EMBX vs. UUP
EMBX (VanEck Emerging Markets Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - EMBX is a Emerging Markets Bonds fund actively managed by VanEck, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. EMBX is actively managed, while UUP is passively managed. Over the past 10 years, EMBX returned 4.81%/yr vs 3.17%/yr for UUP. At a correlation of -0.37, they often move in opposite directions. EMBX charges 0.76%/yr vs 0.75%/yr for UUP.
Performance
EMBX vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, EMBX achieves a 3.29% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, EMBX has outperformed UUP with an annualized return of 4.81%, while UUP has yielded a comparatively lower 3.17% annualized return.
EMBX
- 1D
- -0.57%
- 1M
- -0.69%
- 6M
- 2.72%
- YTD
- 3.29%
- 1Y
- 11.21%
- 3Y*
- 8.87%
- 5Y*
- 4.20%
- 10Y*
- 4.81%
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%
EMBX vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMBX VanEck Emerging Markets Bond ETF | 3.29% | 18.80% | 3.09% | 9.34% | -7.21% | -4.30% | 11.57% | 13.10% | -6.21% | 11.97% |
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 EMBX and UUP is -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2012 | -0.37 |
Over the past year, the inverse relationship between EMBX and UUP has strengthened: their correlation has moved from -0.37 to -0.64, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EMBX vs. UUP — Risk / Return Rank
EMBX
UUP
EMBX vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Emerging Markets Bond ETF (EMBX) 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.
| EMBX | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.25 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.28 | -0.09 |
| Martin ratioReturn relative to average drawdown | 9.10 | 6.26 | +2.84 |
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Drawdowns
EMBX vs. UUP - Drawdown Comparison
The maximum EMBX drawdown since its inception was -25.11%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for EMBX and UUP.
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Drawdown Indicators
| EMBX | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.11% | -22.19% | -2.92% |
Max Drawdown (1Y)Largest decline over 1 year | -5.14% | -3.65% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -7.41% | -10.05% | +2.64% |
Max Drawdown (5Y)Largest decline over 5 years | -22.83% | -10.37% | -12.46% |
Max Drawdown (10Y)Largest decline over 10 years | -25.11% | -14.24% | -10.87% |
Current DrawdownCurrent decline from peak | -1.26% | -1.26% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -8.88% | +1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 1.33% | -0.10% |
Volatility
EMBX vs. UUP - Volatility Comparison
VanEck Emerging Markets Bond ETF (EMBX) has a higher volatility of 1.79% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that EMBX'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
| EMBX | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 1.45% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 5.12% | 4.34% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.94% | 6.03% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.14% | 7.22% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.67% | 6.90% | -0.23% |
EMBX vs. UUP - Expense Ratio Comparison
EMBX has a 0.76% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
EMBX vs. UUP - Dividend Comparison
EMBX's dividend yield for the trailing twelve months is around 5.91%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBX VanEck Emerging Markets Bond ETF | 5.91% | 6.95% | 8.20% | 5.49% | 8.21% | 5.50% | 6.56% | 7.89% | 7.25% | 7.66% | 3.94% | 6.84% |
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
EMBX and UUP have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMBX has higher volatility (1.79%) compared to UUP (1.45%). In terms of maximum drawdown, EMBX dropped -25.11% vs UUP's -22.19%.
On 10-year performance, EMBX leads with 4.81% vs 3.17% for UUP. On fees, UUP is cheaper at 0.75% 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, EMBX has performed better with a 4.81% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.76% for EMBX.
EMBX has the higher dividend yield at 5.91%, compared with 3.25% for UUP.
EMBX is categorized as Emerging Markets Bonds, while UUP is Currency. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.76% for EMBX and 0.75% for UUP.
EMBX currently has the higher Sharpe Ratio (1.90 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.
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