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 -4.99%/yr vs 19.26%/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
Loading charts...
Returns By Period
In the year-to-date period, FXY achieves a -3.36% return, which is significantly lower than DXJ's 20.40% return. Over the past 10 years, FXY has underperformed DXJ with an annualized return of -4.99%, while DXJ has yielded a comparatively higher 19.26% annualized return.
FXY
- 1D
- -0.18%
- 1M
- -1.73%
- YTD
- -3.36%
- 6M
- -3.87%
- 1Y
- -10.86%
- 3Y*
- -4.31%
- 5Y*
- -7.78%
- 10Y*
- -4.99%
DXJ
- 1D
- 0.14%
- 1M
- 2.35%
- YTD
- 20.40%
- 6M
- 21.04%
- 1Y
- 56.13%
- 3Y*
- 31.72%
- 5Y*
- 26.33%
- 10Y*
- 19.26%
FXY vs. DXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.36% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
DXJ WisdomTree Japan Hedged Equity Fund | 20.40% | 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 -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
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 -0.03, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -4.45 | ||
| Sortino ratioReturn per unit of downside risk | -6.02 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.56 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 5.14 | -6.08 |
| Martin ratioReturn relative to average drawdown | -1.44 | 19.81 | -21.25 |
Loading charts...
Drawdowns
FXY vs. DXJ - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.41%, 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.
Loading charts...
Drawdown Indicators
| FXY | DXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.41% | -49.63% | -6.78% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -10.98% | -0.61% |
Max Drawdown (3Y)Largest decline over 3 years | -15.86% | -22.19% | +6.33% |
Max Drawdown (5Y)Largest decline over 5 years | -34.30% | -22.19% | -12.11% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -39.14% | -2.22% |
Current DrawdownCurrent decline from peak | -56.41% | -3.44% | -52.97% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -14.30% | -13.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 2.84% | +4.70% |
Volatility
FXY vs. DXJ - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 6.28%. 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.
Loading charts...
Volatility by Period
| FXY | DXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 6.28% | -5.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.45% | 13.94% | -8.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 18.14% | -9.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 19.07% | -8.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 20.00% | -10.77% |
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 1.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 1.07% | 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 -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJ has higher volatility (6.28%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.41% vs DXJ's -49.63%.
On 10-year performance, DXJ leads with 19.26% vs -4.99% for FXY. On fees, FXY is cheaper at 0.40% per year. 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, DXJ has performed better with a 19.26% return vs -4.99%. 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 1.07%, 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 (3.11 vs -1.34), 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.
Find the right allocation for FXY and DXJ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer