FLEU vs. UUP
FLEU (Franklin FTSE Eurozone ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone 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 5 years, FLEU returned 11.60%/yr vs 5.89%/yr for UUP. At a correlation of -0.28, they often move in opposite directions. FLEU charges 0.09%/yr vs 0.75%/yr for UUP.
Performance
FLEU vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FLEU achieves a 7.11% return, which is significantly higher than UUP's 5.44% return.
FLEU
- 1D
- -0.95%
- 1M
- -1.26%
- 6M
- 3.85%
- YTD
- 7.11%
- 1Y
- 16.01%
- 3Y*
- 16.98%
- 5Y*
- 11.60%
- 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%
FLEU vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLEU Franklin FTSE Eurozone ETF | 7.11% | 41.56% | 2.26% | 16.21% | -9.14% | 23.27% | 0.95% | 26.94% | -8.54% | -1.24% |
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% | -2.58% |
Correlation
The correlation between FLEU and UUP is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017 | -0.28 |
Over the past year, the inverse relationship between FLEU and UUP has strengthened: their correlation has moved from -0.28 to -0.55, meaning they now move in opposite directions more often than their long-term average.
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
FLEU vs. UUP — Risk / Return Rank
FLEU
UUP
FLEU vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Eurozone ETF (FLEU) 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.
| FLEU | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.25 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.28 | -1.08 |
| Martin ratioReturn relative to average drawdown | 4.34 | 6.26 | -1.92 |
Loading charts...
Drawdowns
FLEU vs. UUP - Drawdown Comparison
The maximum FLEU drawdown since its inception was -33.94%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FLEU and UUP.
Loading charts...
Drawdown Indicators
| FLEU | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -22.19% | -11.75% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -3.65% | -9.76% |
Max Drawdown (3Y)Largest decline over 3 years | -15.67% | -10.05% | -5.62% |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | -10.37% | -8.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -2.96% | -1.26% | -1.70% |
Average DrawdownAverage peak-to-trough decline | -4.67% | -8.88% | +4.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.69% | 1.33% | +2.36% |
Volatility
FLEU vs. UUP - Volatility Comparison
Franklin FTSE Eurozone ETF (FLEU) has a higher volatility of 5.39% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that FLEU'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
| FLEU | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 1.45% | +3.94% |
Volatility (6M)Calculated over the trailing 6-month period | 15.35% | 4.34% | +11.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.67% | 6.03% | +11.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.50% | 7.22% | +9.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.26% | 6.90% | +11.36% |
FLEU vs. UUP - Expense Ratio Comparison
FLEU has a 0.09% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FLEU vs. UUP - Dividend Comparison
FLEU's dividend yield for the trailing twelve months is around 2.74%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLEU Franklin FTSE Eurozone ETF | 2.74% | 2.22% | 3.18% | 3.25% | 21.45% | 3.03% | 1.94% | 6.06% | 12.17% | 0.07% |
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
FLEU and UUP have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLEU has higher volatility (5.39%) compared to UUP (1.45%). In terms of maximum drawdown, FLEU dropped -33.94% vs UUP's -22.19%.
On 5-year performance, FLEU leads with 11.60% vs 5.89% for UUP. On fees, FLEU is cheaper at 0.09% 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 5-year period, FLEU has performed better with a 11.60% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLEU is cheaper with a 0.09% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 2.74% for FLEU.
FLEU is categorized as Europe Equities, while UUP is Currency. FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.09% for FLEU and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.91), 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 FLEU 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