FXY vs. RSP
FXY (Invesco CurrencyShares® Japanese Yen Trust) and RSP (Invesco S&P 500 Equal Weight ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while RSP is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 10 years, FXY returned -4.97%/yr vs 12.23%/yr for RSP. At a correlation of -0.24, they often move in opposite directions. FXY charges 0.40%/yr vs 0.20%/yr for RSP.
Performance
FXY vs. RSP - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.19% return, which is significantly lower than RSP's 9.94% return. Over the past 10 years, FXY has underperformed RSP with an annualized return of -4.97%, while RSP has yielded a comparatively higher 12.23% annualized 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%
RSP
- 1D
- -0.34%
- 1M
- 1.51%
- YTD
- 9.94%
- 6M
- 9.07%
- 1Y
- 18.97%
- 3Y*
- 14.87%
- 5Y*
- 8.63%
- 10Y*
- 12.23%
FXY vs. RSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
RSP Invesco S&P 500 Equal Weight ETF | 9.94% | 11.21% | 12.79% | 13.70% | -11.62% | 29.41% | 12.66% | 28.91% | -7.84% | 18.52% |
Correlation
The correlation between FXY and RSP is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
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 | -0.24 |
The correlation between FXY and RSP shifts across timeframes, from -0.24 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. RSP — Risk / Return Rank
FXY
RSP
FXY vs. RSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco S&P 500 Equal Weight ETF (RSP). 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 | RSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -4.14 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.43 | -3.29 |
| Martin ratioReturn relative to average drawdown | -1.32 | 9.17 | -10.49 |
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Drawdowns
FXY vs. RSP - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, smaller than the maximum RSP drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for FXY and RSP.
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Drawdown Indicators
| FXY | RSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.35% | -59.92% | +3.57% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -7.85% | -3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -17.81% | +2.08% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -21.38% | -12.81% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -39.04% | -2.23% |
Current DrawdownCurrent decline from peak | -56.34% | -1.49% | -54.85% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -6.64% | -21.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 2.07% | +5.44% |
Volatility
FXY vs. RSP - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Invesco S&P 500 Equal Weight ETF (RSP) has a volatility of 3.63%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than RSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | RSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 3.63% | -2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 8.68% | -3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 11.82% | -3.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 16.20% | -5.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 18.33% | -9.10% |
FXY vs. RSP - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than RSP's 0.20% expense ratio.
Dividends
FXY vs. RSP - Dividend Comparison
FXY has not paid dividends to shareholders, while RSP's dividend yield for the trailing twelve months is around 1.53%.
| 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% |
RSP Invesco S&P 500 Equal Weight ETF | 1.53% | 1.64% | 1.52% | 1.64% | 1.82% | 1.28% | 1.64% | 1.69% | 2.02% | 1.52% | 1.20% | 1.70% |
Frequently Asked Questions
FXY and RSP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RSP has higher volatility (3.63%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs RSP's -59.92%.
On 10-year performance, RSP leads with 12.23% vs -4.97% for FXY. On fees, RSP is cheaper at 0.20% 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.
Over the 10-year period, RSP has performed better with a 12.23% return vs -4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RSP is cheaper with a 0.20% expense ratio, compared with 0.40% for FXY.
RSP has the higher dividend yield at 1.53%, compared with 0.00% for FXY.
FXY is categorized as Currency, while RSP is S&P 500. FXY tracks Japanese Yen, while RSP tracks S&P 500 Equal Weight Index. Their fees differ too: 0.40% for FXY and 0.20% for RSP.
RSP currently has the higher Sharpe Ratio (1.62 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.
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