PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
JPYUSD=X vs. ^TNX
Performance
Return for Risk
Drawdowns
Volatility

JPYUSD=X vs. ^TNX

Last updated Jun 4, 2026

JPYUSD=X (JPY/USD) is a currency, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 10 years, JPYUSD=X returned -3.98%/yr vs 10.18%/yr for ^TNX. At a correlation of -0.47, they often move in opposite directions.

Performance

JPYUSD=X vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPY/USD (JPYUSD=X) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, JPYUSD=X achieves a -2.00% return, which is significantly lower than ^TNX's 7.88% return. Over the past 10 years, JPYUSD=X has underperformed ^TNX with an annualized return of -3.98%, while ^TNX has yielded a comparatively higher 10.18% annualized return.

JPYUSD=X

1D
-0.17%
1M
-1.69%
YTD
-2.00%
6M
-2.90%
1Y
-9.92%
3Y*
-4.34%
5Y*
-7.29%
10Y*
-3.98%

^TNX

1D
0.81%
1M
1.01%
YTD
7.88%
6M
10.70%
1Y
0.70%
3Y*
6.76%
5Y*
23.55%
10Y*
10.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPYUSD=X vs. ^TNX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPYUSD=X
JPY/USD		-2.00%0.33%-10.26%-7.04%-12.23%-10.24%5.18%0.86%2.82%3.91%
^TNX
Treasury Yield 10 Years		7.88%-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 -0.46, 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

-0.46

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

-0.48

Correlation (All Time)
Calculated using the full available price history since Jul 2, 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.

JPY/USD

Treasury Yield 10 Years

Often compared with JPYUSD=X:
JPYUSD=X vs. BTC-USDJPYUSD=X vs. EWJJPYUSD=X vs. YCSJPYUSD=X vs. EURUSD=XJPYUSD=X vs. SPYJPYUSD=X vs. DXJJPYUSD=X vs. VDE
Often compared with ^TNX:
^TNX vs. TMF^TNX vs. ^TYX^TNX vs. SPY^TNX vs. ^FVX^TNX vs. TMV^TNX vs. KMB^TNX vs. TQQQ

Return for Risk

JPYUSD=X vs. ^TNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPYUSD=X
JPYUSD=X Risk / Return Rank: 1414
Overall Rank
JPYUSD=X Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
JPYUSD=X Sortino Ratio Rank: 1010
Sortino Ratio Rank
JPYUSD=X Omega Ratio Rank: 1111
Omega Ratio Rank
JPYUSD=X Calmar Ratio Rank: 1818
Calmar Ratio Rank
JPYUSD=X Martin Ratio Rank: 1919
Martin Ratio Rank
^TNX
^TNX Risk / Return Rank: 1212
Overall Rank
^TNX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
^TNX Sortino Ratio Rank: 1111
Sortino Ratio Rank
^TNX Omega Ratio Rank: 1111
Omega Ratio Rank
^TNX Calmar Ratio Rank: 1212
Calmar Ratio Rank
^TNX Martin Ratio Rank: 1212
Martin Ratio Rank
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.

JPYUSD=X vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) and Treasury Yield 10 Years (^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.

JPYUSD=X^TNXDifference

Sharpe ratio

Return per unit of total volatility

-1.06

0.05

-1.10

Sortino ratio

Return per unit of downside risk

-1.55

0.17

-1.73

Omega ratio

Gain probability vs. loss probability

0.83

1.02

-0.19

Calmar ratio

Return relative to maximum drawdown

-0.73

0.06

-0.79

Martin ratio

Return relative to average drawdown

-1.08

0.10

-1.18

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPYUSD=X vs. ^TNX - Sharpe Ratio Comparison

The current JPYUSD=X Sharpe Ratio is -1.06, which is lower than the ^TNX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of JPYUSD=X and ^TNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

JPYUSD=X^TNXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.06

0.05

-1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.70

0.73

-1.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.42

0.21

-0.63

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.13

-0.02

-0.11

Drawdowns

JPYUSD=X vs. ^TNX - Drawdown Comparison

The maximum JPYUSD=X drawdown since its inception was -52.96%, smaller than the maximum ^TNX drawdown of -93.78%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and ^TNX.

Loading charts...

Drawdown Indicators

JPYUSD=X^TNXDifference

Max Drawdown

Largest peak-to-trough decline

-52.96%

-93.78%

+40.82%

Max Drawdown (1Y)

Largest decline over 1 year

-11.01%

-12.35%

+1.34%

Max Drawdown (3Y)

Largest decline over 3 years

-14.63%

-27.41%

+12.78%

Max Drawdown (5Y)

Largest decline over 5 years

-32.59%

-27.41%

-5.18%

Max Drawdown (10Y)

Largest decline over 10 years

-38.21%

-84.57%

+46.36%

Current Drawdown

Current decline from peak

-52.41%

-44.02%

-8.39%

Average Drawdown

Average peak-to-trough decline

-26.83%

-51.34%

+24.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.96%

6.97%

-1.01%

Volatility

JPYUSD=X vs. ^TNX - Volatility Comparison

The current volatility for JPY/USD (JPYUSD=X) is 0.74%, while Treasury Yield 10 Years (^TNX) has a volatility of 5.08%. 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^TNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.74%

5.08%

-4.34%

Volatility (6M)

Calculated over the trailing 6-month period

5.57%

10.62%

-5.05%

Volatility (1Y)

Calculated over the trailing 1-year period

7.65%

15.50%

-7.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.57%

32.48%

-22.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.91%

47.99%

-39.08%

Frequently Asked Questions

JPYUSD=X and ^TNX have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^TNX has higher volatility (5.08%) compared to JPYUSD=X (0.74%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs ^TNX's -93.78%.

^TNX currently has the higher Sharpe Ratio (0.04 vs -1.06), 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.

Portfolio Optimizer

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