EMDM vs. UUP

Last updated Jul 14, 2026

EMDM (First Trust Bloomberg Emerging Market Democracies ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 3 years, EMDM returned 27.11%/yr vs 5.86%/yr for UUP. At a correlation of -0.44, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

EMDM vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Bloomberg Emerging Market Democracies ETF (EMDM) 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, EMDM achieves a 29.59% return, which is significantly higher than UUP's 5.44% return.

EMDM

• 1D: -3.88%
• 1M: -4.91%
• 6M: 21.93%
• YTD: 29.59%
• 1Y: 67.41%
• 3Y*: 27.11%
• 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)

EMDM vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	29.59%	59.68%	-4.93%	14.75%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	1.40%

Correlation

The correlation between EMDM 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 (3Y) Calculated over the trailing 3-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023	-0.44

Return for Risk

EMDM vs. UUP — Risk / Return Rank

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

EMDM

EMDM Risk / Return Rank: 89
EMDM Sharpe Ratio Rank: 92
EMDM Sortino Ratio Rank: 85
EMDM Omega Ratio Rank: 89
EMDM Calmar Ratio Rank: 90
EMDM Martin Ratio Rank: 90

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.

EMDM vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) 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.

	EMDM	UUP	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.38	+1.13
Sortino ratio: Return per unit of downside risk	3.03	1.99	+1.04
Omega ratio: Gain probability vs. loss probability	1.44	1.25	+0.19
Calmar ratio: Return relative to maximum drawdown	4.33	2.28	+2.05
Martin ratio: Return relative to average drawdown	16.24	6.26	+9.98

EMDM vs. UUP - Sharpe Ratio Comparison

The current EMDM Sharpe Ratio is 2.51, which is higher than the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of EMDM 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

EMDM vs. UUP - Drawdown Comparison

The maximum EMDM drawdown since its inception was -18.81%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for EMDM and UUP.

Drawdown Indicators

	EMDM	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-22.19%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-3.65%	-12.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-10.05%	-8.76%
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	-9.68%	-1.26%	-8.42%
Average Drawdown Average peak-to-trough decline	-4.09%	-8.88%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	1.33%	+2.83%

Volatility

EMDM vs. UUP - Volatility Comparison

First Trust Bloomberg Emerging Market Democracies ETF (EMDM) has a higher volatility of 12.11% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that EMDM'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

	EMDM	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	1.45%	+10.66%
Volatility (6M) Calculated over the trailing 6-month period	24.83%	4.34%	+20.49%
Volatility (1Y) Calculated over the trailing 1-year period	27.02%	6.03%	+20.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	7.22%	+13.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	6.90%	+14.03%

EMDM vs. UUP - Expense Ratio Comparison

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

Dividends

EMDM vs. UUP - Dividend Comparison

EMDM's dividend yield for the trailing twelve months is around 2.92%, less than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.92%	3.57%	5.87%	2.16%	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 EMDM and UUP in my portfolio?

EMDM 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, EMDM or UUP?

EMDM has higher volatility (12.11%) compared to UUP (1.45%). In terms of maximum drawdown, EMDM dropped -18.81% vs UUP's -22.19%.

Which ETF is better, EMDM or UUP?

On 3-year performance, EMDM leads with 27.11% 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, EMDM or UUP?

Over the 3-year period, EMDM has performed better with a 27.11% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDM or UUP?

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

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

UUP has the higher dividend yield at 3.25%, compared with 2.92% for EMDM.

What is the main difference between EMDM and UUP?

EMDM is categorized as Emerging Markets Diversified, while UUP is Currency. EMDM tracks Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: First Trust and Invesco.

Which has better risk-adjusted returns?

EMDM currently has the higher Sharpe Ratio (2.51 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.