JPYEUR=X vs. JPYUSD=X

Last updated Jun 6, 2026

JPYEUR=X (JPY/EUR Exchange Rate) and JPYUSD=X (JPY/USD) are both currencies. Over the past 10 years, JPYEUR=X returned -4.07%/yr vs -4.07%/yr for JPYUSD=X. With a 0.98 correlation, they move nearly in lockstep.

Performance

JPYEUR=X vs. JPYUSD=X - Performance Comparison

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

Different Trading Currencies

JPYEUR=X is traded in EUR, while JPYUSD=X is traded in USD. To make them comparable, the JPYUSD=X 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 -0.35% return, which is significantly higher than JPYUSD=X's -0.37% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: JPYEUR=X at -4.07% and JPYUSD=X at -4.07%.

JPYEUR=X

• 1D: 0.59%
• 1M: -0.57%
• YTD: -0.35%
• 6M: -2.08%
• 1Y: -11.03%
• 3Y*: -6.84%
• 5Y*: -6.32%
• 10Y*: -4.07%

JPYUSD=X

• 1D: 0.58%
• 1M: -0.61%
• YTD: -0.37%
• 6M: -2.11%
• 1Y: -11.06%
• 3Y*: -6.84%
• 5Y*: -6.33%
• 10Y*: -4.07%

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

JPYEUR=X vs. JPYUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPYEUR=X JPY/EUR Exchange Rate	-0.35%	-11.54%	-4.39%	-9.84%	-6.69%	-3.62%	-3.48%	3.14%	7.63%	-8.95%
JPYUSD=X JPY/USD	-0.37%	-11.58%	-4.33%	-9.83%	-6.79%	-3.53%	-3.49%	3.13%	7.64%	-8.86%

Correlation

The correlation between JPYEUR=X and JPYUSD=X is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007	0.98

The correlation between JPYEUR=X and JPYUSD=X has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

JPYEUR=X vs. JPYUSD=X — 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: 7
JPYEUR=X Sharpe Ratio Rank: 5
JPYEUR=X Sortino Ratio Rank: 5
JPYEUR=X Omega Ratio Rank: 5
JPYEUR=X Calmar Ratio Rank: 7
JPYEUR=X Martin Ratio Rank: 13

JPYUSD=X

JPYUSD=X Risk / Return Rank: 9
JPYUSD=X Sharpe Ratio Rank: 9
JPYUSD=X Sortino Ratio Rank: 9
JPYUSD=X Omega Ratio Rank: 9
JPYUSD=X Calmar Ratio Rank: 4
JPYUSD=X Martin Ratio Rank: 13

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. JPYUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPY/EUR Exchange Rate (JPYEUR=X) and JPY/USD (JPYUSD=X). 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.

	JPYEUR=X	JPYUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	-1.60	-1.61	+0.02
Sortino ratio: Return per unit of downside risk	-2.25	-2.27	+0.02
Omega ratio: Gain probability vs. loss probability	0.75	0.75	0.00
Calmar ratio: Return relative to maximum drawdown	-0.74	-0.75	+0.01
Martin ratio: Return relative to average drawdown	-1.07	-1.09	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPYEUR=X vs. JPYUSD=X - Sharpe Ratio Comparison

The current JPYEUR=X Sharpe Ratio is -1.60, which is comparable to the JPYUSD=X Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of JPYEUR=X and JPYUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JPYEUR=X	JPYUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.60	-1.61	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	-0.67	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.44	-0.45	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.07	0.00

Drawdowns

JPYEUR=X vs. JPYUSD=X - Drawdown Comparison

The maximum JPYEUR=X drawdown since its inception was -49.74%, roughly equal to the maximum JPYUSD=X drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for JPYEUR=X and JPYUSD=X.

Drawdown Indicators

	JPYEUR=X	JPYUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-49.74%	-49.65%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-11.99%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-20.15%	-20.13%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	-33.27%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-40.77%	-40.74%	-0.03%
Current Drawdown Current decline from peak	-48.95%	-48.88%	-0.07%
Average Drawdown Average peak-to-trough decline	-24.35%	-24.15%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.77%	5.76%	+0.01%

Volatility

JPYEUR=X vs. JPYUSD=X - Volatility Comparison

JPY/EUR Exchange Rate (JPYEUR=X) has a higher volatility of 0.86% compared to JPY/USD (JPYUSD=X) at 0.79%. This indicates that JPYEUR=X's price experiences larger fluctuations and is considered to be riskier than JPYUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPYEUR=X	JPYUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.79%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	4.16%	4.14%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	5.66%	5.62%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.60%	8.72%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.53%	8.60%	-0.07%

Frequently Asked Questions

Can I hold both JPYEUR=X and JPYUSD=X in my portfolio?

With a correlation of 0.95, JPYEUR=X and JPYUSD=X move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JPYEUR=X or JPYUSD=X?

JPYEUR=X has higher volatility (0.86%) compared to JPYUSD=X (0.79%). In terms of maximum drawdown, JPYEUR=X dropped -49.74% vs JPYUSD=X's -49.65%.

Which has better risk-adjusted returns?

JPYEUR=X currently has the higher Sharpe Ratio (-1.60 vs -1.61), 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.