CANC vs. UUP

Last updated Jul 14, 2026

CANC (Tema Oncology ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - CANC is a Health & Biotech Equities fund actively managed by Tema, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. CANC is actively managed, while UUP is passively managed. Over the past 3 years, CANC returned 104.11%/yr vs 5.86%/yr for UUP. At a correlation of -0.21, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

CANC vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Oncology ETF (CANC) 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, CANC achieves a 17.91% return, which is significantly higher than UUP's 5.44% return.

CANC

• 1D: -1.73%
• 1M: 9.22%
• 6M: 13.62%
• YTD: 17.91%
• 1Y: 58.70%
• 3Y*: 104.11%
• 5Y*: —
• 10Y*: —

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%

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

CANC vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CANC Tema Oncology ETF	17.91%	42.92%	-5.37%	510.51%	-85.34%	-55.35%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	3.63%	9.46%	1.10%

Correlation

The correlation between CANC and UUP is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	-0.21

Return for Risk

CANC vs. UUP — Risk / Return Rank

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

CANC

CANC Risk / Return Rank: 92
CANC Sharpe Ratio Rank: 93
CANC Sortino Ratio Rank: 92
CANC Omega Ratio Rank: 86
CANC Calmar Ratio Rank: 95
CANC Martin Ratio Rank: 92

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

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.

CANC vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Oncology ETF (CANC) 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.

	CANC	UUP	Difference
Sharpe ratio: Return per unit of total volatility	2.60	1.38	+1.21
Sortino ratio: Return per unit of downside risk	3.62	1.99	+1.63
Omega ratio: Gain probability vs. loss probability	1.41	1.25	+0.16
Calmar ratio: Return relative to maximum drawdown	6.34	2.28	+4.06
Martin ratio: Return relative to average drawdown	17.26	6.26	+11.00

CANC vs. UUP - Sharpe Ratio Comparison

The current CANC Sharpe Ratio is 2.60, which is higher than the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of CANC 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.

Drawdowns

CANC vs. UUP - Drawdown Comparison

The maximum CANC drawdown since its inception was -97.53%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for CANC and UUP.

Drawdown Indicators

	CANC	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-97.53%	-22.19%	-75.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-3.65%	-5.65%
Max Drawdown (3Y) Largest decline over 3 years	-30.27%	-10.05%	-20.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-51.12%	-1.26%	-49.86%
Average Drawdown Average peak-to-trough decline	-72.70%	-8.88%	-63.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	1.33%	+2.08%

Volatility

CANC vs. UUP - Volatility Comparison

Tema Oncology ETF (CANC) has a higher volatility of 6.48% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that CANC'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

	CANC	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	1.45%	+5.03%
Volatility (6M) Calculated over the trailing 6-month period	16.50%	4.34%	+12.16%
Volatility (1Y) Calculated over the trailing 1-year period	22.78%	6.03%	+16.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	277.14%	7.22%	+269.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	277.14%	6.90%	+270.24%

CANC vs. UUP - Expense Ratio Comparison

Both CANC and UUP have an expense ratio of 0.75%.

Dividends

CANC vs. UUP - Dividend Comparison

CANC's dividend yield for the trailing twelve months is around 0.05%, less than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CANC Tema Oncology ETF	0.05%	0.06%	3.00%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both CANC and UUP in my portfolio?

CANC and UUP have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CANC or UUP?

CANC has higher volatility (6.48%) compared to UUP (1.45%). In terms of maximum drawdown, CANC dropped -97.53% vs UUP's -22.19%.

Which ETF is better, CANC or UUP?

On 3-year performance, CANC leads with 104.11% vs 5.86% for UUP. Both ETFs have the same 0.75% expense ratio. 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.

Which ETF has performed better, CANC or UUP?

Over the 3-year period, CANC has performed better with a 104.11% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CANC or UUP?

CANC and UUP have the same expense ratio: 0.75% per year.

Which ETF pays a higher dividend yield, CANC or UUP?

UUP has the higher dividend yield at 3.25%, compared with 0.05% for CANC.

What is the main difference between CANC and UUP?

CANC is categorized as Health & Biotech Equities, while UUP is Currency. They also come from different issuers: Tema and Invesco.

Which has better risk-adjusted returns?

CANC currently has the higher Sharpe Ratio (2.60 vs 1.38), 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.