FXY vs. FXC
FXY (Invesco CurrencyShares® Japanese Yen Trust) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both Currency funds from Invesco - FXY tracks the Japanese Yen while FXC tracks the Canadian Dollar. Both are passively managed. Over the past 10 years, FXY returned -4.99%/yr vs -0.39%/yr for FXC. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXY vs. FXC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FXY having a -3.36% return and FXC slightly lower at -3.43%. Over the past 10 years, FXY has underperformed FXC with an annualized return of -4.99%, while FXC has yielded a comparatively higher -0.39% 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%
FXC
- 1D
- -0.15%
- 1M
- -2.85%
- YTD
- -3.43%
- 6M
- -3.83%
- 1Y
- -3.31%
- 3Y*
- -1.26%
- 5Y*
- -1.97%
- 10Y*
- -0.39%
FXY vs. FXC - 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% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -3.43% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
Correlation
The correlation between FXY and FXC is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.08 |
Over the past year, FXY and FXC have become more correlated (0.45) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
FXY vs. FXC — Risk / Return Rank
FXY
FXC
FXY vs. FXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco CurrencyShares® Canadian Dollar Trust (FXC). 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 | FXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.88 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.65 | -0.29 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.52 | +0.08 |
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Drawdowns
FXY vs. FXC - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.41%, which is greater than FXC's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for FXY and FXC.
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Drawdown Indicators
| FXY | FXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.41% | -35.39% | -21.02% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -5.14% | -6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -15.86% | -7.34% | -8.52% |
Max Drawdown (5Y)Largest decline over 5 years | -34.30% | -11.93% | -22.37% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -15.46% | -25.90% |
Current DrawdownCurrent decline from peak | -56.41% | -30.50% | -25.91% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -19.94% | -7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 2.18% | +5.36% |
Volatility
FXY vs. FXC - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Invesco CurrencyShares® Canadian Dollar Trust (FXC) has a volatility of 1.10%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | FXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.10% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 5.45% | 3.26% | +2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 4.50% | +3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 6.35% | +3.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 6.62% | +2.61% |
FXY vs. FXC - Expense Ratio Comparison
Both FXY and FXC have an expense ratio of 0.40%.
Dividends
FXY vs. FXC - Dividend Comparison
FXY has not paid dividends to shareholders, while FXC's dividend yield for the trailing twelve months is around 0.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.27% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
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 FXC have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXC has higher volatility (1.10%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.41% vs FXC's -35.39%.
On 10-year performance, FXC leads with -0.39% 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, FXC has performed better with a -0.39% return vs -4.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY and FXC have the same expense ratio: 0.40% per year.
FXC has the higher dividend yield at 0.27%, compared with 0.00% for FXY.
FXY tracks Japanese Yen, while FXC tracks Canadian Dollar.
FXC currently has the higher Sharpe Ratio (-0.74 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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