FXY vs. UDN

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco DB US Dollar Index Bearish Fund (UDN).

FXY and UDN 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. UDN is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Short USD Currency Portfolio Index. It was launched on Feb 20, 2007. Both FXY and UDN 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. UDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco DB US Dollar Index Bearish Fund (UDN). The values are adjusted to include any dividend payments, if applicable.

FXY vs. UDN - 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%
UDN Invesco DB US Dollar Index Bearish Fund	-1.32%	12.37%	-4.53%	4.88%	-7.96%	-7.03%	6.20%	-0.97%	-5.02%	9.50%

Returns By Period

The year-to-date returns for both investments are quite close, with FXY having a -1.35% return and UDN slightly higher at -1.32%. Over the past 10 years, FXY has underperformed UDN with an annualized return of -3.96%, while UDN has yielded a comparatively higher -0.49% 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%

UDN

• 1D: 0.67%
• 1M: -2.23%
• YTD: -1.32%
• 6M: -1.54%
• 1Y: 5.59%
• 3Y*: 3.05%
• 5Y*: -0.33%
• 10Y*: -0.49%

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

FXY vs. UDN - Expense Ratio Comparison

FXY has a 0.40% expense ratio, which is lower than UDN's 0.77% expense ratio.

UDN

Invesco DB US Dollar Index Bearish Fund

FXY

Invesco CurrencyShares® Japanese Yen Trust

Return for Risk

FXY vs. UDN — 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

UDN

UDN Risk / Return Rank: 42
UDN Sharpe Ratio Rank: 44
UDN Sortino Ratio Rank: 46
UDN Omega Ratio Rank: 35
UDN Calmar Ratio Rank: 50
UDN Martin Ratio Rank: 34

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. UDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco DB US Dollar Index Bearish Fund (UDN). 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	UDN	Difference
Sharpe ratio Return per unit of total volatility	-0.58	0.76	-1.33
Sortino ratio Return per unit of downside risk	-0.78	1.21	-1.99
Omega ratio Gain probability vs. loss probability	0.91	1.14	-0.22
Calmar ratio Return relative to maximum drawdown	-0.48	1.22	-1.70
Martin ratio Return relative to average drawdown	-0.80	2.94	-3.74
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. UDN - Sharpe Ratio Comparison

The current FXY Sharpe Ratio is -0.58, which is lower than the UDN Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of FXY and UDN, 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	UDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	0.76	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.73	-0.04	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.42	-0.07	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	-0.10	-0.08

Correlation

The correlation between FXY and UDN is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FXY vs. UDN - Dividend Comparison

FXY has not paid dividends to shareholders, while UDN's dividend yield for the trailing twelve months is around 2.98%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UDN Invesco DB US Dollar Index Bearish Fund	2.98%	2.94%	5.33%	5.21%	0.69%	0.00%	0.00%	1.38%	1.26%	0.11%

Drawdowns

FXY vs. UDN - Drawdown Comparison

The maximum FXY drawdown since its inception was -56.03%, which is greater than UDN's maximum drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FXY and UDN.

Drawdown Indicators

	FXY	UDN	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-41.67%	-14.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.45%	-4.54%	-7.91%
Max Drawdown (5Y) Largest decline over 5 years	-34.49%	-22.75%	-11.74%
Max Drawdown (10Y) Largest decline over 10 years	-40.84%	-25.72%	-15.12%
Current Drawdown Current decline from peak	-55.51%	-28.22%	-27.29%
Average Drawdown Average peak-to-trough decline	-27.48%	-20.55%	-6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.46%	1.88%	+5.58%

Volatility

FXY vs. UDN - Volatility Comparison

Invesco CurrencyShares® Japanese Yen Trust (FXY) has a higher volatility of 2.33% compared to Invesco DB US Dollar Index Bearish Fund (UDN) at 2.10%. This indicates that FXY's price experiences larger fluctuations and is considered to be riskier than UDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXY	UDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	2.10%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	4.26%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	10.25%	7.42%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.20%	7.43%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.47%	6.95%	+2.52%