JPYUSD=X vs. IEF
JPYUSD=X (JPY/USD) is a currency, while IEF (iShares 7-10 Year Treasury Bond ETF) is Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Over the past 10 years, JPYUSD=X returned -4.05%/yr vs 0.59%/yr for IEF. A 0.50 correlation means they provide meaningful diversification when combined.
Performance
JPYUSD=X vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -2.23% return, which is significantly lower than IEF's -0.47% return. Over the past 10 years, JPYUSD=X has underperformed IEF with an annualized return of -4.05%, while IEF has yielded a comparatively higher 0.59% annualized return.
JPYUSD=X
- 1D
- -0.18%
- 1M
- -1.52%
- YTD
- -2.23%
- 6M
- -2.74%
- 1Y
- -10.40%
- 3Y*
- -4.35%
- 5Y*
- -7.30%
- 10Y*
- -4.05%
IEF
- 1D
- -0.17%
- 1M
- 0.19%
- YTD
- -0.47%
- 6M
- -0.18%
- 1Y
- 3.39%
- 3Y*
- 2.86%
- 5Y*
- -1.24%
- 10Y*
- 0.59%
JPYUSD=X vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -2.23% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.47% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between JPYUSD=X and IEF 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 | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2007 | 0.50 |
The correlation between JPYUSD=X and IEF has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
JPYUSD=X vs. IEF — Risk / Return Rank
JPYUSD=X
IEF
JPYUSD=X vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.12 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 0.84 | -1.63 |
| Martin ratioReturn relative to average drawdown | -1.16 | 2.35 | -3.51 |
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Drawdowns
JPYUSD=X vs. IEF - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -52.96%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and IEF.
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Drawdown Indicators
| JPYUSD=X | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.96% | -23.93% | -29.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.68% | -4.07% | -6.61% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -7.74% | -6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -32.59% | -21.40% | -11.19% |
Max Drawdown (10Y)Largest decline over 10 years | -38.21% | -23.93% | -14.28% |
Current DrawdownCurrent decline from peak | -52.52% | -11.18% | -41.34% |
Average DrawdownAverage peak-to-trough decline | -26.91% | -5.35% | -21.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 1.45% | +4.70% |
Volatility
JPYUSD=X vs. IEF - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.69%, while iShares 7-10 Year Treasury Bond ETF (IEF) has a volatility of 1.62%. This indicates that JPYUSD=X experiences smaller price fluctuations and is considered to be less risky than IEF 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 | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 1.62% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 5.49% | 3.42% | +2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.51% | 4.72% | +2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.56% | 7.71% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.89% | 6.63% | +2.26% |
Frequently Asked Questions
JPYUSD=X and IEF 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.
IEF has higher volatility (1.62%) compared to JPYUSD=X (0.69%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs IEF's -23.93%.
IEF currently has the higher Sharpe Ratio (0.72 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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