UDN vs. FXY

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB US Dollar Index Bearish Fund (UDN) and Invesco CurrencyShares® Japanese Yen Trust (FXY).

UDN and FXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UDN is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Short USD Currency Portfolio Index. It was launched on Feb 20, 2007. FXY is a passively managed fund by Invesco that tracks the performance of the Japanese Yen. It was launched on Feb 12, 2007. Both UDN and FXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UDN vs. FXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bearish Fund (UDN) and Invesco CurrencyShares® Japanese Yen Trust (FXY). The values are adjusted to include any dividend payments, if applicable.

UDN vs. FXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDN Invesco DB US Dollar Index Bearish Fund	-1.32%	12.37%	-4.53%	4.88%	-7.96%	-7.03%	6.20%	-0.97%	-5.02%	9.50%
FXY Invesco CurrencyShares® Japanese Yen Trust	-1.35%	0.09%	-10.93%	-7.44%	-12.75%	-10.90%	4.61%	0.37%	2.31%	3.17%

Returns By Period

The year-to-date returns for both stocks are quite close, with UDN having a -1.32% return and FXY slightly lower at -1.35%. Over the past 10 years, UDN has outperformed FXY with an annualized return of -0.49%, while FXY has yielded a comparatively lower -3.96% annualized return.

UDN

• 1D: 0.67%
• 1M: -2.23%
• YTD: -1.32%
• 6M: -1.54%
• 1Y: 5.59%
• 3Y*: 3.05%
• 5Y*: -0.33%
• 10Y*: -0.49%

FXY

• 1D: 0.64%
• 1M: -1.61%
• YTD: -1.35%
• 6M: -6.96%
• 1Y: -5.89%
• 3Y*: -6.20%
• 5Y*: -7.45%
• 10Y*: -3.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UDN vs. FXY - Expense Ratio Comparison

UDN has a 0.77% expense ratio, which is higher than FXY's 0.40% expense ratio.

UDN

Invesco DB US Dollar Index Bearish Fund

FXY

Invesco CurrencyShares® Japanese Yen Trust

Return for Risk

UDN vs. FXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UDN

UDN Risk / Return Rank: 42
UDN Sharpe Ratio Rank: 44
UDN Sortino Ratio Rank: 46
UDN Omega Ratio Rank: 35
UDN Calmar Ratio Rank: 50
UDN Martin Ratio Rank: 34

FXY

FXY Risk / Return Rank: 4
FXY Sharpe Ratio Rank: 3
FXY Sortino Ratio Rank: 3
FXY Omega Ratio Rank: 3
FXY Calmar Ratio Rank: 4
FXY Martin Ratio Rank: 6

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.

UDN vs. FXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) 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.

	UDN	FXY	Difference
Sharpe ratio Return per unit of total volatility	0.76	-0.58	+1.33
Sortino ratio Return per unit of downside risk	1.21	-0.78	+1.99
Omega ratio Gain probability vs. loss probability	1.14	0.91	+0.22
Calmar ratio Return relative to maximum drawdown	1.22	-0.48	+1.70
Martin ratio Return relative to average drawdown	2.94	-0.80	+3.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDN vs. FXY - Sharpe Ratio Comparison

The current UDN Sharpe Ratio is 0.76, which is higher than the FXY Sharpe Ratio of -0.58. The chart below compares the historical Sharpe Ratios of UDN and FXY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UDN	FXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	-0.58	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	-0.73	+0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	-0.42	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	-0.18	+0.08

Correlation

The correlation between UDN and FXY is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

UDN vs. FXY - Dividend Comparison

UDN's dividend yield for the trailing twelve months is around 2.98%, while FXY has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDN Invesco DB US Dollar Index Bearish Fund	2.98%	2.94%	5.33%	5.21%	0.69%	0.00%	0.00%	1.38%	1.26%	0.11%
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%

Drawdowns

UDN vs. FXY - Drawdown Comparison

The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum FXY drawdown of -56.03%. Use the drawdown chart below to compare losses from any high point for UDN and FXY.

Drawdown Indicators

	UDN	FXY	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-56.03%	+14.36%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-12.45%	+7.91%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-34.49%	+11.74%
Max Drawdown (10Y) Largest decline over 10 years	-25.72%	-40.84%	+15.12%
Current Drawdown Current decline from peak	-28.22%	-55.51%	+27.29%
Average Drawdown Average peak-to-trough decline	-20.55%	-27.48%	+6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	7.46%	-5.58%

Volatility

UDN vs. FXY - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 2.10%, while Invesco CurrencyShares® Japanese Yen Trust (FXY) has a volatility of 2.33%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDN	FXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	2.33%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	6.09%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	10.25%	-2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.43%	10.20%	-2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	9.47%	-2.52%