FXY vs. VTI

Last updated Jun 4, 2026

FXY (Invesco CurrencyShares® Japanese Yen Trust) and VTI (Vanguard Total Stock Market ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, FXY returned -4.49%/yr vs 15.05%/yr for VTI. At a correlation of -0.25, they often move in opposite directions. FXY charges 0.40%/yr vs 0.03%/yr for VTI.

Performance

FXY vs. VTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Japanese Yen Trust (FXY) and Vanguard Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXY achieves a -2.28% return, which is significantly lower than VTI's 11.20% return. Over the past 10 years, FXY has underperformed VTI with an annualized return of -4.49%, while VTI has yielded a comparatively higher 15.05% 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%

VTI

• 1D: -0.72%
• 1M: 4.99%
• YTD: 11.20%
• 6M: 11.09%
• 1Y: 28.18%
• 3Y*: 22.07%
• 5Y*: 12.69%
• 10Y*: 15.05%

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

FXY vs. VTI - 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%
VTI Vanguard Total Stock Market ETF	11.20%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	30.67%	-5.23%	21.21%

Correlation

The correlation between FXY and VTI 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	0.03
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 Feb 14, 2007	-0.25

The correlation between FXY and VTI shifts across timeframes, from -0.25 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FXY vs. VTI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FXY

FXY Risk / Return Rank: 1
FXY Sharpe Ratio Rank: 1
FXY Sortino Ratio Rank: 1
FXY Omega Ratio Rank: 1
FXY Calmar Ratio Rank: 1
FXY Martin Ratio Rank: 2

VTI

VTI Risk / Return Rank: 68
VTI Sharpe Ratio Rank: 69
VTI Sortino Ratio Rank: 68
VTI Omega Ratio Rank: 67
VTI Calmar Ratio Rank: 62
VTI Martin Ratio Rank: 75

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. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Vanguard Total Stock Market ETF (VTI). 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	VTI	Difference
Sharpe ratio Return per unit of total volatility	-1.25	2.33	-3.58
Sortino ratio Return per unit of downside risk	-1.85	3.18	-5.03
Omega ratio Gain probability vs. loss probability	0.80	1.42	-0.62
Calmar ratio Return relative to maximum drawdown	-0.94	3.17	-4.11
Martin ratio Return relative to average drawdown	-1.39	14.62	-16.01
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. VTI - Sharpe Ratio Comparison

The current FXY Sharpe Ratio is -1.25, which is lower than the VTI Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of FXY and VTI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FXY	VTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.25	2.33	-3.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.76	0.73	-1.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.48	0.82	-1.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.51	-0.69

Drawdowns

FXY vs. VTI - Drawdown Comparison

The maximum FXY drawdown since its inception was -56.03%, roughly equal to the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for FXY and VTI.

Drawdown Indicators

	FXY	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-56.03%	-55.45%	-0.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-8.92%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-15.12%	-19.30%	+4.18%
Max Drawdown (5Y) Largest decline over 5 years	-33.72%	-25.36%	-8.36%
Max Drawdown (10Y) Largest decline over 10 years	-40.84%	-35.00%	-5.84%
Current Drawdown Current decline from peak	-55.93%	-0.72%	-55.21%
Average Drawdown Average peak-to-trough decline	-27.74%	-8.03%	-19.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.50%	1.93%	+5.57%

Volatility

FXY vs. VTI - Volatility Comparison

The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.19%, while Vanguard Total Stock Market ETF (VTI) has a volatility of 2.96%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXY	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	2.96%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	5.75%	9.13%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	8.38%	12.17%	-3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.24%	17.40%	-7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	18.30%	-8.97%

FXY vs. VTI - Expense Ratio Comparison

FXY has a 0.40% expense ratio, which is higher than VTI's 0.03% expense ratio.

Dividends

FXY vs. VTI - Dividend Comparison

FXY has not paid dividends to shareholders, while VTI's dividend yield for the trailing twelve months is around 1.01%.

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%
VTI Vanguard Total Stock Market ETF	1.01%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both FXY and VTI in my portfolio?

FXY and VTI 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.

Which is riskier, FXY or VTI?

VTI has higher volatility (2.96%) compared to FXY (1.19%). In terms of maximum drawdown, FXY dropped -56.03% vs VTI's -55.45%.

Which ETF is better, FXY or VTI?

On 10-year performance, VTI leads with 15.05% vs -4.49% for FXY. On fees, VTI is cheaper at 0.03% 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.

Which ETF has performed better, FXY or VTI?

Over the 10-year period, VTI has performed better with a 15.05% return vs -4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXY or VTI?

VTI is cheaper with a 0.03% expense ratio, compared with 0.40% for FXY.

Which ETF pays a higher dividend yield, FXY or VTI?

VTI has the higher dividend yield at 1.01%, compared with 0.00% for FXY.

What is the main difference between FXY and VTI?

FXY is categorized as Currency, while VTI is Large Cap Blend Equities. FXY tracks Japanese Yen, while VTI tracks CRSP US Total Market Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for FXY and 0.03% for VTI.

Which has better risk-adjusted returns?

VTI currently has the higher Sharpe Ratio (2.33 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.