JPY=X vs. IEFA

Last updated Apr 3, 2026

Compare and contrast key facts about USD/JPY (JPY=X) and iShares Core MSCI EAFE ETF (IEFA).

IEFA is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Investable Market Index. It was launched on Oct 18, 2012.

Performance

JPY=X vs. IEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a ¥10,000 investment in USD/JPY (JPY=X) and iShares Core MSCI EAFE ETF (IEFA). The values are adjusted to include any dividend payments, if applicable.

JPY=X vs. IEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPY=X USD/JPY	1.73%	-0.29%	11.58%	7.54%	13.91%	11.47%	-4.94%	-0.97%	-2.63%	-3.70%
IEFA iShares Core MSCI EAFE ETF	3.95%	31.69%	15.22%	26.84%	-3.45%	24.43%	2.83%	21.46%	-16.41%	21.89%

Different Trading Currencies

JPY=X is traded in JPY, while IEFA is traded in USD. To make them comparable, the IEFA values have been converted to JPY using the latest available exchange rates.

Returns By Period

In the year-to-date period, JPY=X achieves a 1.73% return, which is significantly lower than IEFA's 3.95% return. Over the past 10 years, JPY=X has underperformed IEFA with an annualized return of 3.67%, while IEFA has yielded a comparatively higher 12.96% annualized return.

JPY=X

• 1D: 0.50%
• 1M: 1.20%
• YTD: 1.73%
• 6M: 8.36%
• 1Y: 6.94%
• 3Y*: 6.43%
• 5Y*: 7.60%
• 10Y*: 3.67%

IEFA

• 1D: -0.05%
• 1M: -1.04%
• YTD: 3.95%
• 6M: 14.67%
• 1Y: 33.45%
• 3Y*: 21.92%
• 5Y*: 16.22%
• 10Y*: 12.96%

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

Return for Risk

JPY=X vs. IEFA — Risk / Return Rank

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

JPY=X

JPY=X Risk / Return Rank: 77
JPY=X Sharpe Ratio Rank: 68
JPY=X Sortino Ratio Rank: 69
JPY=X Omega Ratio Rank: 68
JPY=X Calmar Ratio Rank: 91
JPY=X Martin Ratio Rank: 90

IEFA

IEFA Risk / Return Rank: 73
IEFA Sharpe Ratio Rank: 74
IEFA Sortino Ratio Rank: 74
IEFA Omega Ratio Rank: 73
IEFA Calmar Ratio Rank: 72
IEFA Martin Ratio Rank: 70

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.

JPY=X vs. IEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/JPY (JPY=X) and iShares Core MSCI EAFE ETF (IEFA). 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.

	JPY=X	IEFA	Difference
Sharpe ratio Return per unit of total volatility	0.61	1.77	-1.16
Sortino ratio Return per unit of downside risk	0.90	2.48	-1.57
Omega ratio Gain probability vs. loss probability	1.12	1.38	-0.26
Calmar ratio Return relative to maximum drawdown	2.59	2.66	-0.08
Martin ratio Return relative to average drawdown	7.32	11.68	-4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPY=X vs. IEFA - Sharpe Ratio Comparison

The current JPY=X Sharpe Ratio is 0.61, which is lower than the IEFA Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of JPY=X and IEFA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JPY=X	IEFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	1.77	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.94	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.66	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.70	-0.55

Correlation

The correlation between JPY=X and IEFA is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

JPY=X vs. IEFA - Drawdown Comparison

The maximum JPY=X drawdown since its inception was -38.80%, which is greater than IEFA's maximum drawdown of -35.71%. Use the drawdown chart below to compare losses from any high point for JPY=X and IEFA.

Drawdown Indicators

	JPY=X	IEFA	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-34.78%	-4.02%
Max Drawdown (1Y) Largest decline over 1 year	-4.70%	-11.50%	+6.80%
Max Drawdown (5Y) Largest decline over 5 years	-14.84%	-30.41%	+15.57%
Max Drawdown (10Y) Largest decline over 10 years	-14.84%	-34.78%	+19.94%
Current Drawdown Current decline from peak	-1.29%	-7.25%	+5.96%
Average Drawdown Average peak-to-trough decline	-14.82%	-6.74%	-8.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	3.01%	-1.48%

Volatility

JPY=X vs. IEFA - Volatility Comparison

The current volatility for USD/JPY (JPY=X) is 2.29%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 6.38%. This indicates that JPY=X experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPY=X	IEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	6.38%	-4.09%
Volatility (6M) Calculated over the trailing 6-month period	5.38%	11.04%	-5.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.07%	18.95%	-9.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.56%	17.31%	-7.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.01%	19.75%	-10.74%