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 -4.97%/yr vs 15.61%/yr for VOO. At a correlation of -0.18, they often move in opposite directions. FXY charges 0.40%/yr vs 0.03%/yr for VOO.
Performance
FXY vs. VOO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXY achieves a -3.19% return, which is significantly lower than VOO's 8.19% return. Over the past 10 years, FXY has underperformed VOO with an annualized return of -4.97%, while VOO has yielded a comparatively higher 15.61% annualized return.
FXY
- 1D
- 0.02%
- 1M
- -1.56%
- YTD
- -3.19%
- 6M
- -3.45%
- 1Y
- -9.88%
- 3Y*
- -4.26%
- 5Y*
- -7.73%
- 10Y*
- -4.97%
VOO
- 1D
- -1.42%
- 1M
- -1.34%
- YTD
- 8.19%
- 6M
- 7.24%
- 1Y
- 23.69%
- 3Y*
- 20.78%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
FXY vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.19% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
VOO Vanguard S&P 500 ETF | 8.19% | 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 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 0.21 (1 year), reflecting how their relationship changes across market environments.
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. 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 | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -4.39 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.35 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.67 | -3.54 |
| Martin ratioReturn relative to average drawdown | -1.32 | 11.96 | -13.28 |
Loading charts...
Drawdowns
FXY vs. VOO - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.35%, 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.
Loading charts...
Drawdown Indicators
| FXY | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.35% | -33.99% | -22.36% |
Max Drawdown (1Y)Largest decline over 1 year | -11.45% | -8.90% | -2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -18.69% | +2.96% |
Max Drawdown (5Y)Largest decline over 5 years | -34.19% | -24.52% | -9.67% |
Max Drawdown (10Y)Largest decline over 10 years | -41.27% | -33.99% | -7.28% |
Current DrawdownCurrent decline from peak | -56.34% | -3.14% | -53.20% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -3.68% | -24.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 1.99% | +5.52% |
Volatility
FXY vs. VOO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.83%. 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.
Loading charts...
Volatility by Period
| FXY | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 4.83% | -4.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 9.82% | -4.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 12.46% | -4.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 16.91% | -6.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 18.02% | -8.79% |
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 1.05%.
| 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 | 1.05% | 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 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (4.83%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.35% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.61% vs -4.97% for FXY. On fees, VOO is cheaper at 0.03% per year. On volatility, FXY has been the lower-risk option at 0.79%. 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 15.61% return vs -4.97%. 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 1.05%, 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 (1.91 vs -1.21), 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 VOO
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