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FXY vs. RSP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FXY vs. RSP

Last updated Jun 4, 2026

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 -4.49%/yr vs 11.86%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco S&P 500 Equal Weight ETF (RSP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than RSP's 9.70% return. Over the past 10 years, FXY has underperformed RSP with an annualized return of -4.49%, while RSP has yielded a comparatively higher 11.86% annualized 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%

RSP

1D
-0.38%
1M
3.77%
YTD
9.70%
6M
10.18%
1Y
19.50%
3Y*
15.23%
5Y*
8.33%
10Y*
11.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FXY vs. RSP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FXY
Invesco CurrencyShares® Japanese Yen Trust		-2.28%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		9.70%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 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

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 14, 2007

-0.24

The correlation between FXY and RSP shifts across timeframes, from -0.24 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco CurrencyShares® Japanese Yen Trust

Invesco S&P 500 Equal Weight ETF

Often compared with FXY:
FXY vs. YCLFXY vs. SPYFXY vs. FXEFXY vs. EWJFXY vs. QQQFXY vs. DXJSFXY vs. IEF
Often compared with RSP:
RSP vs. SPYRSP vs. VOORSP vs. VTIRSP vs. FXAIXRSP vs. IVVRSP vs. EUSARSP vs. GSEW

Return for Risk

FXY vs. RSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FXY
FXY Risk / Return Rank: 11
Overall Rank
FXY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
FXY Sortino Ratio Rank: 11
Sortino Ratio Rank
FXY Omega Ratio Rank: 11
Omega Ratio Rank
FXY Calmar Ratio Rank: 11
Calmar Ratio Rank
FXY Martin Ratio Rank: 22
Martin Ratio Rank
RSP
RSP Risk / Return Rank: 4949
Overall Rank
RSP Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
RSP Sortino Ratio Rank: 4949
Sortino Ratio Rank
RSP Omega Ratio Rank: 4646
Omega Ratio Rank
RSP Calmar Ratio Rank: 5050
Calmar Ratio Rank
RSP Martin Ratio Rank: 5454
Martin Ratio Rank
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. 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.

FXYRSPDifference

Sharpe ratio

Return per unit of total volatility

-1.25

1.70

-2.95

Sortino ratio

Return per unit of downside risk

-1.85

2.47

-4.32

Omega ratio

Gain probability vs. loss probability

0.80

1.30

-0.50

Calmar ratio

Return relative to maximum drawdown

-0.94

2.49

-3.43

Martin ratio

Return relative to average drawdown

-1.39

9.48

-10.86

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXY vs. RSP - Sharpe Ratio Comparison

The current FXY Sharpe Ratio is -1.25, which is lower than the RSP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of FXY and RSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FXYRSPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.25

1.70

-2.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.76

0.52

-1.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.48

0.65

-1.13

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.18

0.57

-0.75

Drawdowns

FXY vs. RSP - Drawdown Comparison

The maximum FXY drawdown since its inception was -56.03%, 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

FXYRSPDifference

Max Drawdown

Largest peak-to-trough decline

-56.03%

-59.92%

+3.89%

Max Drawdown (1Y)

Largest decline over 1 year

-11.16%

-7.85%

-3.31%

Max Drawdown (3Y)

Largest decline over 3 years

-15.12%

-17.81%

+2.69%

Max Drawdown (5Y)

Largest decline over 5 years

-33.72%

-21.38%

-12.34%

Max Drawdown (10Y)

Largest decline over 10 years

-40.84%

-39.04%

-1.80%

Current Drawdown

Current decline from peak

-55.93%

-0.38%

-55.55%

Average Drawdown

Average peak-to-trough decline

-27.74%

-6.65%

-21.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.50%

2.06%

+5.44%

Volatility

FXY vs. RSP - Volatility Comparison

The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Invesco S&P 500 Equal Weight ETF (RSP) has a volatility of 2.56%. 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

FXYRSPDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.19%

2.56%

-1.37%

Volatility (6M)

Calculated over the trailing 6-month period

5.75%

8.29%

-2.54%

Volatility (1Y)

Calculated over the trailing 1-year period

8.38%

11.56%

-3.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.24%

16.18%

-5.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.33%

18.35%

-9.02%

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 1.49%.

PositionTTM20252024202320222021202020192018201720162015
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		1.49%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 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RSP has higher volatility (2.56%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs RSP's -59.92%.

On 10-year performance, RSP leads with 11.86% vs -4.49% for FXY. On fees, RSP is cheaper at 0.20% 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, RSP has performed better with a 11.86% return vs -4.49%. 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 1.49%, 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 (1.70 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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