FXY vs. DXJ
FXY (Invesco CurrencyShares® Japanese Yen Trust) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, FXY returned -4.66%/yr vs 18.56%/yr for DXJ. At a correlation of -0.41, they often move in opposite directions. FXY charges 0.40%/yr vs 0.48%/yr for DXJ.
Performance
FXY vs. DXJ - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.78% return, which is significantly lower than DXJ's 22.45% return. Over the past 10 years, FXY has underperformed DXJ with an annualized return of -4.66%, while DXJ has yielded a comparatively higher 18.56% annualized return.
FXY
- 1D
- -0.14%
- 1M
- -1.29%
- 6M
- -2.61%
- YTD
- -3.78%
- 1Y
- -9.38%
- 3Y*
- -5.60%
- 5Y*
- -7.98%
- 10Y*
- -4.66%
DXJ
- 1D
- -0.77%
- 1M
- 1.23%
- 6M
- 13.56%
- YTD
- 22.45%
- 1Y
- 55.16%
- 3Y*
- 32.87%
- 5Y*
- 27.54%
- 10Y*
- 18.56%
FXY vs. DXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.78% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
DXJ WisdomTree Japan Hedged Equity Fund | 22.45% | 32.78% | 29.83% | 42.04% | 5.96% | 17.99% | 3.94% | 18.94% | -19.78% | 22.81% |
Correlation
The correlation between FXY and DXJ is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | -0.41 |
Over the past year, the inverse relationship between FXY and DXJ has weakened: their correlation has moved from -0.41 to -0.00, meaning they move in opposite directions less often than they have historically.
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Return for Risk
FXY vs. DXJ — Risk / Return Rank
FXY
DXJ
FXY vs. DXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and WisdomTree Japan Hedged Equity Fund (DXJ). 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 | DXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.20 | ||
| Sortino ratioReturn per unit of downside risk | -5.70 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.54 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 5.05 | -5.97 |
| Martin ratioReturn relative to average drawdown | -1.47 | 19.17 | -20.64 |
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Drawdowns
FXY vs. DXJ - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.62%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for FXY and DXJ.
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Drawdown Indicators
| FXY | DXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.62% | -49.63% | -6.99% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -10.98% | +0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -22.19% | +6.46% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -22.19% | -12.42% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -39.14% | -2.50% |
Current DrawdownCurrent decline from peak | -56.61% | -2.45% | -54.16% |
Average DrawdownAverage peak-to-trough decline | -27.90% | -14.27% | -13.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.37% | 2.89% | +3.48% |
Volatility
FXY vs. DXJ - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.52%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 6.26%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | DXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 6.26% | -4.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.47% | 14.30% | -8.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.04% | 18.31% | -10.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.23% | 19.05% | -8.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.17% | 19.92% | -10.75% |
FXY vs. DXJ - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than DXJ's 0.48% expense ratio.
Dividends
FXY vs. DXJ - Dividend Comparison
FXY has not paid dividends to shareholders, while DXJ's dividend yield for the trailing twelve months is around 0.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 0.96% | 1.29% | 3.48% | 3.44% | 3.02% | 2.64% | 2.53% | 2.47% | 2.92% | 2.30% | 1.98% | 5.95% |
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 DXJ have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJ has higher volatility (6.26%) compared to FXY (1.52%). In terms of maximum drawdown, FXY dropped -56.62% vs DXJ's -49.63%.
On 10-year performance, DXJ leads with 18.56% vs -4.66% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJ has performed better with a 18.56% return vs -4.66%. 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 0.48% for DXJ.
DXJ has the higher dividend yield at 0.96%, compared with 0.00% for FXY.
FXY is categorized as Currency, while DXJ is Japan Equities. FXY tracks Japanese Yen, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXY and 0.48% for DXJ.
DXJ currently has the higher Sharpe Ratio (3.03 vs -1.18), 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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