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 -4.49%/yr vs -0.20%/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
In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than FXC's -1.15% return. Over the past 10 years, FXY has underperformed FXC with an annualized return of -4.49%, while FXC has yielded a comparatively higher -0.20% annualized 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%
FXC
- 1D
- -0.41%
- 1M
- -2.04%
- YTD
- -1.15%
- 6M
- 0.45%
- 1Y
- -1.04%
- 3Y*
- 0.12%
- 5Y*
- -1.87%
- 10Y*
- -0.20%
FXY vs. FXC - 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% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -1.15% | 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 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | 0.08 |
Over the past year, FXY and FXC have become more correlated (0.46) 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.
| FXY | FXC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.25 | -0.23 | -1.02 |
Sortino ratioReturn per unit of downside risk | -1.85 | -0.31 | -1.54 |
Omega ratioGain probability vs. loss probability | 0.80 | 0.97 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.28 | -0.66 |
Martin ratioReturn relative to average drawdown | -1.39 | -0.52 | -0.87 |
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 | FXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -0.23 | -1.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | -0.29 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.03 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | -0.05 | -0.13 |
Drawdowns
FXY vs. FXC - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, 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 | -56.03% | -35.39% | -20.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -3.78% | -7.38% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -7.34% | -7.78% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -13.53% | -20.19% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -15.46% | -25.38% |
Current DrawdownCurrent decline from peak | -55.93% | -28.86% | -27.07% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -19.92% | -7.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 1.98% | +5.52% |
Volatility
FXY vs. FXC - Volatility Comparison
Invesco CurrencyShares® Japanese Yen Trust (FXY) has a higher volatility of 1.19% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 0.77%. This indicates that FXY's price experiences larger fluctuations and is considered to be riskier 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 | 1.19% | 0.77% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 3.28% | +2.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 4.50% | +3.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 6.37% | +3.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 6.66% | +2.67% |
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 0.26%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.26% | 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 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXY has higher volatility (1.19%) compared to FXC (0.77%). In terms of maximum drawdown, FXY dropped -56.03% vs FXC's -35.39%.
On 10-year performance, FXC leads with -0.20% vs -4.49% for FXY. Both ETFs have the same 0.40% expense ratio. On volatility, FXC has been the lower-risk option at 0.77%. 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 -0.20% return vs -4.49%. 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 0.26%, compared with 0.00% for FXY.
FXY tracks Japanese Yen, while FXC tracks Canadian Dollar.
FXC currently has the higher Sharpe Ratio (-0.23 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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