FXY vs. FXB
FXY (Invesco CurrencyShares® Japanese Yen Trust) and FXB (Invesco CurrencyShares® British Pound Sterling Trust) are both Currency funds from Invesco - FXY tracks the Japanese Yen while FXB tracks the British Pound. Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs 0.00%/yr for FXB. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXY vs. FXB - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than FXB's 0.38% return.
FXY
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -2.28%
- 6M
- -3.30%
- 1Y
- -10.40%
- 3Y*
- -4.81%
- 5Y*
- -7.79%
- 10Y*
- -4.49%
FXB
- 1D
- -0.35%
- 1M
- -0.76%
- YTD
- 0.38%
- 6M
- 1.56%
- 1Y
- 1.45%
- 3Y*
- 5.39%
- 5Y*
- 0.78%
- 10Y*
- 0.00%
FXY vs. FXB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.28% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | 0.38% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
Correlation
The correlation between FXY and FXB is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | 0.23 |
Over the past year, FXY and FXB have become more correlated (0.60) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
FXY vs. FXB — Risk / Return Rank
FXY
FXB
FXY vs. FXB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). 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 | FXB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.04 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.32 | -1.26 |
| Martin ratioReturn relative to average drawdown | -1.39 | 0.67 | -2.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXY | FXB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 0.22 | -1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.09 | -0.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.00 | -0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | -0.08 | -0.11 |
Drawdowns
FXY vs. FXB - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, which is greater than FXB's maximum drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for FXY and FXB.
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Drawdown Indicators
| FXY | FXB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -48.99% | -7.04% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -4.53% | -6.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -8.44% | -6.68% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -24.83% | -8.89% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -29.30% | -11.54% |
Current DrawdownCurrent decline from peak | -55.93% | -29.55% | -26.38% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -27.54% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 2.16% | +5.34% |
Volatility
FXY vs. FXB - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a volatility of 1.78%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than FXB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | FXB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.78% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 4.84% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 6.54% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 8.48% | +1.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 9.30% | +0.03% |
FXY vs. FXB - Expense Ratio Comparison
Both FXY and FXB have an expense ratio of 0.40%.
Dividends
FXY vs. FXB - Dividend Comparison
FXY has not paid dividends to shareholders, while FXB's dividend yield for the trailing twelve months is around 2.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.20% | 2.44% | 3.25% | 2.59% | 0.29% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXY and FXB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.78%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs FXB's -48.99%.
On 10-year performance, FXB leads with 0.00% vs -4.49% for FXY. Both ETFs have the same 0.40% expense ratio. 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.
Over the 10-year period, FXB has performed better with a 0.00% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY and FXB have the same expense ratio: 0.40% per year.
FXB has the higher dividend yield at 2.20%, compared with 0.00% for FXY.
FXY tracks Japanese Yen, while FXB tracks British Pound.
FXB currently has the higher Sharpe Ratio (0.22 vs -1.25), 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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