FXY vs. PPA
FXY (Invesco CurrencyShares® Japanese Yen Trust) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while PPA is a Industrials Equities fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs 17.38%/yr for PPA. At a correlation of -0.23, they often move in opposite directions. FXY charges 0.40%/yr vs 0.61%/yr for PPA.
Performance
FXY vs. PPA - 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 PPA's 8.54% return. Over the past 10 years, FXY has underperformed PPA with an annualized return of -4.49%, while PPA has yielded a comparatively higher 17.38% 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%
PPA
- 1D
- -1.74%
- 1M
- 3.19%
- YTD
- 8.54%
- 6M
- 13.46%
- 1Y
- 26.57%
- 3Y*
- 28.92%
- 5Y*
- 17.82%
- 10Y*
- 17.38%
FXY vs. PPA - 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% |
PPA Invesco Aerospace & Defense ETF | 8.54% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between FXY and PPA is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | -0.23 |
The correlation between FXY and PPA shifts across timeframes, from -0.23 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. PPA — Risk / Return Rank
FXY
PPA
FXY vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.90 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.24 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.95 | -2.88 |
| Martin ratioReturn relative to average drawdown | -1.39 | 5.68 | -7.07 |
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 | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 1.40 | -2.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.97 | -1.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.84 | -1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.66 | -0.84 |
Drawdowns
FXY vs. PPA - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, roughly equal to the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for FXY and PPA.
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Drawdown Indicators
| FXY | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -57.37% | +1.34% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -13.71% | +2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -15.24% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -18.37% | -15.35% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -43.92% | +3.08% |
Current DrawdownCurrent decline from peak | -55.93% | -8.40% | -47.53% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -9.18% | -18.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 4.69% | +2.81% |
Volatility
FXY vs. PPA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.73%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 6.73% | -5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 15.95% | -10.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 19.03% | -10.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 18.49% | -8.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 20.64% | -11.31% |
FXY vs. PPA - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than PPA's 0.61% expense ratio.
Dividends
FXY vs. PPA - Dividend Comparison
FXY has not paid dividends to shareholders, while PPA's dividend yield for the trailing twelve months is around 0.39%.
| 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% |
PPA Invesco Aerospace & Defense ETF | 0.39% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Frequently Asked Questions
FXY and PPA have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (6.73%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.38% vs -4.49% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.38% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.61% for PPA.
PPA has the higher dividend yield at 0.39%, compared with 0.00% for FXY.
FXY is categorized as Currency, while PPA is Industrials Equities. FXY tracks Japanese Yen, while PPA tracks SPADE Defense Index. Their fees differ too: 0.40% for FXY and 0.61% for PPA.
PPA currently has the higher Sharpe Ratio (1.40 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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