FXY vs. XLG
FXY (Invesco CurrencyShares® Japanese Yen Trust) and XLG (Invesco S&P 500 Top 50 ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, FXY returned -4.71%/yr vs 16.57%/yr for XLG. At a correlation of -0.24, they often move in opposite directions. FXY charges 0.40%/yr vs 0.20%/yr for XLG.
Performance
FXY vs. XLG - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -3.58% return, which is significantly lower than XLG's 4.48% return. Over the past 10 years, FXY has underperformed XLG with an annualized return of -4.71%, while XLG has yielded a comparatively higher 16.57% annualized return.
FXY
- 1D
- 0.19%
- 1M
- -1.21%
- 6M
- -2.06%
- YTD
- -3.58%
- 1Y
- -9.23%
- 3Y*
- -5.44%
- 5Y*
- -7.97%
- 10Y*
- -4.71%
XLG
- 1D
- 0.70%
- 1M
- 0.83%
- 6M
- 4.07%
- YTD
- 4.48%
- 1Y
- 18.08%
- 3Y*
- 21.26%
- 5Y*
- 14.10%
- 10Y*
- 16.57%
FXY vs. XLG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.58% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
XLG Invesco S&P 500 Top 50 ETF | 4.48% | 19.51% | 33.49% | 38.16% | -24.29% | 30.77% | 24.15% | 32.04% | -3.59% | 23.04% |
Correlation
The correlation between FXY and XLG is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | -0.24 |
The correlation between FXY and XLG shifts across timeframes, from -0.24 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. XLG — Risk / Return Rank
FXY
XLG
FXY vs. XLG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco S&P 500 Top 50 ETF (XLG). 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 | XLG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.23 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 1.46 | -2.37 |
| Martin ratioReturn relative to average drawdown | -1.47 | 4.88 | -6.34 |
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Drawdowns
FXY vs. XLG - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.62%, which is greater than XLG's maximum drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for FXY and XLG.
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Drawdown Indicators
| FXY | XLG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.62% | -52.39% | -4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -12.41% | +2.20% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -20.70% | +4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -28.02% | -6.59% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -30.46% | -11.18% |
Current DrawdownCurrent decline from peak | -56.51% | -4.28% | -52.23% |
Average DrawdownAverage peak-to-trough decline | -27.89% | -7.63% | -20.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 3.72% | +2.59% |
Volatility
FXY vs. XLG - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.53%, while Invesco S&P 500 Top 50 ETF (XLG) has a volatility of 4.79%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | XLG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 4.79% | -3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 11.07% | -5.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.08% | 14.12% | -6.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 18.83% | -8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 18.88% | -9.70% |
FXY vs. XLG - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than XLG's 0.20% expense ratio.
Dividends
FXY vs. XLG - Dividend Comparison
FXY has not paid dividends to shareholders, while XLG's dividend yield for the trailing twelve months is around 0.64%.
| 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% |
XLG Invesco S&P 500 Top 50 ETF | 0.64% | 0.64% | 0.72% | 0.97% | 1.34% | 0.94% | 1.25% | 1.58% | 2.00% | 1.85% | 2.00% | 2.09% |
Frequently Asked Questions
FXY and XLG have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLG has higher volatility (4.79%) compared to FXY (1.53%). In terms of maximum drawdown, FXY dropped -56.62% vs XLG's -52.39%.
On 10-year performance, XLG leads with 16.57% vs -4.71% for FXY. On fees, XLG is cheaper at 0.20% per year. On volatility, FXY has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLG has performed better with a 16.57% return vs -4.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLG is cheaper with a 0.20% expense ratio, compared with 0.40% for FXY.
XLG has the higher dividend yield at 0.64%, compared with 0.00% for FXY.
FXY is categorized as Currency, while XLG is S&P 500. FXY tracks Japanese Yen, while XLG tracks S&P 500 Top 50 Index. Their fees differ too: 0.40% for FXY and 0.20% for XLG.
XLG currently has the higher Sharpe Ratio (1.29 vs -1.15), 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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