JPYUSD=X vs. BNDW
JPYUSD=X (JPY/USD) is a currency, while BNDW (Vanguard Total World Bond ETF) is Global Bonds fund tracking the Bloomberg Global Aggregate Float Adjusted Composite Index. Over the past 5 years, JPYUSD=X returned -7.44%/yr vs -0.01%/yr for BNDW. At a 0.45 correlation, their price movements are largely independent.
Performance
JPYUSD=X vs. BNDW - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -3.31% return, which is significantly lower than BNDW's 0.52% 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%
BNDW
- 1D
- 0.17%
- 1M
- -0.29%
- 6M
- -0.06%
- YTD
- 0.52%
- 1Y
- 3.30%
- 3Y*
- 4.03%
- 5Y*
- -0.01%
- 10Y*
- —
JPYUSD=X vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.31% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 1.72% |
BNDW Vanguard Total World Bond ETF | 0.52% | 5.02% | 2.42% | 7.18% | -12.88% | -2.10% | 6.22% | 8.37% | 1.27% |
Correlation
The correlation between JPYUSD=X and BNDW is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2018 | 0.45 |
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Return for Risk
JPYUSD=X vs. BNDW — Risk / Return Rank
JPYUSD=X
BNDW
JPYUSD=X vs. BNDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) and Vanguard Total World Bond ETF (BNDW). 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 | BNDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.17 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 1.23 | -1.89 |
| Martin ratioReturn relative to average drawdown | -1.06 | 3.19 | -4.26 |
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Drawdowns
JPYUSD=X vs. BNDW - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -53.20%, which is greater than BNDW's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and BNDW.
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Drawdown Indicators
| JPYUSD=X | BNDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -17.22% | -35.98% |
Max Drawdown (1Y)Largest decline over 1 year | -9.90% | -2.70% | -7.20% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -4.27% | -10.41% |
Max Drawdown (5Y)Largest decline over 5 years | -32.94% | -16.93% | -16.01% |
Max Drawdown (10Y)Largest decline over 10 years | -38.53% | — | — |
Current DrawdownCurrent decline from peak | -53.04% | -1.43% | -51.61% |
Average DrawdownAverage peak-to-trough decline | -27.20% | -4.92% | -22.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 1.03% | +5.51% |
Volatility
JPYUSD=X vs. BNDW - Volatility Comparison
JPY/USD (JPYUSD=X) has a higher volatility of 1.25% compared to Vanguard Total World Bond ETF (BNDW) at 0.98%. This indicates that JPYUSD=X's price experiences larger fluctuations and is considered to be riskier than BNDW 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 | BNDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.98% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 2.80% | +1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 3.39% | +3.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.54% | 5.22% | +4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 4.88% | +3.82% |
Frequently Asked Questions
JPYUSD=X and BNDW 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.
JPYUSD=X has higher volatility (1.25%) compared to BNDW (0.98%). In terms of maximum drawdown, JPYUSD=X dropped -53.20% vs BNDW's -17.22%.
BNDW currently has the higher Sharpe Ratio (0.98 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.
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