BITX vs. UUP
BITX (2x Bitcoin Strategy ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - BITX is a Cryptocurrency fund tracking the S&P CME Bitcoin Futures Daily Roll Index (200%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past year, BITX returned -76.33% vs 5.60% for UUP. At a correlation of -0.15, they often move in opposite directions. BITX charges 2.38%/yr vs 0.75%/yr for UUP.
Performance
BITX vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, BITX achieves a -59.63% return, which is significantly lower than UUP's 3.66% return.
BITX
- 1D
- -10.38%
- 1M
- -44.71%
- YTD
- -59.63%
- 6M
- -62.06%
- 1Y
- -76.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UUP
- 1D
- 0.65%
- 1M
- 2.49%
- YTD
- 3.66%
- 6M
- 3.19%
- 1Y
- 5.60%
- 3Y*
- 4.04%
- 5Y*
- 6.04%
- 10Y*
- 3.28%
BITX vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | -59.63% | -38.71% | 163.41% | 47.23% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.66% | -4.99% | 13.50% | 2.02% |
Correlation
The correlation between BITX and UUP is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.15 |
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Return for Risk
BITX vs. UUP — Risk / Return Rank
BITX
UUP
BITX vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Bitcoin Strategy ETF (BITX) 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.
| BITX | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -3.00 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.18 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.69 | -2.61 |
| Martin ratioReturn relative to average drawdown | -1.49 | 4.49 | -5.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BITX | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 1.01 | -1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.84 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.20 | -0.22 |
Drawdowns
BITX vs. UUP - Drawdown Comparison
The maximum BITX drawdown since its inception was -82.16%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for BITX and UUP.
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Drawdown Indicators
| BITX | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.16% | -22.19% | -59.97% |
Max Drawdown (1Y)Largest decline over 1 year | -82.16% | -3.65% | -78.51% |
Max Drawdown (3Y)Largest decline over 3 years | — | -10.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -82.16% | -2.93% | -79.23% |
Average DrawdownAverage peak-to-trough decline | -31.83% | -8.91% | -22.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.55% | 1.37% | +49.18% |
Volatility
BITX vs. UUP - Volatility Comparison
2x Bitcoin Strategy ETF (BITX) has a higher volatility of 20.21% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.23%. This indicates that BITX'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.
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Volatility by Period
| BITX | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.21% | 1.23% | +18.98% |
Volatility (6M)Calculated over the trailing 6-month period | 68.69% | 4.26% | +64.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.44% | 6.10% | +81.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 98.39% | 7.22% | +91.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 98.39% | 6.96% | +91.43% |
BITX vs. UUP - Expense Ratio Comparison
BITX has a 2.38% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
BITX vs. UUP - Dividend Comparison
BITX's dividend yield for the trailing twelve months is around 39.27%, more than UUP's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITX 2x Bitcoin Strategy ETF | 39.27% | 21.69% | 10.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.31% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
BITX and UUP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITX has higher volatility (20.21%) compared to UUP (1.23%). In terms of maximum drawdown, BITX dropped -82.16% vs UUP's -22.19%.
On 1-year performance, UUP leads with 5.60% vs -76.33% for BITX. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UUP has performed better with a 5.60% return vs -76.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 2.38% for BITX.
BITX has the higher dividend yield at 39.27%, compared with 3.31% for UUP.
BITX is categorized as Cryptocurrency, while UUP is Currency. BITX tracks S&P CME Bitcoin Futures Daily Roll Index (200%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Volatility Shares and Invesco. Their fees differ too: 2.38% for BITX and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.01 vs -0.86), 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.
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