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 Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, FXY returned -4.71%/yr vs 17.18%/yr for PPA. At a correlation of -0.23, they often move in opposite directions. FXY charges 0.40%/yr vs 0.58%/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 -3.58% return, which is significantly lower than PPA's 9.74% return. Over the past 10 years, FXY has underperformed PPA with an annualized return of -4.71%, while PPA has yielded a comparatively higher 17.18% annualized return.
FXY
- 1D
- 0.19%
- 1M
- -1.21%
- 6M
- -2.06%
- YTD
- -3.58%
- 1Y
- -9.23%
- 3Y*
- -5.44%
- 5Y*
- -7.97%
- 10Y*
- -4.71%
PPA
- 1D
- 0.18%
- 1M
- -1.32%
- 6M
- -1.96%
- YTD
- 9.74%
- 1Y
- 18.74%
- 3Y*
- 27.42%
- 5Y*
- 19.09%
- 10Y*
- 17.18%
FXY vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.58% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
PPA Invesco Aerospace & Defense ETF | 9.74% | 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 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | -0.23 |
The correlation between FXY and PPA shifts across timeframes, from -0.23 (all time) to 0.14 (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.
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 | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.17 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.37 | -2.28 |
| Martin ratioReturn relative to average drawdown | -1.47 | 3.67 | -5.14 |
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Drawdowns
FXY vs. PPA - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.62%, 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 | -56.62% | -57.37% | +0.75% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -13.71% | +3.50% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -15.24% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -18.37% | -16.24% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -43.92% | +2.28% |
Current DrawdownCurrent decline from peak | -56.51% | -7.39% | -49.12% |
Average DrawdownAverage peak-to-trough decline | -27.89% | -9.17% | -18.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 5.12% | +1.19% |
Volatility
FXY vs. PPA - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.53%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 5.40%. 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 | 1.53% | 5.40% | -3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 16.51% | -11.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.08% | 20.44% | -12.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 18.75% | -8.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 20.74% | -11.56% |
FXY vs. PPA - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than PPA's 0.58% 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 0.37%.
| 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 | 0.37% | 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 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (5.40%) compared to FXY (1.53%). In terms of maximum drawdown, FXY dropped -56.62% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.18% vs -4.71% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.53%. 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 17.18% return vs -4.71%. 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 0.58% for PPA.
PPA has the higher dividend yield at 0.37%, compared with 0.00% for FXY.
FXY is categorized as Currency, while PPA is Aerospace & Defense. FXY tracks Japanese Yen, while PPA tracks SPADE Defense Index. Their fees differ too: 0.40% for FXY and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (0.92 vs -1.15), 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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