CHFUSD=X vs. UUP
CHFUSD=X (USD/CHF) is a currency, while UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Over the past 10 years, CHFUSD=X returned 1.90%/yr vs 3.15%/yr for UUP. At a correlation of -0.76, they often move in opposite directions.
Performance
CHFUSD=X vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, CHFUSD=X achieves a -2.14% return, which is significantly lower than UUP's 5.36% return. Over the past 10 years, CHFUSD=X has underperformed UUP with an annualized return of 1.90%, while UUP has yielded a comparatively higher 3.15% annualized return.
CHFUSD=X
- 1D
- 0.30%
- 1M
- -2.97%
- YTD
- -2.14%
- 6M
- -2.57%
- 1Y
- -0.41%
- 3Y*
- 3.46%
- 5Y*
- 2.52%
- 10Y*
- 1.90%
UUP
- 1D
- -0.18%
- 1M
- 2.63%
- YTD
- 5.36%
- 6M
- 5.68%
- 1Y
- 8.76%
- 3Y*
- 4.96%
- 5Y*
- 6.00%
- 10Y*
- 3.15%
CHFUSD=X vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CHFUSD=X USD/CHF | -2.14% | 14.56% | -7.30% | 9.83% | -1.34% | -2.97% | 9.43% | 1.71% | -1.05% | 4.56% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.36% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between CHFUSD=X and UUP is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2007 | -0.76 |
The correlation between CHFUSD=X and UUP has been stable across timeframes, ranging from -0.79 to -0.74 - a consistent structural relationship.
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Return for Risk
CHFUSD=X vs. UUP — Risk / Return Rank
CHFUSD=X
UUP
CHFUSD=X vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USD/CHF (CHFUSD=X) 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.
| CHFUSD=X | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.26 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 2.41 | -2.47 |
| Martin ratioReturn relative to average drawdown | -0.14 | 6.64 | -6.78 |
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Drawdowns
CHFUSD=X vs. UUP - Drawdown Comparison
The maximum CHFUSD=X drawdown since its inception was -29.99%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for CHFUSD=X and UUP.
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Drawdown Indicators
| CHFUSD=X | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.99% | -22.19% | -7.80% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -3.65% | -2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -8.69% | -10.05% | +1.36% |
Max Drawdown (5Y)Largest decline over 5 years | -10.75% | -10.37% | -0.38% |
Max Drawdown (10Y)Largest decline over 10 years | -13.35% | -14.24% | +0.89% |
Current DrawdownCurrent decline from peak | -10.93% | -1.33% | -9.60% |
Average DrawdownAverage peak-to-trough decline | -18.66% | -8.90% | -9.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 1.32% | +1.27% |
Volatility
CHFUSD=X vs. UUP - Volatility Comparison
USD/CHF (CHFUSD=X) has a higher volatility of 1.81% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.38%. This indicates that CHFUSD=X'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
| CHFUSD=X | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 1.38% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.96% | 4.31% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.94% | 6.04% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.91% | 7.22% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.35% | 6.91% | +0.44% |
Frequently Asked Questions
CHFUSD=X and UUP have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHFUSD=X has higher volatility (1.81%) compared to UUP (1.38%). In terms of maximum drawdown, CHFUSD=X dropped -29.99% vs UUP's -22.19%.
UUP currently has the higher Sharpe Ratio (1.46 vs -0.05), 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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