^DXY vs. UUP

Last updated Jun 3, 2026

^DXY (US Dollar Currency Index) is an index, while UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Over the past 10 years, ^DXY returned 0.54%/yr vs 3.16%/yr for UUP. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

^DXY vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Dollar Currency Index (^DXY) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^DXY achieves a 0.93% return, which is significantly lower than UUP's 2.70% return. Over the past 10 years, ^DXY has underperformed UUP with an annualized return of 0.54%, while UUP has yielded a comparatively higher 3.16% annualized return.

^DXY

• 1D: 0.04%
• 1M: 1.10%
• YTD: 0.93%
• 6M: -0.12%
• 1Y: 0.54%
• 3Y*: -1.55%
• 5Y*: 1.86%
• 10Y*: 0.54%

UUP

• 1D: 0.00%
• 1M: 1.28%
• YTD: 2.70%
• 6M: 1.84%
• 1Y: 5.31%
• 3Y*: 3.76%
• 5Y*: 5.76%
• 10Y*: 3.16%

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

^DXY vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^DXY US Dollar Currency Index	0.93%	-9.37%	7.06%	-2.11%	7.87%	6.71%	-6.69%	0.22%	4.40%	-9.87%
UUP Invesco DB US Dollar Index Bullish Fund	2.70%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Correlation

The correlation between ^DXY and UUP is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	0.94

The correlation between ^DXY and UUP has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

^DXY vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^DXY

^DXY Risk / Return Rank: 13
^DXY Sharpe Ratio Rank: 13
^DXY Sortino Ratio Rank: 10
^DXY Omega Ratio Rank: 10
^DXY Calmar Ratio Rank: 17
^DXY Martin Ratio Rank: 17

UUP

UUP Risk / Return Rank: 24
UUP Sharpe Ratio Rank: 25
UUP Sortino Ratio Rank: 24
UUP Omega Ratio Rank: 23
UUP Calmar Ratio Rank: 26
UUP Martin Ratio Rank: 25

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.

^DXY vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Dollar Currency Index (^DXY) and Invesco DB US Dollar Index Bullish Fund (UUP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^DXY	UUP	Difference
Sharpe ratio Return per unit of total volatility	0.09	0.87	-0.78
Sortino ratio Return per unit of downside risk	0.17	1.26	-1.10
Omega ratio Gain probability vs. loss probability	1.02	1.15	-0.13
Calmar ratio Return relative to maximum drawdown	0.15	1.26	-1.10
Martin ratio Return relative to average drawdown	0.35	3.34	-2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^DXY vs. UUP - Sharpe Ratio Comparison

The current ^DXY Sharpe Ratio is 0.09, which is lower than the UUP Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of ^DXY and UUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^DXY	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	0.87	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.80	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.46	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.20	-0.27

Drawdowns

^DXY vs. UUP - Drawdown Comparison

The maximum ^DXY drawdown since its inception was -45.13%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for ^DXY and UUP.

Drawdown Indicators

	^DXY	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-45.13%	-22.19%	-22.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-3.65%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-12.49%	-10.05%	-2.44%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-10.37%	-5.31%
Max Drawdown (10Y) Largest decline over 10 years	-15.68%	-14.24%	-1.44%
Current Drawdown Current decline from peak	-23.66%	-3.83%	-19.83%
Average Drawdown Average peak-to-trough decline	-28.17%	-8.92%	-19.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.37%	+0.38%

Volatility

^DXY vs. UUP - Volatility Comparison

The current volatility for US Dollar Currency Index (^DXY) is 1.02%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.24%. This indicates that ^DXY experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^DXY	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	1.24%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	4.23%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	6.15%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.98%	7.23%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.49%	6.96%	-0.47%

Frequently Asked Questions

Can I hold both ^DXY and UUP in my portfolio?

With a correlation of 0.95, ^DXY and UUP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^DXY or UUP?

UUP has higher volatility (1.24%) compared to ^DXY (1.02%). In terms of maximum drawdown, ^DXY dropped -45.13% vs UUP's -22.19%.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (0.87 vs 0.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.