FXY vs. QQQ
FXY (Invesco CurrencyShares® Japanese Yen Trust) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, FXY returned -4.47%/yr vs 21.97%/yr for QQQ. At a correlation of -0.22, they often move in opposite directions. FXY charges 0.40%/yr vs 0.18%/yr for QQQ.
Performance
FXY vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -2.11% return, which is significantly lower than QQQ's 21.62% return. Over the past 10 years, FXY has underperformed QQQ with an annualized return of -4.47%, while QQQ has yielded a comparatively higher 21.97% annualized return.
FXY
- 1D
- -0.14%
- 1M
- -1.73%
- YTD
- -2.11%
- 6M
- -2.69%
- 1Y
- -11.07%
- 3Y*
- -4.76%
- 5Y*
- -7.63%
- 10Y*
- -4.47%
QQQ
- 1D
- 0.46%
- 1M
- 10.68%
- YTD
- 21.62%
- 6M
- 20.27%
- 1Y
- 43.30%
- 3Y*
- 28.89%
- 5Y*
- 18.43%
- 10Y*
- 21.97%
FXY vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.11% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
QQQ Invesco QQQ ETF | 21.62% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between FXY and QQQ is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
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 | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | -0.22 |
The correlation between FXY and QQQ shifts across timeframes, from -0.22 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. QQQ — Risk / Return Rank
FXY
QQQ
FXY vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.33 | 2.73 | -4.06 |
Sortino ratioReturn per unit of downside risk | -1.96 | 3.55 | -5.50 |
Omega ratioGain probability vs. loss probability | 0.79 | 1.47 | -0.68 |
Calmar ratioReturn relative to maximum drawdown | -0.91 | 3.71 | -4.62 |
Martin ratioReturn relative to average drawdown | -1.35 | 14.30 | -15.65 |
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 | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.33 | 2.73 | -4.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.75 | 0.83 | -1.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.99 | -1.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.41 | -0.59 |
Drawdowns
FXY vs. QQQ - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for FXY and QQQ.
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Drawdown Indicators
| FXY | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -82.97% | +26.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -11.96% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -22.77% | +7.65% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -35.12% | +1.40% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -35.12% | -5.72% |
Current DrawdownCurrent decline from peak | -55.85% | 0.00% | -55.85% |
Average DrawdownAverage peak-to-trough decline | -27.73% | -32.79% | +5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.64% | 3.11% | +4.53% |
Volatility
FXY vs. QQQ - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Invesco QQQ ETF (QQQ) has a volatility of 4.48%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 4.48% | -3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 5.77% | 12.11% | -6.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.43% | 15.95% | -7.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.25% | 22.39% | -12.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 22.30% | -12.97% |
FXY vs. QQQ - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
FXY vs. QQQ - Dividend Comparison
FXY has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.38%.
| 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% |
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
FXY and QQQ have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (4.48%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 21.97% vs -4.47% for FXY. On fees, QQQ is cheaper at 0.18% 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, QQQ has performed better with a 21.97% return vs -4.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.40% for FXY.
QQQ has the higher dividend yield at 0.38%, compared with 0.00% for FXY.
FXY is categorized as Currency, while QQQ is Nasdaq-100. FXY tracks Japanese Yen, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.40% for FXY and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.73 vs -1.33), 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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