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 -7.29%/yr vs 0.39%/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 -3.15% return, which is significantly lower than BNDW's 1.28% 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%
BNDW
- 1D
- 0.03%
- 1M
- 0.88%
- YTD
- 1.28%
- 6M
- 1.07%
- 1Y
- 3.52%
- 3Y*
- 4.19%
- 5Y*
- 0.39%
- 10Y*
- —
JPYUSD=X vs. BNDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.15% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 1.72% |
BNDW Vanguard Total World Bond ETF | 1.28% | 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 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
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 | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.18 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 1.31 | -2.04 |
| Martin ratioReturn relative to average drawdown | -1.10 | 3.52 | -4.62 |
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Drawdowns
JPYUSD=X vs. BNDW - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -52.97%, 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 | -52.97% | -17.22% | -35.75% |
Max Drawdown (1Y)Largest decline over 1 year | -11.37% | -2.70% | -8.67% |
Max Drawdown (3Y)Largest decline over 3 years | -14.64% | -4.27% | -10.37% |
Max Drawdown (5Y)Largest decline over 5 years | -32.60% | -16.93% | -15.67% |
Max Drawdown (10Y)Largest decline over 10 years | -38.23% | — | — |
Current DrawdownCurrent decline from peak | -52.97% | -0.69% | -52.28% |
Average DrawdownAverage peak-to-trough decline | -27.02% | -4.95% | -22.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.44% | 1.00% | +5.44% |
Volatility
JPYUSD=X vs. BNDW - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.73%, while Vanguard Total World Bond ETF (BNDW) has a volatility of 0.94%. This indicates that JPYUSD=X experiences smaller price fluctuations and is considered to be less risky 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 | 0.73% | 0.94% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 2.71% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.43% | 3.37% | +4.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 5.22% | +4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 4.89% | +3.87% |
Frequently Asked Questions
JPYUSD=X and BNDW 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.
BNDW has higher volatility (0.94%) compared to JPYUSD=X (0.73%). In terms of maximum drawdown, JPYUSD=X dropped -52.97% vs BNDW's -17.22%.
BNDW currently has the higher Sharpe Ratio (1.05 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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