FXY vs. SPMO
FXY (Invesco CurrencyShares® Japanese Yen Trust) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, FXY returned -4.78%/yr vs 20.10%/yr for SPMO. Their -0.08 correlation means they have often moved in opposite directions in the past. FXY charges 0.40%/yr vs 0.13%/yr for SPMO.
Performance
FXY vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -0.89% return, which is significantly lower than SPMO's 26.49% return. Over the past 10 years, FXY has underperformed SPMO with an annualized return of -4.78%, while SPMO has yielded a comparatively higher 20.10% annualized return.
FXY
- 1D
- 0.00%
- 1M
- 2.76%
- 6M
- -0.75%
- YTD
- -0.89%
- 1Y
- -6.74%
- 3Y*
- -3.89%
- 5Y*
- -7.39%
- 10Y*
- -4.78%
- ALL TIME*
- -1.78%
SPMO
- 1D
- -0.60%
- 1M
- -1.77%
- 6M
- 28.96%
- YTD
- 26.49%
- 1Y
- 32.07%
- 3Y*
- 39.71%
- 5Y*
- 20.97%
- 10Y*
- 20.10%
- ALL TIME*
- 19.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.28M | $18.59M | $12.83M | |
| $342.72M | $341.89M | $352.43M |
FXY vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -0.89% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
SPMO Invesco S&P 500 Momentum ETF | 26.49% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between FXY and SPMO is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | -0.08 |
The correlation between FXY and SPMO shifts across timeframes, from -0.08 (10 years) to 0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. SPMO — Risk / Return Rank
FXY
SPMO
FXY vs. SPMO - 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 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.25 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 2.06 | -2.68 |
| Martin ratioReturn relative to average drawdown | -1.00 | 7.35 | -8.35 |
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Drawdowns
FXY vs. SPMO - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.95%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for FXY and SPMO.
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Drawdown Indicators
| FXY | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.95% | -30.95% | -26.00% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -15.64% | +4.78% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -20.13% | +5.22% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -22.74% | -12.25% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -30.95% | -11.13% |
Current DrawdownCurrent decline from peak | -55.30% | -7.05% | -48.25% |
Average DrawdownAverage peak-to-trough decline | -27.98% | -4.62% | -23.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.72% | 4.37% | +2.35% |
Volatility
FXY vs. SPMO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 3.19%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.70%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 10.70% | -7.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.63% | 21.85% | -16.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 24.09% | -15.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.31% | 20.69% | -10.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 20.97% | -11.84% |
FXY vs. SPMO - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
FXY vs. SPMO - Dividend Comparison
FXY has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.70%.
| 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.70% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
FXY and SPMO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (10.70%) compared to FXY (3.19%). In terms of maximum drawdown, FXY dropped -56.95% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 20.10% vs -4.78% for FXY. On fees, SPMO is cheaper at 0.13% per year. On volatility, FXY has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 20.10% return vs -4.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.40% for FXY.
SPMO has the higher dividend yield at 0.70%, compared with 0.00% for FXY.
FXY is categorized as Currency, while SPMO is Momentum. FXY tracks Japanese Yen, while SPMO tracks S&P 500 Momentum Index. Their fees differ too: 0.40% for FXY and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (1.34 vs -0.84), 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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