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 -4.99%/yr vs 0.45%/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 -3.36% return, which is significantly lower than FXB's -1.43% return. Over the past 10 years, FXY has underperformed FXB with an annualized return of -4.99%, while FXB has yielded a comparatively higher 0.45% 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%
FXB
- 1D
- -0.27%
- 1M
- -1.89%
- YTD
- -1.43%
- 6M
- -1.50%
- 1Y
- -1.39%
- 3Y*
- 3.96%
- 5Y*
- 0.80%
- 10Y*
- 0.45%
FXY vs. FXB - 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% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | -1.43% | 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 | 0.50 |
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 13, 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.
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 | FXB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.97 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.31 | -0.63 |
| Martin ratioReturn relative to average drawdown | -1.44 | -0.61 | -0.83 |
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Drawdowns
FXY vs. FXB - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.41%, 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 | -56.41% | -48.99% | -7.42% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -4.53% | -7.06% |
Max Drawdown (3Y)Largest decline over 3 years | -15.86% | -8.44% | -7.42% |
Max Drawdown (5Y)Largest decline over 5 years | -34.30% | -23.61% | -10.69% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -26.11% | -15.25% |
Current DrawdownCurrent decline from peak | -56.41% | -30.83% | -25.58% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -27.54% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 2.27% | +5.27% |
Volatility
FXY vs. FXB - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a volatility of 1.62%. 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 | 0.79% | 1.62% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 5.45% | 4.91% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 6.54% | +1.65% |
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 | 9.23% | 8.87% | +0.36% |
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 2.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.24% | 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 (1.62%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.41% vs FXB's -48.99%.
On 10-year performance, FXB leads with 0.45% vs -4.99% for FXY. Both ETFs have the same 0.40% expense ratio. 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, FXB has performed better with a 0.45% return vs -4.99%. 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 2.24%, compared with 0.00% for FXY.
FXY tracks Japanese Yen, while FXB tracks British Pound.
FXB currently has the higher Sharpe Ratio (-0.21 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.
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