JPYEUR=X vs. GLDN.AX

Last updated Jul 13, 2026

JPYEUR=X (JPY/EUR Exchange Rate) is a currency, while GLDN.AX (Ishares Physical Gold ETF) is Gold fund tracking the LBMA Gold Price PM AUD Index. Over the past year, JPYEUR=X returned -6.71% vs 26.28% for GLDN.AX. At a 0.03 correlation, their price movements are largely independent.

Performance

JPYEUR=X vs. GLDN.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in JPY/EUR Exchange Rate (JPYEUR=X) and Ishares Physical Gold ETF (GLDN.AX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JPYEUR=X is traded in EUR, while GLDN.AX is traded in AUD. To make them comparable, the GLDN.AX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, JPYEUR=X achieves a -0.36% return, which is significantly higher than GLDN.AX's -2.53% return.

JPYEUR=X

• 1D: -0.08%
• 1M: 0.34%
• 6M: -0.24%
• YTD: -0.36%
• 1Y: -6.71%
• 3Y*: -5.68%
• 5Y*: -6.74%
• 10Y*: -4.46%

GLDN.AX

• 1D: 0.96%
• 1M: -0.18%
• 6M: -5.89%
• YTD: -2.53%
• 1Y: 26.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPYEUR=X vs. GLDN.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPYEUR=X JPY/EUR Exchange Rate	-0.36%	-11.54%	-4.39%	3.03%
GLDN.AX Ishares Physical Gold ETF	-2.53%	47.39%	33.85%	-1.36%

Correlation

The correlation between JPYEUR=X and GLDN.AX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.03

Return for Risk

JPYEUR=X vs. GLDN.AX — Risk / Return Rank

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

JPYEUR=X

JPYEUR=X Risk / Return Rank: 9
JPYEUR=X Sharpe Ratio Rank: 7
JPYEUR=X Sortino Ratio Rank: 7
JPYEUR=X Omega Ratio Rank: 10
JPYEUR=X Calmar Ratio Rank: 7
JPYEUR=X Martin Ratio Rank: 13

GLDN.AX

GLDN.AX Risk / Return Rank: 21
GLDN.AX Sharpe Ratio Rank: 22
GLDN.AX Sortino Ratio Rank: 21
GLDN.AX Omega Ratio Rank: 25
GLDN.AX Calmar Ratio Rank: 18
GLDN.AX Martin Ratio Rank: 17

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.

JPYEUR=X vs. GLDN.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPY/EUR Exchange Rate (JPYEUR=X) and Ishares Physical Gold ETF (GLDN.AX). 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.

	JPYEUR=X	GLDN.AX	Difference
Sharpe ratio: Return per unit of total volatility	-1.16	0.96	-2.12
Sortino ratio: Return per unit of downside risk	-1.68	1.38	-3.07
Omega ratio: Gain probability vs. loss probability	0.84	1.20	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.84	1.03	-1.87
Martin ratio: Return relative to average drawdown	-1.23	2.48	-3.72

JPYEUR=X vs. GLDN.AX - Sharpe Ratio Comparison

The current JPYEUR=X Sharpe Ratio is -1.16, which is lower than the GLDN.AX Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of JPYEUR=X and GLDN.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JPYEUR=X vs. GLDN.AX - Drawdown Comparison

The maximum JPYEUR=X drawdown since its inception was -49.74%, which is greater than GLDN.AX's maximum drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for JPYEUR=X and GLDN.AX.

Drawdown Indicators

	JPYEUR=X	GLDN.AX	Difference
Max Drawdown Largest peak-to-trough decline	-49.74%	-24.54%	-25.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-24.54%	+15.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.07%	—	—
Current Drawdown Current decline from peak	-48.96%	-21.98%	-26.98%
Average Drawdown Average peak-to-trough decline	-24.60%	-4.34%	-20.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.79%	10.31%	-4.52%

Volatility

JPYEUR=X vs. GLDN.AX - Volatility Comparison

The current volatility for JPY/EUR Exchange Rate (JPYEUR=X) is 1.59%, while Ishares Physical Gold ETF (GLDN.AX) has a volatility of 7.21%. This indicates that JPYEUR=X experiences smaller price fluctuations and is considered to be less risky than GLDN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPYEUR=X	GLDN.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	7.21%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	4.78%	22.97%	-18.19%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	26.36%	-20.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.56%	20.83%	-12.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.10%	20.83%	-12.73%

Frequently Asked Questions

Can I hold both JPYEUR=X and GLDN.AX in my portfolio?

JPYEUR=X and GLDN.AX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.