FEP vs. UUP
FEP (First Trust Europe AlphaDEX Fund) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FEP is a Europe Equities fund tracking the Defined Europe 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 10 years, FEP returned 10.74%/yr vs 3.17%/yr for UUP. At a correlation of -0.41, they often move in opposite directions. FEP charges 0.80%/yr vs 0.75%/yr for UUP.
Performance
FEP vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FEP achieves a 7.97% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, FEP has outperformed UUP with an annualized return of 10.74%, while UUP has yielded a comparatively lower 3.17% annualized return.
FEP
- 1D
- -0.33%
- 1M
- -2.55%
- 6M
- 4.57%
- YTD
- 7.97%
- 1Y
- 22.11%
- 3Y*
- 21.29%
- 5Y*
- 9.69%
- 10Y*
- 10.74%
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%
FEP vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEP First Trust Europe AlphaDEX Fund | 7.97% | 55.72% | 3.38% | 16.85% | -22.97% | 17.03% | 4.12% | 24.83% | -19.00% | 36.27% |
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 FEP and UUP is -0.57, 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 | -0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2011 | -0.41 |
The correlation between FEP and UUP shifts across timeframes, from -0.59 (5 years) to -0.41 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FEP vs. UUP — Risk / Return Rank
FEP
UUP
FEP vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Europe AlphaDEX Fund (FEP) 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.
| FEP | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.28 | -0.45 |
| Martin ratioReturn relative to average drawdown | 6.83 | 6.26 | +0.57 |
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Drawdowns
FEP vs. UUP - Drawdown Comparison
The maximum FEP drawdown since its inception was -46.05%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FEP and UUP.
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Drawdown Indicators
| FEP | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.05% | -22.19% | -23.86% |
Max Drawdown (1Y)Largest decline over 1 year | -12.13% | -3.65% | -8.48% |
Max Drawdown (3Y)Largest decline over 3 years | -15.83% | -10.05% | -5.78% |
Max Drawdown (5Y)Largest decline over 5 years | -38.99% | -10.37% | -28.62% |
Max Drawdown (10Y)Largest decline over 10 years | -46.05% | -14.24% | -31.81% |
Current DrawdownCurrent decline from peak | -3.28% | -1.26% | -2.02% |
Average DrawdownAverage peak-to-trough decline | -11.96% | -8.88% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.24% | 1.33% | +1.91% |
Volatility
FEP vs. UUP - Volatility Comparison
First Trust Europe AlphaDEX Fund (FEP) has a higher volatility of 4.90% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that FEP'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
| FEP | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 1.45% | +3.45% |
Volatility (6M)Calculated over the trailing 6-month period | 14.75% | 4.34% | +10.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.22% | 6.03% | +11.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 7.22% | +12.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.19% | 6.90% | +13.29% |
FEP vs. UUP - Expense Ratio Comparison
FEP has a 0.80% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
FEP vs. UUP - Dividend Comparison
FEP's dividend yield for the trailing twelve months is around 2.80%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEP First Trust Europe AlphaDEX Fund | 2.80% | 3.33% | 4.94% | 3.27% | 3.00% | 3.49% | 2.32% | 2.63% | 2.62% | 1.65% | 2.14% | 2.20% |
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
FEP and UUP have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEP has higher volatility (4.90%) compared to UUP (1.45%). In terms of maximum drawdown, FEP dropped -46.05% vs UUP's -22.19%.
On 10-year performance, FEP leads with 10.74% 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, FEP has performed better with a 10.74% 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 0.80% for FEP.
UUP has the higher dividend yield at 3.25%, compared with 2.80% for FEP.
FEP is categorized as Europe Equities, while UUP is Currency. FEP tracks Defined Europe Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.80% for FEP and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 1.29), 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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