Yen vs S&P 500 since 1972
90% × 6,939%
Updated July 2026 · BLS / FRED · daily closing prices (not exportable)
Since 1972, Yen is up 90% against the dollar and S&P 500 is 6,939% in dollars. S&P 500 held up better. Held as cash, Yen earns no interest, so that line is the exchange rate, not a return.
Base 100 since 1972
Why compare Japanese Yen and S&P 500
The yen is the funding currency of the classic carry trade, and the S&P 500 is the benchmark of American stocks, so this duel quietly contrasts a safe-haven currency with an engine of long-run growth. The yen is an exchange rate held as cash it earns no interest, so its line is only the move against the dollar, not a return. The index is a real asset, the price index of the 500 largest U.S. companies, and the total-return figure with dividends would be higher. The durable pattern is telling: the yen moves on interest-rate gaps and tends to firm up precisely when markets panic, while stocks compound over decades but punish you with sharp drawdowns. One is a place to hide cash, the other a bet on earnings.
Returns by window
| Window | Japanese Yen | S&P 500 |
|---|---|---|
| 1 year | -8% | 15% |
| 5 years | -33% | 66% |
| 10 years | -37% | 237% |
| since 1972 | 90% | 6,939% |
The price of return: risk
| Asset | Annual volatility | Worst drop |
|---|---|---|
| Yen | 11% | -53% |
| S&P 500 | 15% | -53% |
$10,000 in each, since 1972
| Asset | Value today |
|---|---|
| Yen | $18,970 |
| S&P 500 | $703,882 |
Frequently asked questions
Yen or S&P 500: which held up better?
Since 1972, S&P 500 is ahead in dollar terms. But a currency held as cash earns no interest, so its figure is the move against the U.S. dollar, not a return.
Is a currency line a return?
No. Holding cash in any currency earns no interest by itself, so the line is only the exchange-rate move against the dollar. A real asset (gold, an index) carries a return — that contrast is the point of this page.
Does the bigger move mean the better holding?
Not on its own — yield and risk matter, and this is not investment advice. The page shows the dollar move and the largest drop; for cash, also weigh the interest you could earn elsewhere.
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Descriptive, educational content computed from official public data. Not investment advice. Past performance does not guarantee future results.