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BND vs. UUP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BND vs. UUP

Last updated Jun 9, 2026

BND (Vanguard Total Bond Market ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, BND returned 1.53%/yr vs 3.19%/yr for UUP. At a correlation of -0.17, they often move in opposite directions. BND charges 0.03%/yr vs 0.75%/yr for UUP.

Performance

BND vs. UUP - Performance Comparison

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

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Returns By Period

In the year-to-date period, BND achieves a -0.07% return, which is significantly lower than UUP's 3.70% return. Over the past 10 years, BND has underperformed UUP with an annualized return of 1.53%, while UUP has yielded a comparatively higher 3.19% annualized return.

BND

1D
-0.03%
1M
-0.67%
YTD
-0.07%
6M
0.23%
1Y
4.87%
3Y*
3.89%
5Y*
-0.05%
10Y*
1.53%

UUP

1D
0.04%
1M
2.52%
YTD
3.70%
6M
3.08%
1Y
5.64%
3Y*
4.21%
5Y*
6.04%
10Y*
3.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BND vs. UUP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BND
Vanguard Total Bond Market ETF		-0.07%7.08%1.38%5.65%-13.11%-1.86%7.71%8.84%-0.12%3.57%
UUP
Invesco DB US Dollar Index Bullish Fund		3.70%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%

Correlation

The correlation between BND and UUP is -0.48, 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

-0.48

Correlation (3Y)
Calculated over the trailing 3-year period

-0.41

Correlation (5Y)
Calculated over the trailing 5-year period

-0.36

Correlation (10Y)
Calculated over the trailing 10-year period

-0.29

Correlation (All Time)
Calculated using the full available price history since Apr 10, 2007

-0.17

Over the past year, the inverse relationship between BND and UUP has strengthened: their correlation has moved from -0.17 to -0.48, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Total Bond Market ETF

Invesco DB US Dollar Index Bullish Fund

Often compared with BND:
BND vs. BNDXBND vs. FXNAXBND vs. AGGBND vs. FBNDBND vs. BNDWBND vs. TLTBND vs. VBTLX
Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F

Return for Risk

BND vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BND
BND Risk / Return Rank: 4040
Overall Rank
BND Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
BND Sortino Ratio Rank: 4343
Sortino Ratio Rank
BND Omega Ratio Rank: 3838
Omega Ratio Rank
BND Calmar Ratio Rank: 4040
Calmar Ratio Rank
BND Martin Ratio Rank: 3838
Martin Ratio Rank
UUP
UUP Risk / Return Rank: 2929
Overall Rank
UUP Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 2727
Sortino Ratio Rank
UUP Omega Ratio Rank: 2626
Omega Ratio Rank
UUP Calmar Ratio Rank: 3535
Calmar Ratio Rank
UUP Martin Ratio Rank: 3131
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.

BND vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) 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.

BNDUUPDifference
Sharpe ratioReturn per unit of total volatility
1.32
0.93

+0.39

Sortino ratioReturn per unit of downside risk
1.96
1.34

+0.62

Omega ratioGain probability vs. loss probability

1.23

1.16

+0.07

Calmar ratioReturn relative to maximum drawdown

1.83

1.55

+0.28

Martin ratioReturn relative to average drawdown

5.43

4.13

+1.30

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BND vs. UUP - Sharpe Ratio Comparison

The current BND Sharpe Ratio is 1.32, which is higher than the UUP Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of BND 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.

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Sharpe Ratios by Period

BNDUUPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

0.93

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.01

0.84

-0.85

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.46

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.20

+0.38

Drawdowns

BND vs. UUP - Drawdown Comparison

The maximum BND drawdown since its inception was -18.58%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for BND and UUP.

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Drawdown Indicators

BNDUUPDifference

Max Drawdown

Largest peak-to-trough decline

-18.58%

-22.19%

+3.61%

Max Drawdown (1Y)

Largest decline over 1 year

-2.68%

-3.65%

+0.97%

Max Drawdown (3Y)

Largest decline over 3 years

-5.92%

-10.05%

+4.13%

Max Drawdown (5Y)

Largest decline over 5 years

-17.91%

-10.37%

-7.54%

Max Drawdown (10Y)

Largest decline over 10 years

-18.58%

-14.24%

-4.34%

Current Drawdown

Current decline from peak

-2.70%

-2.89%

+0.19%

Average Drawdown

Average peak-to-trough decline

-3.06%

-8.91%

+5.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.90%

1.37%

-0.47%

Volatility

BND vs. UUP - Volatility Comparison

Vanguard Total Bond Market ETF (BND) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 1.20% and 1.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BNDUUPDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

1.23%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

2.69%

4.25%

-1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

3.72%

6.09%

-2.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.02%

7.22%

-1.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.53%

6.96%

-1.43%

BND vs. UUP - Expense Ratio Comparison

BND has a 0.03% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

BND vs. UUP - Dividend Comparison

BND's dividend yield for the trailing twelve months is around 3.98%, more than UUP's 3.31% yield.

PositionTTM20252024202320222021202020192018201720162015
BND
Vanguard Total Bond Market ETF		3.98%3.86%3.67%3.09%2.60%2.12%2.38%2.72%2.81%2.54%2.51%2.57%
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%0.00%0.00%

Frequently Asked Questions

BND and UUP have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UUP has higher volatility (1.23%) compared to BND (1.20%). In terms of maximum drawdown, BND dropped -18.58% vs UUP's -22.19%.

On 10-year performance, UUP leads with 3.19% vs 1.53% for BND. On fees, BND is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UUP has performed better with a 3.19% return vs 1.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BND is cheaper with a 0.03% expense ratio, compared with 0.75% for UUP.

BND has the higher dividend yield at 3.98%, compared with 3.31% for UUP.

BND is categorized as Total Bond Market, while UUP is Currency. BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for BND and 0.75% for UUP.

BND currently has the higher Sharpe Ratio (1.32 vs 0.93), 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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