DFGP vs. UUP

Last updated Jul 14, 2026

DFGP (Dimensional Global Core Plus Fixed Income ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - DFGP is a Global Bonds fund actively managed by Dimensional, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. DFGP is actively managed, while UUP is passively managed. Over the past year, DFGP returned 4.10% vs 8.28% for UUP. At a correlation of -0.40, they often move in opposite directions. DFGP charges 0.22%/yr vs 0.75%/yr for UUP.

Performance

DFGP vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Global Core Plus Fixed Income ETF (DFGP) 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, DFGP achieves a 0.93% return, which is significantly lower than UUP's 5.44% return.

DFGP

• 1D: -0.48%
• 1M: -0.56%
• 6M: 0.41%
• YTD: 0.93%
• 1Y: 4.10%
• 3Y*: —
• 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)

DFGP vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFGP Dimensional Global Core Plus Fixed Income ETF	0.93%	5.89%	3.71%	6.23%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	-3.10%

Correlation

The correlation between DFGP and UUP is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Nov 8, 2023	-0.40

Return for Risk

DFGP vs. UUP — Risk / Return Rank

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

DFGP

DFGP Risk / Return Rank: 34
DFGP Sharpe Ratio Rank: 35
DFGP Sortino Ratio Rank: 34
DFGP Omega Ratio Rank: 33
DFGP Calmar Ratio Rank: 31
DFGP Martin Ratio Rank: 36

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.

DFGP vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Global Core Plus Fixed Income ETF (DFGP) 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.

	DFGP	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.38	-0.36
Sortino ratio: Return per unit of downside risk	1.48	1.99	-0.51
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.27	2.28	-1.01
Martin ratio: Return relative to average drawdown	4.26	6.26	-2.00

DFGP vs. UUP - Sharpe Ratio Comparison

The current DFGP Sharpe Ratio is 1.02, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DFGP 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

DFGP vs. UUP - Drawdown Comparison

The maximum DFGP drawdown since its inception was -3.24%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for DFGP and UUP.

Drawdown Indicators

	DFGP	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-3.24%	-22.19%	+18.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.24%	-3.65%	+0.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.05%	—
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	-1.18%	-1.26%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.77%	-8.88%	+8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.33%	-0.37%

Volatility

DFGP vs. UUP - Volatility Comparison

The current volatility for Dimensional Global Core Plus Fixed Income ETF (DFGP) is 1.31%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that DFGP experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGP	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.45%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.44%	4.34%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	6.03%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.64%	7.22%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	6.90%	-2.26%

DFGP vs. UUP - Expense Ratio Comparison

DFGP has a 0.22% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

DFGP vs. UUP - Dividend Comparison

DFGP's dividend yield for the trailing twelve months is around 4.45%, more than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFGP Dimensional Global Core Plus Fixed Income ETF	4.45%	3.45%	4.51%	0.62%	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 DFGP and UUP in my portfolio?

DFGP and UUP have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGP or UUP?

UUP has higher volatility (1.45%) compared to DFGP (1.31%). In terms of maximum drawdown, DFGP dropped -3.24% vs UUP's -22.19%.

Which ETF is better, DFGP or UUP?

On 1-year performance, UUP leads with 8.28% vs 4.10% for DFGP. On fees, DFGP is cheaper at 0.22% per year. On volatility, DFGP has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFGP or UUP?

Over the 1-year period, UUP has performed better with a 8.28% return vs 4.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFGP or UUP?

DFGP is cheaper with a 0.22% expense ratio, compared with 0.75% for UUP.

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

DFGP has the higher dividend yield at 4.45%, compared with 3.25% for UUP.

What is the main difference between DFGP and UUP?

DFGP is categorized as Global Bonds, while UUP is Currency. They also come from different issuers: Dimensional and Invesco. Their fees differ too: 0.22% for DFGP and 0.75% for UUP.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.38 vs 1.02), 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.