FXY vs. GLD
Compare and contrast key facts about Invesco CurrencyShares® Japanese Yen Trust (FXY) and SPDR Gold Shares (GLD).
FXY and GLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXY is a passively managed fund by Invesco that tracks the performance of the Japanese Yen. It was launched on Feb 12, 2007. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004. Both FXY and GLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FXY vs. GLD - Performance Comparison
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FXY vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -1.35% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
GLD SPDR Gold Shares | 8.57% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Returns By Period
In the year-to-date period, FXY achieves a -1.35% return, which is significantly lower than GLD's 8.57% return. Over the past 10 years, FXY has underperformed GLD with an annualized return of -3.96%, while GLD has yielded a comparatively higher 13.92% annualized return.
FXY
- 1D
- 0.64%
- 1M
- -1.61%
- YTD
- -1.35%
- 6M
- -6.96%
- 1Y
- -5.89%
- 3Y*
- -6.20%
- 5Y*
- -7.45%
- 10Y*
- -3.96%
GLD
- 1D
- 3.79%
- 1M
- -11.05%
- YTD
- 8.57%
- 6M
- 21.05%
- 1Y
- 49.33%
- 3Y*
- 32.92%
- 5Y*
- 21.58%
- 10Y*
- 13.92%
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FXY vs. GLD - Expense Ratio Comparison
Both FXY and GLD have an expense ratio of 0.40%.
Return for Risk
FXY vs. GLD — Risk / Return Rank
FXY
GLD
FXY vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.58 | 1.79 | -2.36 |
Sortino ratioReturn per unit of downside risk | -0.78 | 2.21 | -2.99 |
Omega ratioGain probability vs. loss probability | 0.91 | 1.33 | -0.42 |
Calmar ratioReturn relative to maximum drawdown | -0.48 | 2.68 | -3.16 |
Martin ratioReturn relative to average drawdown | -0.80 | 9.90 | -10.71 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.58 | 1.79 | -2.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.73 | 1.22 | -1.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | 0.88 | -1.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.62 | -0.80 |
Correlation
The correlation between FXY and GLD is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FXY vs. GLD - Dividend Comparison
Neither FXY nor GLD has paid dividends to shareholders.
Drawdowns
FXY vs. GLD - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for FXY and GLD.
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Drawdown Indicators
| FXY | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -45.56% | -10.47% |
Max Drawdown (1Y)Largest decline over 1 year | -12.45% | -19.21% | +6.76% |
Max Drawdown (5Y)Largest decline over 5 years | -34.49% | -21.03% | -13.46% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -22.00% | -18.84% |
Current DrawdownCurrent decline from peak | -55.51% | -13.23% | -42.28% |
Average DrawdownAverage peak-to-trough decline | -27.48% | -16.17% | -11.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.46% | 5.20% | +2.26% |
Volatility
FXY vs. GLD - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 2.33%, while SPDR Gold Shares (GLD) has a volatility of 11.06%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 11.06% | -8.73% |
Volatility (6M)Calculated over the trailing 6-month period | 6.09% | 24.30% | -18.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.25% | 27.80% | -17.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.20% | 17.74% | -7.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.47% | 15.87% | -6.40% |