FXY vs. TLT
FXY (Invesco CurrencyShares® Japanese Yen Trust) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs -1.66%/yr for TLT. At a 0.44 correlation, their price movements are largely independent. FXY charges 0.40%/yr vs 0.15%/yr for TLT.
Performance
FXY vs. TLT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, FXY has underperformed TLT with an annualized return of -4.49%, while TLT has yielded a comparatively higher -1.66% 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%
TLT
- 1D
- -0.40%
- 1M
- 0.81%
- YTD
- -0.27%
- 6M
- -2.02%
- 1Y
- 4.93%
- 3Y*
- -1.80%
- 5Y*
- -6.31%
- 10Y*
- -1.66%
FXY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | -0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between FXY and TLT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | 0.44 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXY vs. TLT — Risk / Return Rank
FXY
TLT
FXY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.25 | 0.51 | -1.76 |
Sortino ratioReturn per unit of downside risk | -1.85 | 0.80 | -2.65 |
Omega ratioGain probability vs. loss probability | 0.80 | 1.09 | -0.29 |
Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.65 | -1.59 |
Martin ratioReturn relative to average drawdown | -1.39 | 1.63 | -3.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FXY | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | 0.51 | -1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | -0.40 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.11 | -0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.26 | -0.44 |
Drawdowns
FXY vs. TLT - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FXY and TLT.
Loading charts...
Drawdown Indicators
| FXY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -48.35% | -7.68% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -7.58% | -3.58% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -19.18% | +4.06% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -43.70% | +9.98% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -48.35% | +7.51% |
Current DrawdownCurrent decline from peak | -55.93% | -40.44% | -15.49% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -13.82% | -13.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 3.04% | +4.46% |
Volatility
FXY vs. TLT - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.76%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 2.76% | -1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 6.50% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 9.77% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 15.87% | -5.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 14.91% | -5.58% |
FXY vs. TLT - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FXY vs. TLT - Dividend Comparison
FXY has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.59%.
| 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.59% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
FXY and TLT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.76%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs TLT's -48.35%.
On 10-year performance, TLT leads with -1.66% vs -4.49% for FXY. On fees, TLT is cheaper at 0.15% 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, TLT has performed better with a -1.66% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.40% for FXY.
TLT has the higher dividend yield at 4.59%, compared with 0.00% for FXY.
FXY is categorized as Currency, while TLT is Government Bonds. FXY tracks Japanese Yen, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXY and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.51 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.
Find the right allocation for FXY and TLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer