JPYUSD=X vs. DXJ
JPYUSD=X (JPY/USD) is a currency, while DXJ (WisdomTree Japan Hedged Equity Fund) is Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Over the past 10 years, JPYUSD=X returned -3.93%/yr vs 17.86%/yr for DXJ. At a correlation of -0.41, they often move in opposite directions.
Performance
JPYUSD=X vs. DXJ - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -2.29% return, which is significantly lower than DXJ's 17.40% return. Over the past 10 years, JPYUSD=X has underperformed DXJ with an annualized return of -3.93%, while DXJ has yielded a comparatively higher 17.86% annualized return.
JPYUSD=X
- 1D
- -0.22%
- 1M
- -2.53%
- YTD
- -2.29%
- 6M
- -3.12%
- 1Y
- -10.47%
- 3Y*
- -4.50%
- 5Y*
- -7.34%
- 10Y*
- -3.93%
DXJ
- 1D
- -2.44%
- 1M
- 2.34%
- YTD
- 17.40%
- 6M
- 20.55%
- 1Y
- 52.96%
- 3Y*
- 31.49%
- 5Y*
- 25.66%
- 10Y*
- 17.86%
JPYUSD=X vs. DXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -2.29% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
DXJ WisdomTree Japan Hedged Equity Fund | 17.40% | 32.78% | 29.83% | 42.04% | 5.96% | 17.99% | 3.94% | 18.94% | -19.78% | 22.81% |
Correlation
The correlation between JPYUSD=X and DXJ is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Jul 4, 2007 | -0.41 |
Over the past year, the inverse relationship between JPYUSD=X and DXJ has weakened: their correlation has moved from -0.41 to -0.00, meaning they move in opposite directions less often than they have historically.
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Return for Risk
JPYUSD=X vs. DXJ — Risk / Return Rank
JPYUSD=X
DXJ
JPYUSD=X vs. DXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) and WisdomTree Japan Hedged Equity Fund (DXJ). 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 | DXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.15 | ||
| Sortino ratioReturn per unit of downside risk | -5.71 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.54 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 4.85 | -5.65 |
| Martin ratioReturn relative to average drawdown | -1.19 | 18.91 | -20.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JPYUSD=X | DXJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.13 | 3.02 | -4.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.71 | 1.36 | -2.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | 0.89 | -1.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.13 | 0.42 | -0.55 |
Drawdowns
JPYUSD=X vs. DXJ - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -52.96%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and DXJ.
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Drawdown Indicators
| JPYUSD=X | DXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.96% | -49.63% | -3.33% |
Max Drawdown (1Y)Largest decline over 1 year | -10.63% | -10.98% | +0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -22.19% | +7.56% |
Max Drawdown (5Y)Largest decline over 5 years | -32.59% | -22.19% | -10.40% |
Max Drawdown (10Y)Largest decline over 10 years | -38.21% | -39.14% | +0.93% |
Current DrawdownCurrent decline from peak | -52.55% | -2.44% | -50.11% |
Average DrawdownAverage peak-to-trough decline | -26.85% | -14.33% | -12.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.01% | 2.81% | +3.20% |
Volatility
JPYUSD=X vs. DXJ - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.68%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 4.18%. This indicates that JPYUSD=X experiences smaller price fluctuations and is considered to be less risky than DXJ 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 | DXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 4.18% | -3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 5.53% | 13.35% | -7.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.56% | 17.60% | -10.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.57% | 18.99% | -9.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.90% | 20.19% | -11.29% |
Frequently Asked Questions
JPYUSD=X and DXJ have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJ has higher volatility (4.18%) compared to JPYUSD=X (0.68%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs DXJ's -49.63%.
DXJ currently has the higher Sharpe Ratio (3.02 vs -1.13), 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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