FXY vs. QQQM
FXY (Invesco CurrencyShares® Japanese Yen Trust) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, FXY returned -7.79%/yr vs 18.07%/yr for QQQM. At a 0.02 correlation, their price movements are largely independent. FXY charges 0.40%/yr vs 0.15%/yr for QQQM.
Performance
FXY vs. QQQM - 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 QQQM's 21.39% 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%
QQQM
- 1D
- -0.20%
- 1M
- 10.67%
- YTD
- 21.39%
- 6M
- 19.75%
- 1Y
- 41.98%
- 3Y*
- 28.89%
- 5Y*
- 18.07%
- 10Y*
- —
FXY vs. QQQM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.28% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 2.04% |
QQQM Invesco NASDAQ 100 ETF | 21.39% | 20.85% | 25.68% | 55.01% | -32.52% | 27.45% | 6.67% |
Correlation
The correlation between FXY and QQQM 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 (All Time) Calculated using the full available price history since Oct 14, 2020 | 0.02 |
The correlation between FXY and QQQM shifts across timeframes, from -0.01 (3 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. QQQM — Risk / Return Rank
FXY
QQQM
FXY vs. QQQM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco NASDAQ 100 ETF (QQQM). 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 | QQQM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.25 | 2.65 | -3.91 |
Sortino ratioReturn per unit of downside risk | -1.85 | 3.46 | -5.31 |
Omega ratioGain probability vs. loss probability | 0.80 | 1.45 | -0.65 |
Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.53 | -4.46 |
Martin ratioReturn relative to average drawdown | -1.39 | 13.52 | -14.91 |
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 | QQQM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 2.65 | -3.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.82 | -1.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.85 | -1.03 |
Drawdowns
FXY vs. QQQM - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for FXY and QQQM.
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Drawdown Indicators
| FXY | QQQM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -35.04% | -20.99% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -11.96% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -22.70% | +7.58% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -35.04% | +1.32% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | — | — |
Current DrawdownCurrent decline from peak | -55.93% | -0.20% | -55.73% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -8.25% | -19.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 3.11% | +4.39% |
Volatility
FXY vs. QQQM - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 4.48%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | QQQM | 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 | 5.75% | 12.05% | -6.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 15.91% | -7.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 22.24% | -12.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 22.12% | -12.79% |
FXY vs. QQQM - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than QQQM's 0.15% expense ratio.
Dividends
FXY vs. QQQM - Dividend Comparison
FXY has not paid dividends to shareholders, while QQQM's dividend yield for the trailing twelve months is around 0.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QQQM Invesco NASDAQ 100 ETF | 0.41% | 0.50% | 0.61% | 0.65% | 0.83% | 0.40% | 0.16% |
Frequently Asked Questions
FXY and QQQM 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.
QQQM has higher volatility (4.48%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs QQQM's -35.04%.
On 5-year performance, QQQM leads with 18.07% vs -7.79% for FXY. On fees, QQQM is cheaper at 0.15% 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 5-year period, QQQM has performed better with a 18.07% return vs -7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQM is cheaper with a 0.15% expense ratio, compared with 0.40% for FXY.
QQQM has the higher dividend yield at 0.41%, compared with 0.00% for FXY.
FXY is categorized as Currency, while QQQM is Nasdaq-100. FXY tracks Japanese Yen, while QQQM tracks NASDAQ-100 Index. Their fees differ too: 0.40% for FXY and 0.15% for QQQM.
QQQM currently has the higher Sharpe Ratio (2.65 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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