FXY vs. QQQM

Last updated Jun 24, 2026

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 -7.73%/yr vs 16.11%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXY achieves a -3.19% return, which is significantly lower than QQQM's 16.48% return.

FXY

• 1D: 0.02%
• 1M: -1.56%
• YTD: -3.19%
• 6M: -3.45%
• 1Y: -9.88%
• 3Y*: -4.26%
• 5Y*: -7.73%
• 10Y*: -4.97%

QQQM

• 1D: -3.30%
• 1M: -0.42%
• YTD: 16.48%
• 6M: 15.00%
• 1Y: 34.99%
• 3Y*: 26.15%
• 5Y*: 16.11%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FXY vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FXY Invesco CurrencyShares® Japanese Yen Trust	-3.19%	0.09%	-10.93%	-7.44%	-12.75%	-10.90%	1.90%
QQQM Invesco NASDAQ 100 ETF	16.48%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

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 13, 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.

Return for Risk

FXY vs. QQQM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXY

FXY Risk / Return Rank: 1
FXY Sharpe Ratio Rank: 0
FXY Sortino Ratio Rank: 1
FXY Omega Ratio Rank: 1
FXY Calmar Ratio Rank: 2
FXY Martin Ratio Rank: 2

QQQM

QQQM Risk / Return Rank: 60
QQQM Sharpe Ratio Rank: 61
QQQM Sortino Ratio Rank: 56
QQQM Omega Ratio Rank: 59
QQQM Calmar Ratio Rank: 61
QQQM Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	1.97	-3.18
Sortino ratio: Return per unit of downside risk	-1.79	2.58	-4.37
Omega ratio: Gain probability vs. loss probability	0.81	1.35	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.87	2.94	-3.81
Martin ratio: Return relative to average drawdown	-1.32	10.88	-12.20

FXY vs. QQQM - Sharpe Ratio Comparison

The current FXY Sharpe Ratio is -1.21, which is lower than the QQQM Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FXY and QQQM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXY vs. QQQM - Drawdown Comparison

The maximum FXY drawdown since its inception was -56.35%, 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.

Drawdown Indicators

	FXY	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-56.35%	-35.04%	-21.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.45%	-11.96%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-15.73%	-22.70%	+6.97%
Max Drawdown (5Y) Largest decline over 5 years	-34.19%	-35.04%	+0.85%
Max Drawdown (10Y) Largest decline over 10 years	-41.27%	—	—
Current Drawdown Current decline from peak	-56.34%	-4.24%	-52.10%
Average Drawdown Average peak-to-trough decline	-27.81%	-8.20%	-19.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.51%	3.22%	+4.29%

Volatility

FXY vs. QQQM - Volatility Comparison

The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 9.00%. 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.

Volatility by Period

	FXY	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	9.00%	-8.21%
Volatility (6M) Calculated over the trailing 6-month period	5.61%	14.43%	-8.82%
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	17.85%	-9.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.24%	22.53%	-12.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.23%	22.30%	-13.07%

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 0.44%.

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	0.44%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%

Frequently Asked Questions

Can I hold both FXY and QQQM in my portfolio?

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.

Which is riskier, FXY or QQQM?

QQQM has higher volatility (9.00%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs QQQM's -35.04%.

Which ETF is better, FXY or QQQM?

On 5-year performance, QQQM leads with 16.11% vs -7.73% for FXY. On fees, QQQM is cheaper at 0.15% per year. On volatility, FXY has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXY or QQQM?

Over the 5-year period, QQQM has performed better with a 16.11% return vs -7.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXY or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.40% for FXY.

Which ETF pays a higher dividend yield, FXY or QQQM?

QQQM has the higher dividend yield at 0.44%, compared with 0.00% for FXY.

What is the main difference between FXY and QQQM?

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.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (1.97 vs -1.21), 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.