FXY vs. FXA
FXY (Invesco CurrencyShares® Japanese Yen Trust) and FXA (Invesco CurrencyShares Australian Dollar Trust) are both Currency funds from Invesco - FXY tracks the Japanese Yen while FXA tracks the USD/AUD Exchange Rate. Both are passively managed. Over the past 10 years, FXY returned -4.71%/yr vs -0.25%/yr for FXA. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXY vs. FXA - 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 FXA's 5.08% return. Over the past 10 years, FXY has underperformed FXA with an annualized return of -4.71%, while FXA has yielded a comparatively higher -0.25% 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%
FXA
- 1D
- 0.81%
- 1M
- -0.97%
- 6M
- 4.86%
- YTD
- 5.08%
- 1Y
- 7.63%
- 3Y*
- 1.99%
- 5Y*
- -0.43%
- 10Y*
- -0.25%
FXY vs. FXA - 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% |
FXA Invesco CurrencyShares Australian Dollar Trust | 5.08% | 9.10% | -7.75% | 1.20% | -6.46% | -6.17% | 9.52% | 0.13% | -8.84% | 9.05% |
Correlation
The correlation between FXY and FXA is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.18 |
Over the past year, FXY and FXA have become more correlated (0.44) than their long-term average of 0.18, meaning their price movements have been converging.
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Return for Risk
FXY vs. FXA — Risk / Return Rank
FXY
FXA
FXY vs. FXA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco CurrencyShares Australian Dollar Trust (FXA). 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 | FXA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.16 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.59 | -2.50 |
| Martin ratioReturn relative to average drawdown | -1.47 | 4.05 | -5.51 |
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Drawdowns
FXY vs. FXA - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.62%, which is greater than FXA's maximum drawdown of -40.97%. Use the drawdown chart below to compare losses from any high point for FXY and FXA.
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Drawdown Indicators
| FXY | FXA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.62% | -40.97% | -15.65% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -4.82% | -5.39% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -13.02% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -18.90% | -15.71% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -27.99% | -13.65% |
Current DrawdownCurrent decline from peak | -56.51% | -25.98% | -30.53% |
Average DrawdownAverage peak-to-trough decline | -27.89% | -18.85% | -9.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 1.89% | +4.42% |
Volatility
FXY vs. FXA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.53%, while Invesco CurrencyShares Australian Dollar Trust (FXA) has a volatility of 2.10%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than FXA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | FXA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 2.10% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 6.52% | -1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.08% | 7.99% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 10.40% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 9.85% | -0.67% |
FXY vs. FXA - Expense Ratio Comparison
Both FXY and FXA have an expense ratio of 0.40%.
Dividends
FXY vs. FXA - Dividend Comparison
FXY has not paid dividends to shareholders, while FXA's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXA Invesco CurrencyShares Australian Dollar Trust | 1.01% | 1.16% | 1.66% | 0.98% | 0.05% | 0.00% | 0.03% | 0.53% | 1.04% | 0.83% | 1.01% | 1.52% |
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 FXA have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXA has higher volatility (2.10%) compared to FXY (1.53%). In terms of maximum drawdown, FXY dropped -56.62% vs FXA's -40.97%.
On 10-year performance, FXA leads with -0.25% vs -4.71% for FXY. Both ETFs have the same 0.40% expense ratio. 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, FXA has performed better with a -0.25% return vs -4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY and FXA have the same expense ratio: 0.40% per year.
FXA has the higher dividend yield at 1.01%, compared with 0.00% for FXY.
FXY tracks Japanese Yen, while FXA tracks USD/AUD Exchange Rate.
FXA currently has the higher Sharpe Ratio (0.96 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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