FDEM vs. UUP
FDEM (Fidelity Emerging Markets Multifactor ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor 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 5 years, FDEM returned 9.53%/yr vs 5.67%/yr for UUP. At a correlation of -0.39, they often move in opposite directions. FDEM charges 0.45%/yr vs 0.75%/yr for UUP.
Performance
FDEM vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FDEM achieves a 19.26% return, which is significantly higher than UUP's 4.77% return.
FDEM
- 1D
- 2.81%
- 1M
- 4.24%
- 6M
- 15.59%
- YTD
- 19.26%
- 1Y
- 32.77%
- 3Y*
- 22.26%
- 5Y*
- 9.53%
- 10Y*
- —
UUP
- 1D
- -0.07%
- 1M
- 1.07%
- 6M
- 4.62%
- YTD
- 4.77%
- 1Y
- 8.55%
- 3Y*
- 4.87%
- 5Y*
- 5.67%
- 10Y*
- 3.12%
FDEM vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FDEM Fidelity Emerging Markets Multifactor ETF | 19.26% | 26.75% | 9.34% | 17.26% | -13.11% | -3.52% | 8.87% | 5.60% |
UUP Invesco DB US Dollar Index Bullish Fund | 4.77% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 3.40% |
Correlation
The correlation between FDEM and UUP is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | -0.39 |
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Return for Risk
FDEM vs. UUP — Risk / Return Rank
FDEM
UUP
FDEM vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) 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.
| FDEM | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.26 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.35 | +0.24 |
| Martin ratioReturn relative to average drawdown | 9.37 | 6.48 | +2.89 |
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Drawdowns
FDEM vs. UUP - Drawdown Comparison
The maximum FDEM drawdown since its inception was -33.65%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FDEM and UUP.
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Drawdown Indicators
| FDEM | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.65% | -22.19% | -11.46% |
Max Drawdown (1Y)Largest decline over 1 year | -12.70% | -3.65% | -9.05% |
Max Drawdown (3Y)Largest decline over 3 years | -16.04% | -10.05% | -5.99% |
Max Drawdown (5Y)Largest decline over 5 years | -26.82% | -10.37% | -16.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -4.13% | -1.89% | -2.24% |
Average DrawdownAverage peak-to-trough decline | -8.78% | -8.89% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 1.32% | +2.19% |
Volatility
FDEM vs. UUP - Volatility Comparison
Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 11.16% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.52%. This indicates that FDEM'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
| FDEM | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.16% | 1.52% | +9.64% |
Volatility (6M)Calculated over the trailing 6-month period | 18.45% | 4.35% | +14.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.15% | 6.03% | +14.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.79% | 7.22% | +9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.25% | 6.90% | +11.35% |
FDEM vs. UUP - Expense Ratio Comparison
FDEM has a 0.45% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FDEM vs. UUP - Dividend Comparison
FDEM's dividend yield for the trailing twelve months is around 2.93%, less than UUP's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FDEM Fidelity Emerging Markets Multifactor ETF | 2.93% | 3.23% | 4.05% | 4.41% | 3.95% | 2.71% | 1.84% | 2.39% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.27% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
FDEM and UUP have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDEM has higher volatility (11.16%) compared to UUP (1.52%). In terms of maximum drawdown, FDEM dropped -33.65% vs UUP's -22.19%.
On 5-year performance, FDEM leads with 9.53% vs 5.67% for UUP. On fees, FDEM is cheaper at 0.45% per year. On volatility, UUP has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FDEM has performed better with a 9.53% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDEM is cheaper with a 0.45% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.27%, compared with 2.93% for FDEM.
FDEM is categorized as Emerging Markets Equities, while UUP is Currency. FDEM tracks Fidelity Targeted Emerging Markets Factor Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.45% for FDEM and 0.75% for UUP.
FDEM currently has the higher Sharpe Ratio (1.64 vs 1.43), 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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