JPY=X vs. VOO
JPY=X (USD/JPY) is a currency, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, JPY=X returned 4.73%/yr vs 21.29%/yr for VOO. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
JPY=X vs. VOO - Performance Comparison
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Different Trading Currencies
JPY=X is traded in JPY, while VOO is traded in USD. To make them comparable, the VOO 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 3.18% return, which is significantly lower than VOO's 11.52% return. Over the past 10 years, JPY=X has underperformed VOO with an annualized return of 4.73%, while VOO has yielded a comparatively higher 21.29% annualized return.
JPY=X
- 1D
- 0.03%
- 1M
- 1.60%
- YTD
- 3.18%
- 6M
- 3.65%
- 1Y
- 11.48%
- 3Y*
- 4.09%
- 5Y*
- 7.87%
- 10Y*
- 4.73%
VOO
- 1D
- 0.04%
- 1M
- -0.51%
- YTD
- 11.52%
- 6M
- 10.80%
- 1Y
- 36.20%
- 3Y*
- 25.86%
- 5Y*
- 21.92%
- 10Y*
- 21.29%
JPY=X vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPY=X USD/JPY | 3.18% | -0.29% | 11.58% | 7.54% | 13.91% | 11.47% | -4.94% | -0.97% | -2.63% | -3.70% |
VOO Vanguard S&P 500 ETF | 11.52% | 17.48% | 39.45% | 35.84% | -6.79% | 43.56% | 12.47% | 30.09% | -7.02% | 17.27% |
Correlation
The correlation between JPY=X and VOO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.59 |
Over the past year, the correlation between JPY=X and VOO has dropped to 0.29 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
JPY=X vs. VOO — Risk / Return Rank
JPY=X
VOO
JPY=X vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USD/JPY (JPY=X) and Vanguard S&P 500 ETF (VOO). 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.
| JPY=X | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.46 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 4.37 | -2.27 |
| Martin ratioReturn relative to average drawdown | 6.38 | 16.66 | -10.28 |
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Drawdowns
JPY=X vs. VOO - Drawdown Comparison
The maximum JPY=X drawdown since its inception was -36.72%, which is greater than VOO's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for JPY=X and VOO.
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Drawdown Indicators
| JPY=X | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.72% | -34.25% | -2.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.34% | -8.31% | +3.97% |
Max Drawdown (3Y)Largest decline over 3 years | -13.02% | -23.68% | +10.66% |
Max Drawdown (5Y)Largest decline over 5 years | -14.84% | -23.68% | +8.84% |
Max Drawdown (10Y)Largest decline over 10 years | -14.84% | -34.25% | +19.41% |
Current DrawdownCurrent decline from peak | 0.00% | -2.06% | +2.06% |
Average DrawdownAverage peak-to-trough decline | -13.80% | -4.84% | -8.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 2.18% | -0.90% |
Volatility
JPY=X vs. VOO - Volatility Comparison
The current volatility for USD/JPY (JPY=X) is 0.77%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.62%. This indicates that JPY=X experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPY=X | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 4.62% | -3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 9.98% | -5.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.47% | 14.17% | -6.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 19.82% | -10.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.74% | 21.38% | -12.64% |
Frequently Asked Questions
JPY=X and VOO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (4.62%) compared to JPY=X (0.77%). In terms of maximum drawdown, JPY=X dropped -36.72% vs VOO's -34.25%.
VOO currently has the higher Sharpe Ratio (2.57 vs 1.23), 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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