^DXY vs. UUP

Last updated Apr 2, 2026

Compare and contrast key facts about US Dollar Currency Index (^DXY) and Invesco DB US Dollar Index Bullish Fund (UUP).

UUP is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Long US Dollar Index (USDX) Futures Index. It was launched on Feb 20, 2007.

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.

^DXY vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^DXY US Dollar Currency Index	1.27%	-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	2.59%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Returns By Period

In the year-to-date period, ^DXY achieves a 1.27% return, which is significantly lower than UUP's 2.59% return. Over the past 10 years, ^DXY has underperformed UUP with an annualized return of 0.51%, while UUP has yielded a comparatively higher 3.07% annualized return.

^DXY

• 1D: -0.39%
• 1M: 1.21%
• YTD: 1.27%
• 6M: 1.91%
• 1Y: -4.50%
• 3Y*: -0.96%
• 5Y*: 1.37%
• 10Y*: 0.51%

UUP

• 1D: -0.18%
• 1M: 1.46%
• YTD: 2.59%
• 6M: 4.28%
• 1Y: 0.37%
• 3Y*: 4.58%
• 5Y*: 5.16%
• 10Y*: 3.07%

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

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: 1
^DXY Sharpe Ratio Rank: 1
^DXY Sortino Ratio Rank: 0
^DXY Omega Ratio Rank: 1
^DXY Calmar Ratio Rank: 0
^DXY Martin Ratio Rank: 5

UUP

UUP Risk / Return Rank: 12
UUP Sharpe Ratio Rank: 13
UUP Sortino Ratio Rank: 11
UUP Omega Ratio Rank: 11
UUP Calmar Ratio Rank: 14
UUP Martin Ratio Rank: 13

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	-0.62	0.05	-0.67
Sortino ratio Return per unit of downside risk	-0.80	0.12	-0.92
Omega ratio Gain probability vs. loss probability	0.90	1.01	-0.11
Calmar ratio Return relative to maximum drawdown	-0.59	0.08	-0.67
Martin ratio Return relative to average drawdown	-1.01	0.15	-1.16
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 -0.62, which is lower than the UUP Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of ^DXY and UUP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^DXY	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.62	0.05	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.72	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.44	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.20	-0.27

Correlation

The correlation between ^DXY and UUP is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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	-7.31%	-5.62%	-1.69%
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	-23.41%	-3.93%	-19.48%
Average Drawdown Average peak-to-trough decline	-28.18%	-8.96%	-19.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.20%	0.00%

Volatility

^DXY vs. UUP - Volatility Comparison

US Dollar Currency Index (^DXY) has a higher volatility of 2.19% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 2.07%. This indicates that ^DXY's price experiences larger fluctuations and is considered to be riskier 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	2.19%	2.07%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	4.17%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	7.05%	7.42%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	7.24%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.53%	6.99%	-0.46%