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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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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%
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%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.67% | 0.86% | 2.58% | -1.51% | 1.10% | 2.53% | 4.92% | ||||||
| 2025 | 0.31% | -0.41% | -2.89% | -3.96% | 0.15% | -2.08% | 3.79% | -1.90% | 0.51% | 2.54% | 0.00% | -0.91% | -4.99% |
| 2024 | 2.73% | 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% |
| 2022 | 0.94% | 0.04% | 1.62% | 4.83% | -1.31% | 2.76% | 1.18% | 2.90% | 3.57% | -0.40% | -4.73% | -1.94% | 9.46% |
| 2021 | 0.74% | 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
- R²
- 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.
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.
| UUP | Benchmark | Difference | |
|---|---|---|---|
| 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.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
| 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 | $0.93 | $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 9mo | 7y 11mo | 10y 8moNov 2008 - Jul 2019 |
2021 correction2021 | -14.24%Jan 2021 | 9mo 22d | 1y 5mo | 2y 2moMar 2020 - Jun 2022 |
Financial crisis2007–2009 | -11.16%Apr 2008 | 10mo 6d | 5mo 23d | 1y 3moJun 2007 - Oct 2008 |
2023 correction2023 | -10.37%Feb 2023 | 4mo 6d | 1y 2mo | 1y 6moSep 2022 - Apr 2024 |
2025 correction2025 | -10.05%Jul 2025 | 5mo 19d | — | 1y 5moJan 2025 - now |
Drawdown Indicators
| UUP | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.75% | -1.80% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -8.90% | -10.71% | +1.81% |
Ulcer IndexDepth 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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