SCJ vs. FXY
SCJ (iShares MSCI Japan Small Cap ETF) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both exchange-traded funds - SCJ is a Japan Equities fund tracking the MSCI Japan Small Cap Index, while FXY is a Currency fund tracking the Japanese Yen. Both are passively managed. Over the past 10 years, SCJ returned 7.77%/yr vs -4.73%/yr for FXY. At a 0.01 correlation, their price movements are largely independent. SCJ charges 0.49%/yr vs 0.40%/yr for FXY.
Performance
SCJ vs. FXY - Performance Comparison
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Returns By Period
In the year-to-date period, SCJ achieves a 16.18% return, which is significantly higher than FXY's -3.77% return. Over the past 10 years, SCJ has outperformed FXY with an annualized return of 7.77%, while FXY has yielded a comparatively lower -4.73% annualized return.
SCJ
- 1D
- -1.77%
- 1M
- 1.86%
- 6M
- 11.28%
- YTD
- 16.18%
- 1Y
- 30.29%
- 3Y*
- 17.75%
- 5Y*
- 7.55%
- 10Y*
- 7.77%
FXY
- 1D
- -0.49%
- 1M
- -1.40%
- 6M
- -2.84%
- YTD
- -3.77%
- 1Y
- -9.61%
- 3Y*
- -5.50%
- 5Y*
- -7.99%
- 10Y*
- -4.73%
SCJ vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCJ iShares MSCI Japan Small Cap ETF | 16.18% | 29.58% | 3.41% | 13.22% | -12.75% | -2.95% | 7.46% | 16.16% | -17.17% | 31.61% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.77% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between SCJ and FXY 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 | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | 0.01 |
Over the past year, SCJ and FXY have become more correlated (0.42) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
SCJ vs. FXY — Risk / Return Rank
SCJ
FXY
SCJ vs. FXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap ETF (SCJ) and Invesco CurrencyShares® Japanese Yen Trust (FXY). 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.
| SCJ | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.01 | ||
| Sortino ratioReturn per unit of downside risk | +4.31 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.81 | +0.51 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | -0.94 | +3.45 |
| Martin ratioReturn relative to average drawdown | 8.37 | -1.53 | +9.90 |
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Drawdowns
SCJ vs. FXY - Drawdown Comparison
The maximum SCJ drawdown since its inception was -43.52%, smaller than the maximum FXY drawdown of -56.62%. Use the drawdown chart below to compare losses from any high point for SCJ and FXY.
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Drawdown Indicators
| SCJ | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.52% | -56.62% | +13.10% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -10.21% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -12.43% | -15.91% | +3.48% |
Max Drawdown (5Y)Largest decline over 5 years | -33.25% | -34.61% | +1.36% |
Max Drawdown (10Y)Largest decline over 10 years | -38.87% | -41.64% | +2.77% |
Current DrawdownCurrent decline from peak | -3.04% | -56.60% | +53.56% |
Average DrawdownAverage peak-to-trough decline | -10.33% | -27.88% | +17.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.63% | 6.28% | -2.65% |
Volatility
SCJ vs. FXY - Volatility Comparison
iShares MSCI Japan Small Cap ETF (SCJ) has a higher volatility of 5.33% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 1.60%. This indicates that SCJ's price experiences larger fluctuations and is considered to be riskier than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCJ | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 1.60% | +3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 5.52% | +8.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.84% | 8.09% | +8.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.91% | 10.24% | +5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 9.18% | +7.11% |
SCJ vs. FXY - Expense Ratio Comparison
SCJ has a 0.49% expense ratio, which is higher than FXY's 0.40% expense ratio.
Dividends
SCJ vs. FXY - Dividend Comparison
SCJ's dividend yield for the trailing twelve months is around 2.76%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SCJ iShares MSCI Japan Small Cap ETF | 2.76% | 3.14% | 1.79% | 1.99% | 1.18% | 1.87% | 0.89% | 1.85% | 1.44% | 1.45% | 2.73% | 1.53% |
Frequently Asked Questions
SCJ and FXY 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.
SCJ has higher volatility (5.33%) compared to FXY (1.60%). In terms of maximum drawdown, SCJ dropped -43.52% vs FXY's -56.62%.
On 10-year performance, SCJ leads with 7.77% vs -4.73% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCJ has performed better with a 7.77% return vs -4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.49% for SCJ.
SCJ has the higher dividend yield at 2.76%, compared with 0.00% for FXY.
SCJ is categorized as Japan Equities, while FXY is Currency. SCJ tracks MSCI Japan Small Cap Index, while FXY tracks Japanese Yen. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for SCJ and 0.40% for FXY.
SCJ currently has the higher Sharpe Ratio (1.81 vs -1.19), 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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