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 -4.16%/yr vs 0.49%/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 -3.56% return, which is significantly lower than IEF's -0.82% return. Over the past 10 years, JPYUSD=X has underperformed IEF with an annualized return of -4.16%, while IEF has yielded a comparatively higher 0.49% annualized return.
JPYUSD=X
- 1D
- -0.08%
- 1M
- -0.70%
- 6M
- -2.66%
- YTD
- -3.56%
- 1Y
- -8.63%
- 3Y*
- -4.43%
- 5Y*
- -7.45%
- 10Y*
- -4.16%
- ALL TIME*
- -1.72%
IEF
- 1D
- -0.32%
- 1M
- -0.54%
- 6M
- -0.58%
- YTD
- -0.82%
- 1Y
- 2.96%
- 3Y*
- 2.64%
- 5Y*
- -1.58%
- 10Y*
- 0.49%
- ALL TIME*
- 3.37%
JPYUSD=X vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.56% | 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 | -0.82% | 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 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 24, 2007 | 0.50 |
The correlation between JPYUSD=X and IEF has been stable across timeframes, ranging from 0.42 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 | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.11 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 0.73 | -1.44 |
| Martin ratioReturn relative to average drawdown | -1.11 | 1.82 | -2.93 |
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Drawdowns
JPYUSD=X vs. IEF - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -53.20%, 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 | -53.20% | -23.93% | -29.27% |
Max Drawdown (1Y)Largest decline over 1 year | -9.90% | -4.07% | -5.83% |
Max Drawdown (3Y)Largest decline over 3 years | -14.17% | -7.05% | -7.12% |
Max Drawdown (5Y)Largest decline over 5 years | -32.94% | -21.40% | -11.54% |
Max Drawdown (10Y)Largest decline over 10 years | -38.53% | -23.93% | -14.60% |
Current DrawdownCurrent decline from peak | -53.17% | -11.49% | -41.68% |
Average DrawdownAverage peak-to-trough decline | -27.24% | -5.37% | -21.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.64% | 1.63% | +5.01% |
Volatility
JPYUSD=X vs. IEF - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 1.24%, while iShares 7-10 Year Treasury Bond ETF (IEF) has a volatility of 1.40%. 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 | 1.24% | 1.40% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 4.40% | 3.62% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.27% | 4.71% | +2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.53% | 7.70% | +1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.68% | 6.61% | +2.07% |
Frequently Asked Questions
JPYUSD=X and IEF have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.40%) compared to JPYUSD=X (1.24%). In terms of maximum drawdown, JPYUSD=X dropped -53.20% vs IEF's -23.93%.
IEF currently has the higher Sharpe Ratio (0.63 vs -0.96), 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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