FXY vs SPY
Invesco CurrencyShares Japanese Yen Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FXY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $448M | $814.4B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | -1.47% | +12.60% | |
| 1Y Return | -6.99% | +20.83% | |
| 3Y Return (annualized) | -2.84% | +20.98% | |
| 5Y Return (annualized) | -7.56% | +12.56% | |
| Volatility (annualized) | 9.6% | 15.3% | |
| Max Drawdown | -57.0% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Feb 12, 2007 | Jan 22, 1993 |
FXY vs SPY Performance
Invesco CurrencyShares Japanese Yen Trust (FXY) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FXY returned -6.99% while SPY returned +20.83%. Year to date, FXY is down 1.47% versus a gain of 12.60% for SPY.
Over three years, FXY compounded at -2.84% per year against +20.98% for SPY; over five years the annualized figures are -7.56% and +12.56% respectively. Across the full 20-year window we track, SPY has the edge at +8.79% annualized vs -1.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.6% 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 SPY. 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 -0.08. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FXY charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, FXY currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, FXY or SPY?
FXY has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, FXY or SPY?
Over the past year FXY returned -6.99% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), FXY annualized -1.82% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, FXY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.6% for FXY. Worst drawdown: FXY -57.0% vs SPY -56.5%.
Should I hold both FXY and SPY?
FXY and SPY have a monthly-return correlation of -0.08, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, FXY or SPY?
FXY yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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