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 -4.27%/yr vs 11.33%/yr for ^TNX. Their -0.46 correlation means they have often moved in opposite directions in the past.
Performance
JPYUSD=X vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -0.51% return, which is significantly lower than ^TNX's 11.15% return. Over the past 10 years, JPYUSD=X has underperformed ^TNX with an annualized return of -4.27%, while ^TNX has yielded a comparatively higher 11.33% annualized return.
JPYUSD=X
- 1D
- -0.17%
- 1M
- 2.72%
- 6M
- -1.07%
- YTD
- -0.51%
- 1Y
- -6.57%
- 3Y*
- -3.45%
- 5Y*
- -6.97%
- 10Y*
- -4.27%
- ALL TIME*
- -1.65%
^TNX
- 1D
- -1.26%
- 1M
- 3.17%
- 6M
- 8.26%
- YTD
- 11.15%
- 1Y
- 10.17%
- 3Y*
- 4.45%
- 5Y*
- 30.62%
- 10Y*
- 11.33%
- ALL TIME*
- -0.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
JPYUSD=X JPY/USD | $763.15 | $670.97 | $589.12 |
JPYUSD=X vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -0.51% | 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 | 11.15% | -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 -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.48 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2007 | -0.46 |
The correlation between JPYUSD=X and ^TNX shifts across timeframes, from -0.48 (5 years) to -0.35 (1 year), reflecting how their relationship changes across market environments.
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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 | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.12 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 1.14 | -1.64 |
| Martin ratioReturn relative to average drawdown | -0.81 | 2.35 | -3.16 |
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Drawdowns
JPYUSD=X vs. ^TNX - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -53.57%, 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 | -53.57% | -96.85% | +43.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.61% | -8.94% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -14.18% | -27.41% | +13.23% |
Max Drawdown (5Y)Largest decline over 5 years | -33.35% | -27.41% | -5.94% |
Max Drawdown (10Y)Largest decline over 10 years | -39.01% | -84.57% | +45.56% |
Current DrawdownCurrent decline from peak | -51.69% | -70.79% | +19.10% |
Average DrawdownAverage peak-to-trough decline | -27.37% | -55.04% | +27.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.93% | 4.34% | +0.59% |
Volatility
JPYUSD=X vs. ^TNX - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 2.97%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 4.21%. 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 | 2.97% | 4.21% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 5.07% | 11.18% | -6.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 14.63% | -7.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.60% | 31.16% | -21.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 47.60% | -38.95% |
Frequently Asked Questions
JPYUSD=X and ^TNX have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (4.21%) compared to JPYUSD=X (2.97%). In terms of maximum drawdown, JPYUSD=X dropped -53.57% vs ^TNX's -96.85%.
^TNX currently has the higher Sharpe Ratio (0.70 vs -0.73), 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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