FXY vs. SCJ

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco CurrencyShares® Japanese Yen Trust (FXY) and iShares MSCI Japan Small Cap ETF (SCJ).

FXY and SCJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXY is a passively managed fund by Invesco that tracks the performance of the Japanese Yen. It was launched on Feb 12, 2007. SCJ is a passively managed fund by iShares that tracks the performance of the MSCI Japan Small Cap Index. It was launched on Dec 20, 2007. Both FXY and SCJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FXY vs. SCJ - Performance Comparison

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

FXY vs. SCJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXY Invesco CurrencyShares® Japanese Yen Trust	-1.35%	0.09%	-10.93%	-7.44%	-12.75%	-10.90%	4.61%	0.37%	2.31%	3.17%
SCJ iShares MSCI Japan Small Cap ETF	5.74%	29.58%	3.41%	13.22%	-12.75%	-2.95%	7.46%	16.16%	-17.17%	31.61%

Returns By Period

In the year-to-date period, FXY achieves a -1.35% return, which is significantly lower than SCJ's 5.74% return. Over the past 10 years, FXY has underperformed SCJ with an annualized return of -3.96%, while SCJ has yielded a comparatively higher 7.50% annualized return.

FXY

• 1D: 0.64%
• 1M: -1.61%
• YTD: -1.35%
• 6M: -6.96%
• 1Y: -5.89%
• 3Y*: -6.20%
• 5Y*: -7.45%
• 10Y*: -3.96%

SCJ

• 1D: 2.63%
• 1M: -9.21%
• YTD: 5.74%
• 6M: 7.75%
• 1Y: 30.63%
• 3Y*: 15.14%
• 5Y*: 5.57%
• 10Y*: 7.50%

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

FXY vs. SCJ - Expense Ratio Comparison

FXY has a 0.40% expense ratio, which is lower than SCJ's 0.49% expense ratio.

SCJ

iShares MSCI Japan Small Cap ETF

FXY

Invesco CurrencyShares® Japanese Yen Trust

Return for Risk

FXY vs. SCJ — Risk / Return Rank

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

FXY

FXY Risk / Return Rank: 4
FXY Sharpe Ratio Rank: 3
FXY Sortino Ratio Rank: 3
FXY Omega Ratio Rank: 3
FXY Calmar Ratio Rank: 4
FXY Martin Ratio Rank: 6

SCJ

SCJ Risk / Return Rank: 85
SCJ Sharpe Ratio Rank: 87
SCJ Sortino Ratio Rank: 89
SCJ Omega Ratio Rank: 85
SCJ Calmar Ratio Rank: 84
SCJ Martin Ratio Rank: 83

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. SCJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and iShares MSCI Japan Small Cap ETF (SCJ). 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	SCJ	Difference
Sharpe ratio Return per unit of total volatility	-0.58	1.77	-2.35
Sortino ratio Return per unit of downside risk	-0.78	2.48	-3.25
Omega ratio Gain probability vs. loss probability	0.91	1.33	-0.42
Calmar ratio Return relative to maximum drawdown	-0.48	2.41	-2.89
Martin ratio Return relative to average drawdown	-0.80	9.17	-9.97
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. SCJ - Sharpe Ratio Comparison

The current FXY Sharpe Ratio is -0.58, which is lower than the SCJ Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of FXY and SCJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FXY	SCJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	1.77	-2.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.73	0.36	-1.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.42	0.46	-0.88
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.28	-0.46

Correlation

The correlation between FXY and SCJ is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FXY vs. SCJ - Dividend Comparison

FXY has not paid dividends to shareholders, while SCJ's dividend yield for the trailing twelve months is around 2.97%.

	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%
SCJ iShares MSCI Japan Small Cap ETF	2.97%	3.14%	1.79%	1.99%	1.18%	1.87%	0.89%	1.85%	1.44%	1.45%	2.73%	1.53%

Drawdowns

FXY vs. SCJ - Drawdown Comparison

The maximum FXY drawdown since its inception was -56.03%, which is greater than SCJ's maximum drawdown of -43.52%. Use the drawdown chart below to compare losses from any high point for FXY and SCJ.

Drawdown Indicators

	FXY	SCJ	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-43.52%	-12.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-12.17%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-34.49%	-33.25%	-1.24%
Max Drawdown (10Y) Largest decline over 10 years	-40.84%	-38.87%	-1.97%
Current Drawdown Current decline from peak	-55.51%	-9.21%	-46.30%
Average Drawdown Average peak-to-trough decline	-27.48%	-10.44%	-17.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.46%	3.19%	+4.27%

Volatility

FXY vs. SCJ - Volatility Comparison

The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 2.33%, while iShares MSCI Japan Small Cap ETF (SCJ) has a volatility of 7.26%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than SCJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXY	SCJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	7.26%	-4.93%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	12.11%	-6.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	17.40%	-7.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.20%	15.64%	-5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.47%	16.23%	-6.76%