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 -4.40%/yr vs 19.68%/yr for XMMO. At a correlation of -0.21, they often move in opposite directions. 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 -2.25% return, which is significantly lower than XMMO's 24.24% return. Over the past 10 years, FXY has underperformed XMMO with an annualized return of -4.40%, while XMMO has yielded a comparatively higher 19.68% annualized return.
FXY
- 1D
- 0.03%
- 1M
- -1.44%
- YTD
- -2.25%
- 6M
- -3.29%
- 1Y
- -11.02%
- 3Y*
- -4.90%
- 5Y*
- -7.78%
- 10Y*
- -4.40%
XMMO
- 1D
- 0.42%
- 1M
- 5.53%
- YTD
- 24.24%
- 6M
- 24.41%
- 1Y
- 38.04%
- 3Y*
- 32.57%
- 5Y*
- 16.79%
- 10Y*
- 19.68%
FXY vs. XMMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -2.25% | 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 | 24.24% | 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 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
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 | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007 | -0.21 |
The correlation between FXY and XMMO shifts across timeframes, from -0.21 (all time) to 0.11 (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.
| FXY | XMMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.38 | ||
| Sortino ratioReturn per unit of downside risk | -4.81 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.36 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 4.58 | -5.61 |
| Martin ratioReturn relative to average drawdown | -1.54 | 18.73 | -20.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXY | XMMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.33 | 2.04 | -3.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.76 | 0.79 | -1.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | 0.89 | -1.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.18 | 0.58 | -0.76 |
Drawdowns
FXY vs. XMMO - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.03%, 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 | -56.03% | -55.37% | -0.66% |
Max Drawdown (1Y)Largest decline over 1 year | -10.74% | -8.34% | -2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -24.93% | +9.81% |
Max Drawdown (5Y)Largest decline over 5 years | -33.72% | -27.91% | -5.81% |
Max Drawdown (10Y)Largest decline over 10 years | -40.84% | -36.74% | -4.10% |
Current DrawdownCurrent decline from peak | -55.92% | 0.00% | -55.92% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -9.45% | -18.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.53% | 2.04% | +5.49% |
Volatility
FXY vs. XMMO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 1.14%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.69%. 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 | 1.14% | 7.69% | -6.55% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 15.51% | -9.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.34% | 18.70% | -10.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 21.44% | -11.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.33% | 22.26% | -12.93% |
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 0.60%.
| 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 | 0.60% | 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 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMMO has higher volatility (7.69%) compared to FXY (1.14%). In terms of maximum drawdown, FXY dropped -56.03% vs XMMO's -55.37%.
On 10-year performance, XMMO leads with 19.68% vs -4.40% for FXY. On fees, XMMO is cheaper at 0.35% per year. On volatility, FXY has been the lower-risk option at 1.14%. 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 19.68% return vs -4.40%. 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 0.60%, 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 (2.04 vs -1.33), 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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