JPYUSD=X vs. SPY
JPYUSD=X (JPY/USD) is a currency, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, JPYUSD=X returned -4.25%/yr vs 15.17%/yr for SPY. At a correlation of -0.24, they often move in opposite directions.
Performance
JPYUSD=X vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JPYUSD=X achieves a -3.31% return, which is significantly lower than SPY's 11.28% return. Over the past 10 years, JPYUSD=X has underperformed SPY with an annualized return of -4.25%, while SPY has yielded a comparatively higher 15.17% annualized return.
JPYUSD=X
- 1D
- 0.11%
- 1M
- -1.04%
- 6M
- -2.20%
- YTD
- -3.31%
- 1Y
- -8.13%
- 3Y*
- -5.02%
- 5Y*
- -7.44%
- 10Y*
- -4.25%
SPY
- 1D
- 0.40%
- 1M
- 0.25%
- 6M
- 9.92%
- YTD
- 11.28%
- 1Y
- 22.67%
- 3Y*
- 20.37%
- 5Y*
- 13.36%
- 10Y*
- 15.17%
JPYUSD=X vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.31% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
SPY State Street SPDR S&P 500 ETF | 11.28% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between JPYUSD=X and SPY is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2007 | -0.24 |
The correlation between JPYUSD=X and SPY shifts across timeframes, from -0.24 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JPYUSD=X vs. SPY — Risk / Return Rank
JPYUSD=X
SPY
JPYUSD=X vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.82 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.33 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | 2.56 | -3.23 |
| Martin ratioReturn relative to average drawdown | -1.06 | 11.17 | -12.23 |
Loading charts...
Drawdowns
JPYUSD=X vs. SPY - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -53.20%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and SPY.
Loading charts...
Drawdown Indicators
| JPYUSD=X | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -55.19% | +1.99% |
Max Drawdown (1Y)Largest decline over 1 year | -9.90% | -8.88% | -1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -18.76% | +4.08% |
Max Drawdown (5Y)Largest decline over 5 years | -32.94% | -24.50% | -8.44% |
Max Drawdown (10Y)Largest decline over 10 years | -38.53% | -33.72% | -4.81% |
Current DrawdownCurrent decline from peak | -53.04% | -0.37% | -52.67% |
Average DrawdownAverage peak-to-trough decline | -27.20% | -9.02% | -18.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 2.04% | +4.50% |
Volatility
JPYUSD=X vs. SPY - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 1.25%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.94%. This indicates that JPYUSD=X experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JPYUSD=X | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 3.94% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 10.01% | -5.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.34% | 12.58% | -5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.54% | 17.17% | -7.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.70% | 17.93% | -9.23% |
Frequently Asked Questions
JPYUSD=X and SPY have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (3.94%) compared to JPYUSD=X (1.25%). In terms of maximum drawdown, JPYUSD=X dropped -53.20% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.81 vs -0.90), 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.
Find the right allocation for JPYUSD=X and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer