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 -4.27%/yr vs 18.67%/yr for DXJ. Their -0.40 correlation means they have often moved in opposite directions in the past.
Performance
JPYUSD=X vs. DXJ - 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 DXJ's 21.58% return. Over the past 10 years, JPYUSD=X has underperformed DXJ with an annualized return of -4.27%, while DXJ has yielded a comparatively higher 18.67% 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%
DXJ
- 1D
- 2.00%
- 1M
- -0.36%
- 6M
- 12.08%
- YTD
- 21.58%
- 1Y
- 47.92%
- 3Y*
- 31.10%
- 5Y*
- 27.15%
- 10Y*
- 18.67%
- ALL TIME*
- 9.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $74.22M | $63.63M | $59.62M | |
JPYUSD=X JPY/USD | $763.15 | $670.97 | $589.12 |
JPYUSD=X vs. DXJ - 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% |
DXJ WisdomTree Japan Hedged Equity Fund | 21.58% | 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 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.02 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2007 | -0.40 |
The correlation between JPYUSD=X and DXJ shifts across timeframes, from -0.40 (all time) to 0.02 (1 year), reflecting how their relationship changes across market environments.
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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.
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 | DXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.38 | ||
| Sortino ratioReturn per unit of downside risk | -4.53 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.47 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 4.39 | -4.89 |
| Martin ratioReturn relative to average drawdown | -0.81 | 16.26 | -17.07 |
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Drawdowns
JPYUSD=X vs. DXJ - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -53.57%, 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 | -53.57% | -49.63% | -3.94% |
Max Drawdown (1Y)Largest decline over 1 year | -10.61% | -10.98% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -14.18% | -22.19% | +8.01% |
Max Drawdown (5Y)Largest decline over 5 years | -33.35% | -22.19% | -11.16% |
Max Drawdown (10Y)Largest decline over 10 years | -39.01% | -39.14% | +0.13% |
Current DrawdownCurrent decline from peak | -51.69% | -3.14% | -48.55% |
Average DrawdownAverage peak-to-trough decline | -27.37% | -14.24% | -13.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.93% | 2.96% | +1.97% |
Volatility
JPYUSD=X vs. DXJ - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 2.97%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 5.90%. 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 | 2.97% | 5.90% | -2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 5.07% | 14.56% | -9.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 18.18% | -10.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.60% | 19.10% | -9.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.65% | 19.92% | -11.27% |
Frequently Asked Questions
JPYUSD=X and DXJ have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJ has higher volatility (5.90%) compared to JPYUSD=X (2.97%). In terms of maximum drawdown, JPYUSD=X dropped -53.57% vs DXJ's -49.63%.
DXJ currently has the higher Sharpe Ratio (2.65 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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