BWZ vs. UUP
BWZ (SPDR Bloomberg Barclays Short Term International Treasury Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - BWZ is a International Government Bonds fund tracking the Bloomberg Global Treasury (1-3 Y) Customized, 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, BWZ returned -0.60%/yr vs 3.17%/yr for UUP. At a correlation of -0.83, they often move in opposite directions. BWZ charges 0.35%/yr vs 0.75%/yr for UUP.
Performance
BWZ vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, BWZ achieves a -1.87% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, BWZ has underperformed UUP with an annualized return of -0.60%, while UUP has yielded a comparatively higher 3.17% annualized return.
BWZ
- 1D
- -0.75%
- 1M
- -1.37%
- 6M
- -1.51%
- YTD
- -1.87%
- 1Y
- -2.04%
- 3Y*
- 1.09%
- 5Y*
- -1.85%
- 10Y*
- -0.60%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
BWZ vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | -1.87% | 10.47% | -5.31% | 2.97% | -10.56% | -6.85% | 6.47% | 0.99% | -3.36% | 10.18% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between BWZ and UUP is -0.83, 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 | -0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | -0.83 |
The correlation between BWZ and UUP has been stable across timeframes, ranging from -0.85 to -0.80 - a consistent structural relationship.
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Return for Risk
BWZ vs. UUP — Risk / Return Rank
BWZ
UUP
BWZ vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) 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.
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.
| BWZ | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.25 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.40 | 2.28 | -2.68 |
| Martin ratioReturn relative to average drawdown | -0.78 | 6.26 | -7.04 |
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Drawdowns
BWZ vs. UUP - Drawdown Comparison
The maximum BWZ drawdown since its inception was -34.23%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for BWZ and UUP.
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Drawdown Indicators
| BWZ | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.23% | -22.19% | -12.04% |
Max Drawdown (1Y)Largest decline over 1 year | -5.15% | -3.65% | -1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -8.60% | -10.05% | +1.45% |
Max Drawdown (5Y)Largest decline over 5 years | -22.09% | -10.37% | -11.72% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -14.24% | -10.66% |
Current DrawdownCurrent decline from peak | -23.37% | -1.26% | -22.11% |
Average DrawdownAverage peak-to-trough decline | -16.14% | -8.88% | -7.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 1.33% | +1.28% |
Volatility
BWZ vs. UUP - Volatility Comparison
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF (BWZ) has a higher volatility of 1.68% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that BWZ'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
| BWZ | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 1.45% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 4.34% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.84% | 6.03% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.60% | 7.22% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 6.90% | +0.04% |
BWZ vs. UUP - Expense Ratio Comparison
BWZ has a 0.35% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
BWZ vs. UUP - Dividend Comparison
BWZ's dividend yield for the trailing twelve months is around 2.12%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWZ SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | 2.12% | 2.05% | 2.47% | 1.63% | 0.44% | 0.60% | 0.13% | 0.43% | 1.10% | 0.40% | 0.13% | 0.06% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 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
BWZ and UUP have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWZ has higher volatility (1.68%) compared to UUP (1.45%). In terms of maximum drawdown, BWZ dropped -34.23% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs -0.60% for BWZ. On fees, BWZ is cheaper at 0.35% per year. On volatility, UUP has been the lower-risk option at 1.45%. 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 3.17% return vs -0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWZ is cheaper with a 0.35% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 2.12% for BWZ.
BWZ is categorized as International Government Bonds, while UUP is Currency. BWZ tracks Bloomberg Global Treasury (1-3 Y) Customized, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for BWZ and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs -0.30), 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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