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SCJ vs. FXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCJ vs. FXY

Last updated Jun 4, 2026

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 7.55%/yr vs -4.49%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Small Cap ETF (SCJ) and Invesco CurrencyShares® Japanese Yen Trust (FXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SCJ achieves a 14.35% return, which is significantly higher than FXY's -2.28% return. Over the past 10 years, SCJ has outperformed FXY with an annualized return of 7.55%, while FXY has yielded a comparatively lower -4.49% annualized return.

SCJ

1D
0.36%
1M
5.04%
YTD
14.35%
6M
16.37%
1Y
30.15%
3Y*
17.70%
5Y*
7.36%
10Y*
7.55%

FXY

1D
-0.17%
1M
-1.89%
YTD
-2.28%
6M
-3.30%
1Y
-10.40%
3Y*
-4.81%
5Y*
-7.79%
10Y*
-4.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SCJ vs. FXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SCJ
iShares MSCI Japan Small Cap ETF		14.35%29.58%3.41%13.22%-12.75%-2.95%7.46%16.16%-17.17%31.61%
FXY
Invesco CurrencyShares® Japanese Yen Trust		-2.28%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 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

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

0.17

Correlation (All Time)
Calculated using the full available price history since Dec 28, 2007

0.01

Over the past year, SCJ and FXY have become more correlated (0.45) than their long-term average of 0.01, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Japan Small Cap ETF

Invesco CurrencyShares® Japanese Yen Trust

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Often compared with FXY:
FXY vs. YCLFXY vs. SPYFXY vs. FXEFXY vs. EWJFXY vs. QQQFXY vs. DXJSFXY vs. IEF

Return for Risk

SCJ vs. FXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SCJ
SCJ Risk / Return Rank: 5353
Overall Rank
SCJ Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
SCJ Sortino Ratio Rank: 5555
Sortino Ratio Rank
SCJ Omega Ratio Rank: 5454
Omega Ratio Rank
SCJ Calmar Ratio Rank: 5050
Calmar Ratio Rank
SCJ Martin Ratio Rank: 5050
Martin Ratio Rank
FXY
FXY Risk / Return Rank: 11
Overall Rank
FXY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
FXY Sortino Ratio Rank: 11
Sortino Ratio Rank
FXY Omega Ratio Rank: 11
Omega Ratio Rank
FXY Calmar Ratio Rank: 11
Calmar Ratio Rank
FXY Martin Ratio Rank: 22
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

SCJFXYDifference

Sharpe ratio

Return per unit of total volatility

1.88

-1.25

+3.14

Sortino ratio

Return per unit of downside risk

2.67

-1.85

+4.52

Omega ratio

Gain probability vs. loss probability

1.34

0.80

+0.53

Calmar ratio

Return relative to maximum drawdown

2.49

-0.94

+3.43

Martin ratio

Return relative to average drawdown

8.42

-1.39

+9.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCJ vs. FXY - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.88, which is higher than the FXY Sharpe Ratio of -1.25. The chart below compares the historical Sharpe Ratios of SCJ and FXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SCJFXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.88

-1.25

+3.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

-0.76

+1.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

-0.48

+0.95

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

-0.18

+0.49

Drawdowns

SCJ vs. FXY - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, smaller than the maximum FXY drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for SCJ and FXY.

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Drawdown Indicators

SCJFXYDifference

Max Drawdown

Largest peak-to-trough decline

-43.52%

-56.03%

+12.51%

Max Drawdown (1Y)

Largest decline over 1 year

-12.17%

-11.16%

-1.01%

Max Drawdown (3Y)

Largest decline over 3 years

-12.43%

-15.12%

+2.69%

Max Drawdown (5Y)

Largest decline over 5 years

-33.25%

-33.72%

+0.47%

Max Drawdown (10Y)

Largest decline over 10 years

-38.87%

-40.84%

+1.97%

Current Drawdown

Current decline from peak

-1.82%

-55.93%

+54.11%

Average Drawdown

Average peak-to-trough decline

-10.38%

-27.74%

+17.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.59%

7.50%

-3.91%

Volatility

SCJ vs. FXY - Volatility Comparison

iShares MSCI Japan Small Cap ETF (SCJ) has a higher volatility of 4.03% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 1.19%. 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

SCJFXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.03%

1.19%

+2.84%

Volatility (6M)

Calculated over the trailing 6-month period

13.13%

5.75%

+7.38%

Volatility (1Y)

Calculated over the trailing 1-year period

16.11%

8.38%

+7.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.81%

10.24%

+5.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.29%

9.33%

+6.96%

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 2.75%, while FXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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		2.75%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 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SCJ has higher volatility (4.03%) compared to FXY (1.19%). In terms of maximum drawdown, SCJ dropped -43.52% vs FXY's -56.03%.

On 10-year performance, SCJ leads with 7.55% vs -4.49% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 1.19%. 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 7.55% return vs -4.49%. 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 2.75%, 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 (1.88 vs -1.25), 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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