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 -4.52%/yr vs 19.57%/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 -3.15% return, which is significantly lower than DXJ's 20.68% return. Over the past 10 years, JPYUSD=X has underperformed DXJ with an annualized return of -4.52%, while DXJ has yielded a comparatively higher 19.57% annualized 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%
DXJ
- 1D
- 0.23%
- 1M
- 1.56%
- YTD
- 20.68%
- 6M
- 21.33%
- 1Y
- 56.48%
- 3Y*
- 31.79%
- 5Y*
- 26.39%
- 10Y*
- 19.57%
JPYUSD=X vs. DXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.15% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
DXJ WisdomTree Japan Hedged Equity Fund | 20.68% | 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 -0.01, 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 | -0.01 |
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 | -0.36 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 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 -0.01, 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.
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 | -4.25 | ||
| Sortino ratioReturn per unit of downside risk | -5.70 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.56 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 5.17 | -5.90 |
| Martin ratioReturn relative to average drawdown | -1.10 | 19.89 | -20.99 |
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Drawdowns
JPYUSD=X vs. DXJ - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -52.97%, 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 | -52.97% | -49.63% | -3.34% |
Max Drawdown (1Y)Largest decline over 1 year | -11.37% | -10.98% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -14.64% | -22.19% | +7.55% |
Max Drawdown (5Y)Largest decline over 5 years | -32.60% | -22.19% | -10.41% |
Max Drawdown (10Y)Largest decline over 10 years | -38.23% | -39.14% | +0.91% |
Current DrawdownCurrent decline from peak | -52.97% | -3.21% | -49.76% |
Average DrawdownAverage peak-to-trough decline | -27.02% | -14.30% | -12.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.44% | 2.85% | +3.59% |
Volatility
JPYUSD=X vs. DXJ - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.73%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 6.21%. 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 | 0.73% | 6.21% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 4.82% | 13.93% | -9.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.43% | 18.14% | -10.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 19.07% | -9.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 19.99% | -11.23% |
Frequently Asked Questions
JPYUSD=X and DXJ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJ has higher volatility (6.21%) compared to JPYUSD=X (0.73%). In terms of maximum drawdown, JPYUSD=X dropped -52.97% vs DXJ's -49.63%.
DXJ currently has the higher Sharpe Ratio (3.13 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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