FXY vs. XMMO
FXY (Invesco CurrencyShares® Japanese Yen Trust) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - FXY is a Currency fund tracking the Japanese Yen, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, FXY returned -4.78%/yr vs 18.39%/yr for XMMO. Their -0.21 correlation means they have often moved in opposite directions in the past. FXY charges 0.40%/yr vs 0.35%/yr for XMMO.
Performance
FXY vs. XMMO - 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 XMMO's 15.38% return. Over the past 10 years, FXY has underperformed XMMO with an annualized return of -4.78%, while XMMO has yielded a comparatively higher 18.39% 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%
XMMO
- 1D
- -0.69%
- 1M
- -3.38%
- 6M
- 13.16%
- YTD
- 15.38%
- 1Y
- 23.91%
- 3Y*
- 25.50%
- 5Y*
- 13.92%
- 10Y*
- 18.39%
- ALL TIME*
- 12.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.28M | $18.59M | $12.83M | |
| $62.05M | $68.99M | $66.59M |
FXY vs. XMMO - 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% |
XMMO Invesco S&P MidCap Momentum ETF | 15.38% | 13.04% | 38.03% | 20.39% | -16.02% | 16.69% | 29.17% | 36.78% | 6.12% | 37.18% |
Correlation
The correlation between FXY and XMMO is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2007 | -0.21 |
The correlation between FXY and XMMO shifts across timeframes, from -0.21 (all time) to 0.05 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXY vs. XMMO — Risk / Return Rank
FXY
XMMO
FXY vs. XMMO - 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 MidCap Momentum ETF (XMMO). 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 | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.20 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.73 | -2.35 |
| Martin ratioReturn relative to average drawdown | -1.00 | 6.99 | -8.00 |
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Drawdowns
FXY vs. XMMO - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.95%, roughly equal to the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for FXY and XMMO.
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Drawdown Indicators
| FXY | XMMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.95% | -55.37% | -1.58% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -13.91% | +3.05% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -24.93% | +10.02% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -27.91% | -7.08% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -36.74% | -5.34% |
Current DrawdownCurrent decline from peak | -55.30% | -8.39% | -46.91% |
Average DrawdownAverage peak-to-trough decline | -27.98% | -9.42% | -18.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.72% | 3.43% | +3.29% |
Volatility
FXY vs. XMMO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 3.19%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.82%. This indicates that FXY experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXY | XMMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 7.82% | -4.63% |
Volatility (6M)Calculated over the trailing 6-month period | 5.63% | 18.63% | -13.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 21.60% | -13.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.31% | 21.90% | -11.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 22.45% | -13.32% |
FXY vs. XMMO - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is higher than XMMO's 0.35% expense ratio.
Dividends
FXY vs. XMMO - Dividend Comparison
FXY has not paid dividends to shareholders, while XMMO's dividend yield for the trailing twelve months is around 0.61%.
| 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% |
XMMO Invesco S&P MidCap Momentum ETF | 0.61% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
FXY and XMMO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMMO has higher volatility (7.82%) compared to FXY (3.19%). In terms of maximum drawdown, FXY dropped -56.95% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 18.39% vs -4.78% for FXY. On fees, XMMO is cheaper at 0.35% 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, XMMO has performed better with a 18.39% return vs -4.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.40% for FXY.
XMMO has the higher dividend yield at 0.61%, compared with 0.00% for FXY.
FXY is categorized as Currency, while XMMO is Momentum. FXY tracks Japanese Yen, while XMMO tracks S&P MidCap 400 Momentum Index. Their fees differ too: 0.40% for FXY and 0.35% for XMMO.
XMMO currently has the higher Sharpe Ratio (1.11 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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