CSPX.AS vs. UUP
CSPX.AS (iShares Core S&P 500 UCITS ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - CSPX.AS is a S&P 500 fund tracking the S&P 500 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, CSPX.AS returned 14.96%/yr vs 2.94%/yr for UUP. At a 0.28 correlation, their price movements are largely independent. CSPX.AS charges 0.07%/yr vs 0.75%/yr for UUP.
Performance
CSPX.AS vs. UUP - Performance Comparison
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Different Trading Currencies
CSPX.AS is traded in EUR, while UUP is traded in USD. To make them comparable, the UUP values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, CSPX.AS achieves a 11.52% return, which is significantly higher than UUP's 5.61% return. Over the past 10 years, CSPX.AS has outperformed UUP with an annualized return of 14.96%, while UUP has yielded a comparatively lower 2.94% annualized return.
CSPX.AS
- 1D
- -0.10%
- 1M
- 3.89%
- YTD
- 11.52%
- 6M
- 10.96%
- 1Y
- 25.10%
- 3Y*
- 18.87%
- 5Y*
- 14.77%
- 10Y*
- 14.96%
UUP
- 1D
- -0.08%
- 1M
- 4.76%
- YTD
- 5.61%
- 6M
- 4.01%
- 1Y
- 4.35%
- 3Y*
- 1.80%
- 5Y*
- 7.20%
- 10Y*
- 2.94%
CSPX.AS vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSPX.AS iShares Core S&P 500 UCITS ETF | 11.52% | 4.00% | 33.87% | 22.28% | -14.24% | 40.26% | 7.72% | 32.99% | -0.36% | 7.13% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.61% | -16.26% | 20.99% | 0.52% | 16.24% | 13.64% | -14.36% | 6.44% | 12.07% | -20.27% |
Correlation
The correlation between CSPX.AS and UUP is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since May 6, 2014 | 0.28 |
The correlation between CSPX.AS and UUP shifts across timeframes, from 0.14 (5 years) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CSPX.AS vs. UUP — Risk / Return Rank
CSPX.AS
UUP
CSPX.AS vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 UCITS ETF (CSPX.AS) 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.
| CSPX.AS | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.07 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 0.56 | +3.01 |
| Martin ratioReturn relative to average drawdown | 12.76 | 1.34 | +11.41 |
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
| CSPX.AS | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.25 | 0.36 | +1.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | 0.49 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.92 | 0.21 | +0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 0.16 | +0.77 |
Drawdowns
CSPX.AS vs. UUP - Drawdown Comparison
The maximum CSPX.AS drawdown since its inception was -33.65%, roughly equal to the maximum UUP drawdown of -34.79%. Use the drawdown chart below to compare losses from any high point for CSPX.AS and UUP.
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Drawdown Indicators
| CSPX.AS | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.65% | -34.79% | +1.14% |
Max Drawdown (1Y)Largest decline over 1 year | -7.11% | -7.84% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -23.37% | -22.00% | -1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -23.37% | -22.51% | -0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -33.65% | -27.97% | -5.68% |
Current DrawdownCurrent decline from peak | -0.40% | -13.76% | +13.36% |
Average DrawdownAverage peak-to-trough decline | -4.28% | -15.68% | +11.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 3.29% | -1.29% |
Volatility
CSPX.AS vs. UUP - Volatility Comparison
iShares Core S&P 500 UCITS ETF (CSPX.AS) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 2.59% and 2.56%, 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
| CSPX.AS | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.59% | 2.56% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 7.37% | 8.49% | -1.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.26% | 12.24% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.13% | 14.73% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 14.11% | +1.94% |
CSPX.AS vs. UUP - Expense Ratio Comparison
CSPX.AS has a 0.07% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
CSPX.AS vs. UUP - Dividend Comparison
CSPX.AS has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CSPX.AS iShares Core S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 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
CSPX.AS and UUP have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.75% for UUP.
CSPX.AS is categorized as S&P 500, while UUP is Currency. CSPX.AS tracks S&P 500 Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for CSPX.AS and 0.75% for UUP.
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