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 -4.52%/yr vs 11.64%/yr for ^TNX. At a correlation of -0.47, they often move in opposite directions.
Performance
JPYUSD=X vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -3.15% return, which is significantly lower than ^TNX's 5.50% return. Over the past 10 years, JPYUSD=X has underperformed ^TNX with an annualized return of -4.52%, while ^TNX has yielded a comparatively higher 11.64% annualized return.
JPYUSD=X
- 1D
- -0.00%
- 1M
- -1.55%
- YTD
- -3.15%
- 6M
- -3.75%
- 1Y
- -10.23%
- 3Y*
- -3.92%
- 5Y*
- -7.29%
- 10Y*
- -4.52%
^TNX
- 1D
- -1.33%
- 1M
- -2.25%
- YTD
- 5.50%
- 6M
- 6.19%
- 1Y
- 2.31%
- 3Y*
- 5.70%
- 5Y*
- 23.38%
- 10Y*
- 11.64%
JPYUSD=X vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.15% | 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 | 5.50% | -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 -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.46 |
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 Jul 26, 2007 | -0.47 |
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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 | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.04 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 0.20 | -0.93 |
| Martin ratioReturn relative to average drawdown | -1.10 | 0.35 | -1.45 |
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Drawdowns
JPYUSD=X vs. ^TNX - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -52.97%, 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.
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Drawdown Indicators
| JPYUSD=X | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.97% | -96.85% | +43.88% |
Max Drawdown (1Y)Largest decline over 1 year | -11.37% | -11.94% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -14.64% | -27.41% | +12.77% |
Max Drawdown (5Y)Largest decline over 5 years | -32.60% | -27.41% | -5.19% |
Max Drawdown (10Y)Largest decline over 10 years | -38.23% | -84.57% | +46.34% |
Current DrawdownCurrent decline from peak | -52.97% | -72.27% | +19.30% |
Average DrawdownAverage peak-to-trough decline | -27.02% | -55.01% | +27.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.44% | 6.59% | -0.15% |
Volatility
JPYUSD=X vs. ^TNX - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.73%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 3.61%. 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.
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Volatility by Period
| JPYUSD=X | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 3.61% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 10.77% | -5.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.43% | 15.15% | -7.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 32.20% | -22.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 47.88% | -39.12% |
Frequently Asked Questions
JPYUSD=X and ^TNX have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (3.61%) compared to JPYUSD=X (0.73%). In terms of maximum drawdown, JPYUSD=X dropped -52.97% vs ^TNX's -96.85%.
^TNX currently has the higher Sharpe Ratio (0.15 vs -1.12), 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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