FGQD.L vs. UUP

Last updated Jun 16, 2026

FGQD.L (Fidelity Global Quality Income ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FGQD.L is a Global Equities fund tracking the Fidelity Global Quality Income 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, FGQD.L returned 11.84%/yr vs 6.62%/yr for UUP. At a 0.16 correlation, their price movements are largely independent. FGQD.L charges 0.40%/yr vs 0.75%/yr for UUP.

Performance

FGQD.L vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Global Quality Income ETF (FGQD.L) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FGQD.L is traded in GBp, while UUP is traded in USD. To make them comparable, the UUP values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FGQD.L achieves a 10.74% return, which is significantly higher than UUP's 3.93% return.

FGQD.L

• 1D: 0.92%
• 1M: 2.70%
• YTD: 10.74%
• 6M: 10.84%
• 1Y: 27.46%
• 3Y*: 15.11%
• 5Y*: 11.84%
• 10Y*: —

UUP

• 1D: 0.00%
• 1M: 0.04%
• YTD: 3.93%
• 6M: 3.27%
• 1Y: 7.71%
• 3Y*: 2.99%
• 5Y*: 6.62%
• 10Y*: 3.93%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FGQD.L vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGQD.L Fidelity Global Quality Income ETF	10.74%	12.15%	13.21%	11.51%	-0.25%	23.78%	6.42%	23.83%	-2.25%	-14.04%
UUP Invesco DB US Dollar Index Bullish Fund	3.93%	-11.76%	15.49%	-1.55%	22.47%	6.74%	-9.40%	0.13%	13.40%	-13.76%

Correlation

The correlation between FGQD.L and UUP is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 27, 2017	0.16

Return for Risk

FGQD.L vs. UUP — Risk / Return Rank

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

FGQD.L

FGQD.L Risk / Return Rank: 88
FGQD.L Sharpe Ratio Rank: 91
FGQD.L Sortino Ratio Rank: 91
FGQD.L Omega Ratio Rank: 90
FGQD.L Calmar Ratio Rank: 79
FGQD.L Martin Ratio Rank: 87

UUP

UUP Risk / Return Rank: 34
UUP Sharpe Ratio Rank: 33
UUP Sortino Ratio Rank: 31
UUP Omega Ratio Rank: 30
UUP Calmar Ratio Rank: 39
UUP Martin Ratio Rank: 34

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.

FGQD.L vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Global Quality Income ETF (FGQD.L) 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.

	FGQD.L	UUP	Difference
Sharpe ratio: Return per unit of total volatility	2.79	0.64	+2.15
Sortino ratio: Return per unit of downside risk	3.92	0.96	+2.95
Omega ratio: Gain probability vs. loss probability	1.52	1.11	+0.41
Calmar ratio: Return relative to maximum drawdown	3.79	0.85	+2.94
Martin ratio: Return relative to average drawdown	17.00	2.21	+14.80

FGQD.L vs. UUP - Sharpe Ratio Comparison

The current FGQD.L Sharpe Ratio is 2.79, which is higher than the UUP Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of FGQD.L 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

FGQD.L vs. UUP - Drawdown Comparison

The maximum FGQD.L drawdown since its inception was -26.43%, smaller than the maximum UUP drawdown of -36.14%. Use the drawdown chart below to compare losses from any high point for FGQD.L and UUP.

Drawdown Indicators

	FGQD.L	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-26.43%	-36.14%	+9.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-9.12%	+1.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-20.10%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-16.90%	-26.19%	+9.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.58%	—
Current Drawdown Current decline from peak	0.00%	-15.72%	+15.72%
Average Drawdown Average peak-to-trough decline	-5.63%	-17.51%	+11.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	3.50%	-1.89%

Volatility

FGQD.L vs. UUP - Volatility Comparison

Fidelity Global Quality Income ETF (FGQD.L) has a higher volatility of 3.04% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 2.50%. This indicates that FGQD.L'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

	FGQD.L	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.50%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	7.57%	8.82%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	12.13%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.22%	15.12%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.46%	15.37%	+0.09%

FGQD.L vs. UUP - Expense Ratio Comparison

FGQD.L has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

FGQD.L vs. UUP - Dividend Comparison

FGQD.L's dividend yield for the trailing twelve months is around 1.80%, less than UUP's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGQD.L Fidelity Global Quality Income ETF	1.80%	1.86%	2.31%	2.78%	2.70%	2.46%	2.60%	2.44%	2.70%	1.10%
UUP Invesco DB US Dollar Index Bullish Fund	3.31%	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 FGQD.L and UUP in my portfolio?

FGQD.L and UUP have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FGQD.L or UUP?

On fees, FGQD.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FGQD.L or UUP?

FGQD.L is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.

What is the main difference between FGQD.L and UUP?

FGQD.L is categorized as Global Equities, while UUP is Currency. FGQD.L tracks Fidelity Global Quality Income 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: 0.40% for FGQD.L and 0.75% for UUP.