FXY vs. VOO
FXY (Invesco CurrencyShares® Japanese Yen Trust) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FXY returned -4.78%/yr vs 15.35%/yr for VOO. Their -0.18 correlation means they have often moved in opposite directions in the past. FXY charges 0.40%/yr vs 0.03%/yr for VOO.
Performance
FXY vs. VOO - 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 VOO's 13.52% return. Over the past 10 years, FXY has underperformed VOO with an annualized return of -4.78%, while VOO has yielded a comparatively higher 15.35% 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%
VOO
- 1D
- -0.19%
- 1M
- 2.46%
- 6M
- 12.84%
- YTD
- 13.52%
- 1Y
- 24.01%
- 3Y*
- 21.49%
- 5Y*
- 13.30%
- 10Y*
- 15.35%
- ALL TIME*
- 14.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.28M | $18.59M | $12.83M | |
| $4.29B | $3.83B | $5.49B |
FXY vs. VOO - 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% |
VOO Vanguard S&P 500 ETF | 13.52% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between FXY and VOO is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.18 |
The correlation between FXY and VOO shifts across timeframes, from -0.18 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. VOO — Risk / Return Rank
FXY
VOO
FXY vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.85 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.34 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 2.71 | -3.33 |
| Martin ratioReturn relative to average drawdown | -1.00 | 11.57 | -12.58 |
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Drawdowns
FXY vs. VOO - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.95%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FXY and VOO.
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Drawdown Indicators
| FXY | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.95% | -33.99% | -22.96% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -8.90% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -18.69% | +3.78% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -24.52% | -10.47% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -33.99% | -8.09% |
Current DrawdownCurrent decline from peak | -55.30% | -0.19% | -55.11% |
Average DrawdownAverage peak-to-trough decline | -27.98% | -3.67% | -24.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.72% | 2.08% | +4.64% |
Volatility
FXY vs. VOO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 3.19%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.07%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 4.07% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.63% | 10.27% | -4.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 12.81% | -4.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.31% | 16.96% | -6.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 18.03% | -8.90% |
FXY vs. VOO - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
FXY vs. VOO - Dividend Comparison
FXY has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.04%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.04% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
FXY and VOO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (4.07%) compared to FXY (3.19%). In terms of maximum drawdown, FXY dropped -56.95% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.35% vs -4.78% for FXY. On fees, VOO is cheaper at 0.03% 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, VOO has performed better with a 15.35% return vs -4.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.40% for FXY.
VOO has the higher dividend yield at 1.04%, compared with 0.00% for FXY.
FXY is categorized as Currency, while VOO is S&P 500. FXY tracks Japanese Yen, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXY and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.88 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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