JPYUSD=X vs. ^TNX
JPYUSD=X (JPY/USD) is a currency, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, JPYUSD=X returned -4.25%/yr vs 11.05%/yr for ^TNX. At a correlation of -0.47, they often move in opposite directions.
Performance
JPYUSD=X vs. ^TNX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JPYUSD=X achieves a -3.31% return, which is significantly lower than ^TNX's 9.18% return. Over the past 10 years, JPYUSD=X has underperformed ^TNX with an annualized return of -4.25%, while ^TNX has yielded a comparatively higher 11.05% annualized return.
JPYUSD=X
- 1D
- 0.11%
- 1M
- -1.04%
- 6M
- -2.20%
- YTD
- -3.31%
- 1Y
- -8.13%
- 3Y*
- -5.02%
- 5Y*
- -7.44%
- 10Y*
- -4.25%
^TNX
- 1D
- -0.87%
- 1M
- 1.70%
- 6M
- 9.78%
- YTD
- 9.18%
- 1Y
- 1.25%
- 3Y*
- 5.97%
- 5Y*
- 28.45%
- 10Y*
- 11.05%
JPYUSD=X vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.31% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
^TNX Cboe 10-Year Treasury Note Yield Index | 9.18% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
Correlation
The correlation between JPYUSD=X and ^TNX is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.47 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2007 | -0.47 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JPYUSD=X vs. ^TNX — Risk / Return Rank
JPYUSD=X
^TNX
JPYUSD=X vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.
| JPYUSD=X | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.03 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 0.11 | -0.78 |
| Martin ratioReturn relative to average drawdown | -1.06 | 0.20 | -1.26 |
Loading charts...
Drawdowns
JPYUSD=X vs. ^TNX - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -53.20%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and ^TNX.
Loading charts...
Drawdown Indicators
| JPYUSD=X | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -96.85% | +43.65% |
Max Drawdown (1Y)Largest decline over 1 year | -9.90% | -11.43% | +1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -27.41% | +12.73% |
Max Drawdown (5Y)Largest decline over 5 years | -32.94% | -27.41% | -5.53% |
Max Drawdown (10Y)Largest decline over 10 years | -38.53% | -84.57% | +46.04% |
Current DrawdownCurrent decline from peak | -53.04% | -71.31% | +18.27% |
Average DrawdownAverage peak-to-trough decline | -27.20% | -55.03% | +27.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 6.65% | -0.11% |
Volatility
JPYUSD=X vs. ^TNX - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 1.25%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 4.00%. This indicates that JPYUSD=X experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JPYUSD=X | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 4.00% | -2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 11.02% | -6.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 15.02% | -7.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.54% | 31.70% | -22.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 47.66% | -38.96% |
Frequently Asked Questions
JPYUSD=X and ^TNX have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (4.00%) compared to JPYUSD=X (1.25%). In terms of maximum drawdown, JPYUSD=X dropped -53.20% vs ^TNX's -96.85%.
^TNX currently has the higher Sharpe Ratio (0.08 vs -0.90), 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.
Find the right allocation for JPYUSD=X and ^TNX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer