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ISIN
US73936D1072
CUSIP
73936D107
Issuer
Invesco
Inception Date
Feb 20, 2007
Region
North America (U.S.)
Category
Currency
Leveraged
1x (No leverage)
Index Tracked
Deutsche Bank Long US Dollar Index (USDX) Futures Index
Distribution Policy
Distributing
Asset Class
Currency
Assets Under Management
$405M

Share Price Chart


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Performance

UUP Performance Chart

Invesco DB US Dollar Index Bullish Fund (UUP) is up 4.9% since the beginning of the year. UUP is currently trading at $28 per share. Investors who bought $1,000 worth of UUP shares 5 years ago would now be looking at an investment worth $1,332.


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S&P 500 Index

Returns By Period

Invesco DB US Dollar Index Bullish Fund (UUP) has returned 4.92% so far this year and 7.04% over the past 12 months. Over the last ten years, UUP has returned 3.20% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.


Invesco DB US Dollar Index Bullish Fund

1D
0.21%
1M
2.12%
YTD
4.92%
6M
4.92%
1Y
7.04%
3Y*
4.78%
5Y*
5.90%
10Y*
3.20%

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

UUP Monthly Returns History

Based on dividend-adjusted daily data since Mar 1, 2007, UUP's average daily return is +0.01%, while the average monthly return is +0.16%. At this rate, an investment would double in approximately 36.1 years.

Historically, 52% of months were positive and 48% were negative. The best month was Oct 2008 with a return of +8.3%, while the worst month was Dec 2008 at -6.4%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 6 months.

On a daily basis, UUP closed higher 49% of trading days. The best single day was Mar 13, 2020 with a return of +3.8%, while the worst single day was Mar 16, 2020 at -3.2%.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2026-0.67%0.86%2.58%-1.51%1.10%2.53%4.92%
20250.31%-0.41%-2.89%-3.96%0.15%-2.08%3.79%-1.90%0.51%2.54%0.00%-0.91%-4.99%
20242.73%0.93%1.00%2.15%-1.07%1.60%-1.27%-1.70%-0.32%3.62%2.23%3.01%13.50%
2023-1.08%3.31%-1.90%-0.47%3.10%-0.80%-0.56%2.37%2.91%1.01%-2.46%-1.61%3.63%
20220.94%0.04%1.62%4.83%-1.31%2.76%1.18%2.90%3.57%-0.40%-4.73%-1.94%9.46%
20210.74%0.41%2.45%-2.15%-1.46%2.52%-0.24%0.48%1.69%-0.24%1.78%-0.27%5.73%

Benchmark Metrics

Invesco DB US Dollar Index Bullish Fund has an annualized alpha of 2.83%, beta of -0.07, and R2 of 0.03 versus S&P 500 Index. Calculated based on daily prices since March 01, 2007.

  • This ETF tended to rise when S&P 500 Index fell (downside capture of -37.44%), but participation in market rallies was also limited (-9.49%) - a profile typical of counter-cyclical assets.
  • Beta of -0.07 may look defensive, but with R2 of 0.03 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 0.03 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
2.83%
Beta
-0.07
0.03
Upside Capture
-9.49%
Downside Capture
-37.44%

Expense Ratio

UUP has an expense ratio of 0.75%, placing it in the medium range.


Return for Risk

Risk / Return Rank

UUP ranks 34 for risk / return — below 34% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.


UUP Risk / Return Rank: 3434
Overall Rank
UUP Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 3232
Sortino Ratio Rank
UUP Omega Ratio Rank: 3131
Omega Ratio Rank
UUP Calmar Ratio Rank: 4040
Calmar Ratio Rank
UUP Martin Ratio Rank: 3535
Martin Ratio Rank
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.

Return / Risk — by metrics

The table below present risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) 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.


UUPBenchmarkDifference
Sharpe ratioReturn per unit of total volatility

-0.86

Sortino ratioReturn per unit of downside risk

-1.07

Omega ratioGain probability vs. loss probability

1.21

1.37

-0.16

Calmar ratioReturn relative to maximum drawdown

1.94

2.78

-0.85

Martin ratioReturn relative to average drawdown

5.26

12.44

-7.18

Dividends

Dividend History

Invesco DB US Dollar Index Bullish Fund provided a 3.27% dividend yield over the last twelve months, with an annual payout of $0.93 per share.


0.00%1.00%2.00%3.00%4.00%5.00%6.00%$0.00$0.50$1.00$1.50201720182019202020212022202320242025
Dividends
Dividend Yield
PeriodTTM202520242023202220212020201920182017
Dividend$0.93$0.93$1.32$1.75$0.25$0.00$0.00$0.53$0.28$0.02

Dividend yield

3.27%3.43%4.48%6.44%0.89%0.00%0.00%2.03%1.08%0.10%

Monthly Dividends

The table displays the monthly dividend distributions for Invesco DB US Dollar Index Bullish Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
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$0.93$0.93
2024$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$1.32$1.32
2023$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$1.75$1.75
2022$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.25$0.25
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 Bullish 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 Bullish Fund was 22.19%, occurring on Aug 29, 2011. Recovery took 1992 trading sessions.

The current Invesco DB US Dollar Index Bullish Fund drawdown is 1.75%.


Related event

Drawdown

Fall

Recovery

Underwater

2011 bear market2011
-22.19%Aug 2011
2y 9mo7y 11mo
10y 8moNov 2008 - Jul 2019
2021 correction2021
-14.24%Jan 2021
9mo 22d1y 5mo
2y 2moMar 2020 - Jun 2022
Financial crisis2007–2009
-11.16%Apr 2008
10mo 6d5mo 23d
1y 3moJun 2007 - Oct 2008
2023 correction2023
-10.37%Feb 2023
4mo 6d1y 2mo
1y 6moSep 2022 - Apr 2024
2025 correction2025
-10.05%Jul 2025
5mo 19d
1y 5moJan 2025 - now

Drawdown Indicators


UUPBenchmarkDifference

Max Drawdown

Largest peak-to-trough decline

-22.19%

-56.78%

+34.59%

Max Drawdown (1Y)

Largest decline over 1 year

-3.65%

-9.10%

+5.45%

Max Drawdown (3Y)

Largest decline over 3 years

-10.05%

-18.90%

+8.85%

Max Drawdown (5Y)

Largest decline over 5 years

-10.37%

-25.43%

+15.06%

Max Drawdown (10Y)

Largest decline over 10 years

-14.24%

-33.92%

+19.68%

Current Drawdown

Current decline from peak

-1.75%

-1.80%

+0.05%

Average Drawdown

Average peak-to-trough decline

-8.90%

-10.71%

+1.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.36%

2.03%

-0.67%

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.


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Portfolio Analyzer

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