FXY vs. IEF
FXY (Invesco CurrencyShares® Japanese Yen Trust) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, FXY returned -4.97%/yr vs 0.53%/yr for IEF. A 0.52 correlation means they provide meaningful diversification when combined. FXY charges 0.40%/yr vs 0.15%/yr for IEF.
Performance
FXY vs. IEF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXY achieves a -3.19% return, which is significantly lower than IEF's -0.53% return. Over the past 10 years, FXY has underperformed IEF with an annualized return of -4.97%, while IEF has yielded a comparatively higher 0.53% 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%
IEF
- 1D
- 0.13%
- 1M
- 0.59%
- YTD
- -0.53%
- 6M
- -0.47%
- 1Y
- 3.01%
- 3Y*
- 2.59%
- 5Y*
- -1.17%
- 10Y*
- 0.53%
FXY vs. IEF - 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% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.53% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between FXY and IEF is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | 0.52 |
The correlation between FXY and IEF has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXY vs. IEF — Risk / Return Rank
FXY
IEF
FXY vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.11 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 0.74 | -1.61 |
| Martin ratioReturn relative to average drawdown | -1.32 | 2.01 | -3.33 |
Loading charts...
Drawdowns
FXY vs. IEF - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for FXY and IEF.
Loading charts...
Drawdown Indicators
| FXY | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.35% | -23.93% | -32.42% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -4.07% | -7.38% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -7.74% | -7.99% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -21.40% | -12.79% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -23.93% | -17.34% |
Current DrawdownCurrent decline from peak | -56.34% | -11.23% | -45.11% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -5.36% | -22.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 1.50% | +6.01% |
Volatility
FXY vs. IEF - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while iShares 7-10 Year Treasury Bond ETF (IEF) has a volatility of 1.41%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXY | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.41% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 3.48% | +2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 4.72% | +3.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 7.71% | +2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 6.62% | +2.61% |
FXY vs. IEF - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
FXY vs. IEF - Dividend Comparison
FXY has not paid dividends to shareholders, while IEF's dividend yield for the trailing twelve months is around 3.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IEF iShares 7-10 Year Treasury Bond ETF | 3.90% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
Frequently Asked Questions
FXY and IEF have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.41%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs IEF's -23.93%.
On 10-year performance, IEF leads with 0.53% vs -4.97% for FXY. On fees, IEF is cheaper at 0.15% per year. 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, IEF has performed better with a 0.53% return vs -4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.40% for FXY.
IEF has the higher dividend yield at 3.90%, compared with 0.00% for FXY.
FXY is categorized as Currency, while IEF is Government Bonds. FXY tracks Japanese Yen, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXY and 0.15% for IEF.
IEF currently has the higher Sharpe Ratio (0.64 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.
Find the right allocation for FXY and IEF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer