FXY vs. FXE
FXY (Invesco CurrencyShares® Japanese Yen Trust) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both Currency funds from Invesco - FXY tracks the Japanese Yen while FXE tracks the Euro. Both are passively managed. Over the past 10 years, FXY returned -4.97%/yr vs 0.23%/yr for FXE. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
FXY vs. FXE - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.19% return, which is significantly lower than FXE's -2.81% return. Over the past 10 years, FXY has underperformed FXE with an annualized return of -4.97%, while FXE has yielded a comparatively higher 0.23% annualized return.
FXY
- 1D
- 0.02%
- 1M
- -1.56%
- YTD
- -3.19%
- 6M
- -3.45%
- 1Y
- -9.88%
- 3Y*
- -4.26%
- 5Y*
- -7.73%
- 10Y*
- -4.97%
FXE
- 1D
- -0.38%
- 1M
- -1.87%
- YTD
- -2.81%
- 6M
- -3.08%
- 1Y
- -1.02%
- 3Y*
- 3.01%
- 5Y*
- -0.19%
- 10Y*
- 0.23%
FXY vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
FXE Invesco CurrencyShares® Euro Currency Trust | -2.81% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Correlation
The correlation between FXY and FXE is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.34 |
Over the past year, FXY and FXE have become more correlated (0.65) than their long-term average of 0.34, meaning their price movements have been converging.
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Return for Risk
FXY vs. FXE — Risk / Return Rank
FXY
FXE
FXY vs. FXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco CurrencyShares® Euro Currency Trust (FXE). 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 | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.98 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.20 | -0.67 |
| Martin ratioReturn relative to average drawdown | -1.32 | -0.45 | -0.87 |
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Drawdowns
FXY vs. FXE - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, which is greater than FXE's maximum drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for FXY and FXE.
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Drawdown Indicators
| FXY | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.35% | -43.33% | -13.02% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -5.17% | -6.28% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -8.12% | -7.61% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -20.61% | -13.58% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -26.46% | -14.81% |
Current DrawdownCurrent decline from peak | -56.34% | -29.31% | -27.03% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -22.32% | -5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 2.28% | +5.23% |
Volatility
FXY vs. FXE - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Invesco CurrencyShares® Euro Currency Trust (FXE) has a volatility of 1.55%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than FXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.55% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 4.41% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 6.24% | +1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 7.66% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 7.27% | +1.96% |
FXY vs. FXE - Expense Ratio Comparison
Both FXY and FXE have an expense ratio of 0.40%.
Dividends
FXY vs. FXE - Dividend Comparison
FXY has not paid dividends to shareholders, while FXE's dividend yield for the trailing twelve months is around 0.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.74% | 0.94% | 2.28% | 1.49% | 0.01% |
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXY and FXE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXE has higher volatility (1.55%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs FXE's -43.33%.
On 10-year performance, FXE leads with 0.23% vs -4.97% 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, FXE has performed better with a 0.23% return vs -4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY and FXE have the same expense ratio: 0.40% per year.
FXE has the higher dividend yield at 0.74%, compared with 0.00% for FXY.
FXY tracks Japanese Yen, while FXE tracks Euro.
FXE currently has the higher Sharpe Ratio (-0.17 vs -1.21), 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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