, while DBE is Oil & Gas. FXY tracks Japanese Yen, while DBE tracks DBIQ Optimum Yield Energy Index. Their fees differ too: 0.40% for FXY and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (1.62 vs -1.15), 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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