FXY vs. FLJP
FXY (Invesco CurrencyShares® Japanese Yen Trust) and FLJP (Franklin FTSE Japan ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while FLJP is a Japan Equities fund tracking the FTSE Japan RIC Capped Index. Both are passively managed. Over the past 5 years, FXY returned -7.73%/yr vs 9.15%/yr for FLJP. At a 0.13 correlation, their price movements are largely independent. FXY charges 0.40%/yr vs 0.09%/yr for FLJP.
Performance
FXY vs. FLJP - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.19% return, which is significantly lower than FLJP's 15.09% return.
FXY
- 1D
- 0.02%
- 1M
- -1.56%
- YTD
- -3.19%
- 6M
- -3.45%
- 1Y
- -9.88%
- 3Y*
- -4.26%
- 5Y*
- -7.73%
- 10Y*
- -4.97%
FLJP
- 1D
- -4.00%
- 1M
- 1.04%
- YTD
- 15.09%
- 6M
- 14.43%
- 1Y
- 33.85%
- 3Y*
- 18.60%
- 5Y*
- 9.15%
- 10Y*
- —
FXY vs. FLJP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 1.19% |
FLJP Franklin FTSE Japan ETF | 15.09% | 26.79% | 6.99% | 20.00% | -16.57% | 0.99% | 15.76% | 18.99% | -14.01% | 2.53% |
Correlation
The correlation between FXY and FLJP is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | 0.13 |
Over the past year, FXY and FLJP have become more correlated (0.38) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
FXY vs. FLJP — Risk / Return Rank
FXY
FLJP
FXY vs. FLJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Franklin FTSE Japan ETF (FLJP). 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 | FLJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.93 | ||
| Sortino ratioReturn per unit of downside risk | -4.19 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.32 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.56 | -3.42 |
| Martin ratioReturn relative to average drawdown | -1.32 | 8.86 | -10.18 |
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Drawdowns
FXY vs. FLJP - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, which is greater than FLJP's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for FXY and FLJP.
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Drawdown Indicators
| FXY | FLJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.35% | -32.49% | -23.86% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -13.30% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -14.17% | -1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -32.49% | -1.70% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | — | — |
Current DrawdownCurrent decline from peak | -56.34% | -4.00% | -52.34% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -9.32% | -18.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 3.83% | +3.68% |
Volatility
FXY vs. FLJP - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Franklin FTSE Japan ETF (FLJP) has a volatility of 7.16%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than FLJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | FLJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 7.16% | -6.37% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 16.00% | -10.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 19.84% | -11.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 17.95% | -7.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 17.88% | -8.65% |
FXY vs. FLJP - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than FLJP's 0.09% expense ratio.
Dividends
FXY vs. FLJP - Dividend Comparison
FXY has not paid dividends to shareholders, while FLJP's dividend yield for the trailing twelve months is around 3.83%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLJP Franklin FTSE Japan ETF | 3.83% | 5.15% | 4.56% | 3.00% | 1.92% | 2.40% | 1.51% | 2.26% | 1.50% | 0.10% |
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% |
Frequently Asked Questions
FXY and FLJP have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLJP has higher volatility (7.16%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs FLJP's -32.49%.
On 5-year performance, FLJP leads with 9.15% vs -7.73% for FXY. On fees, FLJP is cheaper at 0.09% 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 5-year period, FLJP has performed better with a 9.15% return vs -7.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLJP is cheaper with a 0.09% expense ratio, compared with 0.40% for FXY.
FLJP has the higher dividend yield at 3.83%, compared with 0.00% for FXY.
FXY is categorized as Currency, while FLJP is Japan Equities. FXY tracks Japanese Yen, while FLJP tracks FTSE Japan RIC Capped Index. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.40% for FXY and 0.09% for FLJP.
FLJP currently has the higher Sharpe Ratio (1.71 vs -1.21), 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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