FXY vs. USDU
FXY (Invesco CurrencyShares® Japanese Yen Trust) and USDU (WisdomTree Bloomberg U.S. Dollar Bullish Fund) are both Currency funds. FXY is passively managed, while USDU is actively managed. Over the past 10 years, FXY returned -4.40%/yr vs 2.70%/yr for USDU. At a correlation of -0.51, they often move in opposite directions. FXY charges 0.40%/yr vs 0.51%/yr for USDU.
Performance
FXY vs. USDU - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -2.25% return, which is significantly lower than USDU's 1.78% return. Over the past 10 years, FXY has underperformed USDU with an annualized return of -4.40%, while USDU has yielded a comparatively higher 2.70% annualized return.
FXY
- 1D
- 0.03%
- 1M
- -1.44%
- YTD
- -2.25%
- 6M
- -3.29%
- 1Y
- -11.02%
- 3Y*
- -4.90%
- 5Y*
- -7.78%
- 10Y*
- -4.40%
USDU
- 1D
- -0.11%
- 1M
- 1.08%
- YTD
- 1.78%
- 6M
- 1.41%
- 1Y
- 4.48%
- 3Y*
- 4.54%
- 5Y*
- 5.47%
- 10Y*
- 2.70%
FXY vs. USDU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.25% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
USDU WisdomTree Bloomberg U.S. Dollar Bullish Fund | 1.78% | -3.14% | 14.56% | 3.10% | 7.67% | 4.07% | -5.43% | 1.54% | 5.40% | -7.44% |
Correlation
The correlation between FXY and USDU is -0.68, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2013 | -0.51 |
The correlation between FXY and USDU shifts across timeframes, from -0.68 (1 year) to -0.51 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. USDU — Risk / Return Rank
FXY
USDU
FXY vs. USDU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU). 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 | USDU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.14 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 1.24 | -2.26 |
| Martin ratioReturn relative to average drawdown | -1.54 | 3.36 | -4.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXY | USDU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.33 | 0.80 | -2.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.83 | -1.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | 0.36 | -0.84 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.44 | -0.62 |
Drawdowns
FXY vs. USDU - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, which is greater than USDU's maximum drawdown of -14.54%. Use the drawdown chart below to compare losses from any high point for FXY and USDU.
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Drawdown Indicators
| FXY | USDU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.03% | -14.54% | -41.49% |
Max Drawdown (1Y)Largest decline over 1 year | -10.74% | -3.64% | -7.10% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -7.73% | -7.39% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -9.28% | -24.44% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -14.54% | -26.30% |
Current DrawdownCurrent decline from peak | -55.92% | -2.36% | -53.56% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -4.72% | -23.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.53% | 1.34% | +6.19% |
Volatility
FXY vs. USDU - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.14%, while WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU) has a volatility of 1.25%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than USDU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | USDU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.25% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 4.31% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.34% | 5.63% | +2.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 6.62% | +3.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 7.46% | +1.87% |
FXY vs. USDU - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than USDU's 0.51% expense ratio.
Dividends
FXY vs. USDU - Dividend Comparison
FXY has not paid dividends to shareholders, while USDU's dividend yield for the trailing twelve months is around 3.76%.
| 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% |
USDU WisdomTree Bloomberg U.S. Dollar Bullish Fund | 3.76% | 3.83% | 3.97% | 6.99% | 7.83% | 0.00% | 0.69% | 3.06% | 0.88% | 0.00% | 0.00% | 6.48% |
Frequently Asked Questions
FXY and USDU have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USDU has higher volatility (1.25%) compared to FXY (1.14%). In terms of maximum drawdown, FXY dropped -56.03% vs USDU's -14.54%.
On 10-year performance, USDU leads with 2.70% vs -4.40% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USDU has performed better with a 2.70% return vs -4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.51% for USDU.
USDU has the higher dividend yield at 3.76%, compared with 0.00% for FXY.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.40% for FXY and 0.51% for USDU.
USDU currently has the higher Sharpe Ratio (0.80 vs -1.33), 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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