FXY vs. DXJS

Last updated Jun 3, 2026

FXY (Invesco CurrencyShares® Japanese Yen Trust) and DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while DXJS is a Japan Equities fund tracking the WisdomTree Japan Hedged SmallCap Equity Index. Both are passively managed. Over the past 10 years, FXY returned -4.47%/yr vs 17.36%/yr for DXJS. At a correlation of -0.41, they often move in opposite directions. FXY charges 0.40%/yr vs 0.58%/yr for DXJS.

Performance

FXY vs. DXJS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Japanese Yen Trust (FXY) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXY achieves a -2.11% return, which is significantly lower than DXJS's 26.18% return. Over the past 10 years, FXY has underperformed DXJS with an annualized return of -4.47%, while DXJS has yielded a comparatively higher 17.36% annualized return.

FXY

• 1D: -0.14%
• 1M: -1.73%
• YTD: -2.11%
• 6M: -2.69%
• 1Y: -11.07%
• 3Y*: -4.76%
• 5Y*: -7.63%
• 10Y*: -4.47%

DXJS

• 1D: 1.11%
• 1M: 2.92%
• YTD: 26.18%
• 6M: 32.46%
• 1Y: 64.28%
• 3Y*: 34.92%
• 5Y*: 25.56%
• 10Y*: 17.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXY vs. DXJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXY Invesco CurrencyShares® Japanese Yen Trust	-2.11%	0.09%	-10.93%	-7.44%	-12.75%	-10.90%	4.61%	0.37%	2.31%	3.17%
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	26.18%	37.08%	20.70%	38.96%	5.02%	11.66%	-3.22%	18.24%	-18.69%	29.56%

Correlation

The correlation between FXY and DXJS is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.17
Correlation (5Y) Calculated over the trailing 5-year period	-0.20
Correlation (10Y) Calculated over the trailing 10-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Jul 1, 2013	-0.41

The correlation between FXY and DXJS shifts across timeframes, from -0.41 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FXY vs. DXJS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXY

FXY Risk / Return Rank: 1
FXY Sharpe Ratio Rank: 0
FXY Sortino Ratio Rank: 1
FXY Omega Ratio Rank: 1
FXY Calmar Ratio Rank: 1
FXY Martin Ratio Rank: 2

DXJS

DXJS Risk / Return Rank: 91
DXJS Sharpe Ratio Rank: 91
DXJS Sortino Ratio Rank: 90
DXJS Omega Ratio Rank: 87
DXJS Calmar Ratio Rank: 93
DXJS Martin Ratio Rank: 93

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. DXJS - 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 SmallCap Equity Fund (DXJS). 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	DXJS	Difference
Sharpe ratio Return per unit of total volatility	-1.33	3.29	-4.62
Sortino ratio Return per unit of downside risk	-1.96	4.31	-6.26
Omega ratio Gain probability vs. loss probability	0.79	1.55	-0.75
Calmar ratio Return relative to maximum drawdown	-0.91	6.70	-7.61
Martin ratio Return relative to average drawdown	-1.35	24.26	-25.61
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. DXJS - Sharpe Ratio Comparison

The current FXY Sharpe Ratio is -1.33, which is lower than the DXJS Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of FXY and DXJS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXY	DXJS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.33	3.29	-4.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.75	1.42	-2.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.48	0.88	-1.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.76	-0.94

Drawdowns

FXY vs. DXJS - Drawdown Comparison

The maximum FXY drawdown since its inception was -56.03%, which is greater than DXJS's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for FXY and DXJS.

Drawdown Indicators

	FXY	DXJS	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-39.30%	-16.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-9.82%	-1.34%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-16.49%	+1.37%
Max Drawdown (5Y) Largest decline over 5 years	-33.72%	-16.49%	-17.23%
Max Drawdown (10Y) Largest decline over 10 years	-40.84%	-39.30%	-1.54%
Current Drawdown Current decline from peak	-55.85%	-4.25%	-51.60%
Average Drawdown Average peak-to-trough decline	-27.73%	-6.49%	-21.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.64%	2.71%	+4.93%

Volatility

FXY vs. DXJS - Volatility Comparison

The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) has a volatility of 5.08%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than DXJS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXY	DXJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	5.08%	-3.89%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	15.43%	-9.66%
Volatility (1Y) Calculated over the trailing 1-year period	8.43%	19.65%	-11.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.25%	18.05%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	19.71%	-10.38%

FXY vs. DXJS - Expense Ratio Comparison

FXY has a 0.40% expense ratio, which is lower than DXJS's 0.58% expense ratio.

Dividends

FXY vs. DXJS - Dividend Comparison

FXY has not paid dividends to shareholders, while DXJS's dividend yield for the trailing twelve months is around 1.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	1.50%	1.78%	4.02%	2.71%	2.63%	2.96%	3.04%	2.17%	2.06%	1.53%	1.66%	3.61%
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

Can I hold both FXY and DXJS in my portfolio?

FXY and DXJS have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXY or DXJS?

DXJS has higher volatility (5.08%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs DXJS's -39.30%.

Which ETF is better, FXY or DXJS?

On 10-year performance, DXJS leads with 17.36% vs -4.47% for FXY. On fees, FXY is cheaper at 0.40% 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.

Which ETF has performed better, FXY or DXJS?

Over the 10-year period, DXJS has performed better with a 17.36% return vs -4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXY or DXJS?

FXY is cheaper with a 0.40% expense ratio, compared with 0.58% for DXJS.

Which ETF pays a higher dividend yield, FXY or DXJS?

DXJS has the higher dividend yield at 1.50%, compared with 0.00% for FXY.

What is the main difference between FXY and DXJS?

FXY is categorized as Currency, while DXJS is Japan Equities. FXY tracks Japanese Yen, while DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXY and 0.58% for DXJS.

Which has better risk-adjusted returns?

DXJS currently has the higher Sharpe Ratio (3.29 vs -1.33), 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.