FXY vs IVV
Invesco CurrencyShares Japanese Yen Trust vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | FXY | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.03% | |
| AUM | $455M | $907.0B | |
| Dividend Yield | 0.00% | 1.10% | |
| Holdings | 3 | 508 | |
| YTD Return | -1.59% | +12.28% | |
| 1Y Return | -7.71% | +20.94% | |
| 3Y Return (annualized) | -3.20% | +21.81% | |
| 5Y Return (annualized) | -7.62% | +13.05% | |
| Volatility (annualized) | 9.7% | 15.1% | |
| Max Drawdown | -57.0% | -56.5% | |
| Fund Family | Invesco (US) | iShares by BlackRock (US) | |
| Category | Alternative | Equity | |
| Inception | Feb 12, 2007 | May 15, 2000 |
FXY vs IVV Performance
Invesco CurrencyShares Japanese Yen Trust (FXY) is a ETF from Invesco (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year FXY returned -7.71% while IVV returned +20.94%. Year to date, FXY is down 1.59% versus a gain of 12.28% for IVV.
Over three years, FXY compounded at -3.20% per year against +21.81% for IVV; over five years the annualized figures are -7.62% and +13.05% respectively. Across the full 20-year window we track, IVV has the edge at +6.98% annualized vs -1.83%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 9.7% for FXY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -57.0% for FXY and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.07. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FXY charges 0.40% per year while IVV charges 0.03%. On a $10,000 position that is $40 vs $3 annually, a gap of $37 per year that compounds over a long holding period. On income, FXY currently yields 0.00% against 1.10% for IVV.
Frequently Asked Questions
Which is cheaper, FXY or IVV?
FXY has an expense ratio of 0.40% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $37 per year of difference.
Which performed better, FXY or IVV?
Over the past year FXY returned -7.71% vs +20.94% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (20 years), FXY annualized -1.83% vs +6.98% for IVV. Past performance does not guarantee future results.
Which is riskier, FXY or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 9.7% for FXY. Worst drawdown: FXY -57.0% vs IVV -56.5%.
Should I hold both FXY and IVV?
FXY and IVV have a monthly-return correlation of -0.07, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FXY or IVV?
FXY yields 0.00% while IVV yields 1.10%, so IVV currently pays the higher dividend yield.
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