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 -4.95%/yr vs 20.44%/yr for QQQ. Their -0.22 correlation means they have often moved in opposite directions in the past. 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 -1.72% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, FXY has underperformed QQQ with an annualized return of -4.95%, while QQQ has yielded a comparatively higher 20.44% annualized return.
FXY
- 1D
- 0.14%
- 1M
- 1.25%
- 6M
- -2.96%
- YTD
- -1.72%
- 1Y
- -7.64%
- 3Y*
- -3.84%
- 5Y*
- -7.64%
- 10Y*
- -4.95%
- ALL TIME*
- -1.82%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $25.81M | $16.82M | $12.69M | |
| $30.32B | $28.40B | $31.45B |
FXY vs. QQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -1.72% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
QQQ Invesco QQQ ETF | 12.26% | 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 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | -0.22 |
The correlation between FXY and QQQ shifts across timeframes, from -0.22 (all time) to 0.10 (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.
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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.21 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 1.88 | -2.39 |
| Martin ratioReturn relative to average drawdown | -0.84 | 6.00 | -6.84 |
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Drawdowns
FXY vs. QQQ - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.95%, 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 | -56.95% | -82.97% | +26.02% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -11.96% | +1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -22.77% | +7.86% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -35.12% | +0.13% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -35.12% | -6.96% |
Current DrawdownCurrent decline from peak | -55.68% | -7.69% | -47.99% |
Average DrawdownAverage peak-to-trough decline | -27.96% | -32.62% | +4.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.67% | 3.74% | +2.93% |
Volatility
FXY vs. QQQ - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 3.00%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. 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 | 3.00% | 6.87% | -3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 5.52% | 16.08% | -10.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.30% | 19.38% | -11.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.29% | 22.90% | -12.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 22.50% | -13.37% |
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 0.44%.
| 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 | 0.44% | 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 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (6.87%) compared to FXY (3.00%). In terms of maximum drawdown, FXY dropped -56.95% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 20.44% vs -4.95% for FXY. On fees, QQQ is cheaper at 0.18% per year. On volatility, FXY has been the lower-risk option at 3.00%. 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 20.44% return vs -4.95%. 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 0.44%, 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 (1.16 vs -0.68), 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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