EUO vs. UUP
EUO (ProShares UltraShort Euro) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), 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, EUO returned 2.45%/yr vs 3.20%/yr for UUP. Their correlation of 0.95 suggests significant overlap in exposure. EUO charges 0.99%/yr vs 0.75%/yr for UUP.
Performance
EUO vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EUO achieves a 4.54% return, which is significantly higher than UUP's 3.07% return. Over the past 10 years, EUO has underperformed UUP with an annualized return of 2.45%, while UUP has yielded a comparatively higher 3.20% annualized return.
EUO
- 1D
- 0.50%
- 1M
- 2.09%
- YTD
- 4.54%
- 6M
- 3.41%
- 1Y
- 1.02%
- 3Y*
- -0.54%
- 5Y*
- 5.54%
- 10Y*
- 2.45%
UUP
- 1D
- 0.36%
- 1M
- 1.38%
- YTD
- 3.07%
- 6M
- 2.71%
- 1Y
- 5.00%
- 3Y*
- 3.89%
- 5Y*
- 5.92%
- 10Y*
- 3.20%
EUO vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 4.54% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.07% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between EUO and UUP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.95 |
The correlation between EUO and UUP has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EUO vs. UUP — Risk / Return Rank
EUO
UUP
EUO vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) 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.
| EUO | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.15 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 1.38 | -1.25 |
| Martin ratioReturn relative to average drawdown | 0.28 | 3.65 | -3.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EUO | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | 0.83 | -0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.82 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.46 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.20 | -0.15 |
Drawdowns
EUO vs. UUP - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for EUO and UUP.
Loading charts...
Drawdown Indicators
| EUO | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -22.19% | -16.39% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -3.65% | -4.40% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -10.05% | -14.41% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -10.37% | -14.91% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -14.24% | -15.37% |
Current DrawdownCurrent decline from peak | -18.43% | -3.48% | -14.95% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -8.92% | -9.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 1.37% | +2.36% |
Volatility
EUO vs. UUP - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.48% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.26%. This indicates that EUO'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.
Loading charts...
Volatility by Period
| EUO | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 1.26% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 8.71% | 4.24% | +4.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 6.12% | +6.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 7.22% | +8.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 6.96% | +7.92% |
EUO vs. UUP - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
EUO vs. UUP - Dividend Comparison
EUO has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 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 | 3.33% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
With a correlation of 0.96, EUO and UUP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EUO has higher volatility (2.48%) compared to UUP (1.26%). In terms of maximum drawdown, EUO dropped -38.58% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.20% vs 2.45% for EUO. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.20% return vs 2.45%. 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 0.99% for EUO.
UUP has the higher dividend yield at 3.33%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while UUP is Currency. EUO tracks USD/EUR Exchange Rate (-200%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.99% for EUO and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (0.82 vs 0.08), 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.
Find the right allocation for EUO and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer