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Performance
UDN Performance Chart
Invesco DB US Dollar Index Bearish Fund (UDN) is down 2.0% since the beginning of the year. UDN is currently trading at $18 per share. Investors who bought $1,000 worth of UDN shares 5 years ago would now be looking at an investment worth $967.
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Returns By Period
Invesco DB US Dollar Index Bearish Fund (UDN) has returned -2.03% so far this year and -0.72% over the past 12 months. Over the last ten years, UDN has returned -0.42% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Invesco DB US Dollar Index Bearish Fund
- 1D
- -0.28%
- 1M
- -1.71%
- YTD
- -2.03%
- 6M
- -2.08%
- 1Y
- -0.72%
- 3Y*
- 2.75%
- 5Y*
- -0.66%
- 10Y*
- -0.42%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
UDN Monthly Returns History
Based on dividend-adjusted daily data since Mar 1, 2007, UDN's average daily return is 0.00%, while the average monthly return is -0.04%.
Historically, 50% of months were positive and 50% were negative. The best month was Dec 2008 with a return of +6.3%, while the worst month was Oct 2008 at -7.9%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 9 months.
On a daily basis, UDN closed higher 48% of trading days. The best single day was Nov 24, 2008 with a return of +2.9%, while the worst single day was Jan 20, 2009 at -2.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.32% | -0.38% | -2.23% | 2.11% | -0.71% | -2.08% | -2.03% | ||||||
| 2025 | 0.42% | 1.07% | 3.48% | 4.50% | 0.38% | 2.72% | -3.12% | 2.51% | 0.21% | -2.07% | 0.60% | 1.28% | 12.37% |
| 2024 | -1.95% | -0.33% | -0.11% | -1.56% | 1.93% | -0.86% | 2.12% | 2.49% | 1.12% | -2.90% | -1.74% | -2.63% | -4.53% |
| 2023 | 1.62% | -2.66% | 2.57% | 1.23% | -2.37% | 1.40% | 1.33% | -1.50% | -2.16% | -0.11% | 3.27% | 2.39% | 4.88% |
| 2022 | -1.04% | -0.20% | -1.75% | -4.79% | 1.55% | -3.00% | -1.14% | -2.75% | -3.39% | 0.82% | 5.62% | 2.25% | -7.96% |
| 2021 | -0.83% | -0.46% | -2.56% | 2.15% | 1.36% | -2.78% | 0.28% | -0.71% | -1.76% | 0.08% | -1.97% | 0.05% | -7.03% |
Benchmark Metrics
Invesco DB US Dollar Index Bearish Fund has an annualized alpha of -1.44%, beta of 0.09, and R2 of 0.05 versus S&P 500 Index. Calculated based on daily prices since March 01, 2007.
- This ETF participated in 31.61% of S&P 500 Index downside but only 12.24% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.09 may look defensive, but with R2 of 0.05 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.05 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -1.44%
- Beta
- 0.09
- R²
- 0.05
- Upside Capture
- 12.24%
- Downside Capture
- 31.61%
Expense Ratio
UDN has an expense ratio of 0.77%, placing it in the medium range.
Return for Risk
Risk / Return Rank
UDN ranks 7 for risk / return — in the bottom 7% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UDN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.37 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 2.78 | -2.94 |
| Martin ratioReturn relative to average drawdown | -0.32 | 12.44 | -12.76 |
Dividends
Dividend History
Invesco DB US Dollar Index Bearish Fund provided a 3.00% dividend yield over the last twelve months, with an annual payout of $0.54 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.54 | $0.54 | $0.89 | $0.96 | $0.13 | $0.00 | $0.00 | $0.28 | $0.27 | $0.02 |
Dividend yield | 3.00% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
Monthly Dividends
The table displays the monthly dividend distributions for Invesco DB US Dollar Index Bearish Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.54 | $0.54 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.89 | $0.89 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.96 | $0.96 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.13 | $0.13 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invesco DB US Dollar Index Bearish Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invesco DB US Dollar Index Bearish Fund was 41.67%, occurring on Sep 27, 2022. The portfolio has not yet recovered.
The current Invesco DB US Dollar Index Bearish Fund drawdown is 28.73%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -41.67%Sep 2022 | 14y 6mo | — | 18y 3moMar 2008 - now |
Financial crisis2007–2009 | -3.76%Dec 2007 | 20d | 1mo 14d | 2mo 4dNov 2007 - Jan 2008 |
Financial crisis2007–2009 | -2.48%Feb 2008 | 7d | 19d | 26dJan 2008 - Feb 2008 |
2007 pullback2007 | -1.77%Aug 2007 | 22d | 21d | 1mo 13dJul 2007 - Sep 2007 |
2007 pullback2007 | -1.54%Jun 2007 | 1mo 13d | 16d | 1mo 29dMay 2007 - Jun 2007 |
Drawdown Indicators
| UDN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -56.78% | +15.11% |
Max Drawdown (1Y)Largest decline over 1 year | -4.59% | -9.10% | +4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -18.90% | +10.31% |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | -25.43% | +4.61% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -33.92% | +8.20% |
Current DrawdownCurrent decline from peak | -28.73% | -1.80% | -26.93% |
Average DrawdownAverage peak-to-trough decline | -20.62% | -10.71% | -9.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 2.03% | +0.22% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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