FLHY vs. UUP
FLHY (Franklin Liberty High Yield Corporate ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FLHY is a High Yield Bonds fund actively managed by Franklin Templeton, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. FLHY is actively managed, while UUP is passively managed. Over the past 5 years, FLHY returned 4.56%/yr vs 5.89%/yr for UUP. At a correlation of -0.31, they often move in opposite directions. FLHY charges 0.40%/yr vs 0.75%/yr for UUP.
Performance
FLHY vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FLHY achieves a 2.04% return, which is significantly lower than UUP's 5.44% return.
FLHY
- 1D
- -0.19%
- 1M
- 0.12%
- 6M
- 1.56%
- YTD
- 2.04%
- 1Y
- 6.71%
- 3Y*
- 8.87%
- 5Y*
- 4.56%
- 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%
FLHY vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FLHY Franklin Liberty High Yield Corporate ETF | 2.04% | 9.26% | 8.70% | 13.40% | -10.45% | 4.27% | 7.77% | 16.39% | -1.59% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 3.89% |
Correlation
The correlation between FLHY and UUP is -0.43, 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 | -0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2018 | -0.31 |
The correlation between FLHY and UUP shifts across timeframes, from -0.43 (1 year) to -0.31 (all time), reflecting how their relationship changes across market environments.
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
FLHY vs. UUP — Risk / Return Rank
FLHY
UUP
FLHY vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty High Yield Corporate ETF (FLHY) 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.
| FLHY | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.25 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.28 | +0.49 |
| Martin ratioReturn relative to average drawdown | 13.17 | 6.26 | +6.90 |
Loading charts...
Drawdowns
FLHY vs. UUP - Drawdown Comparison
The maximum FLHY drawdown since its inception was -22.58%, roughly equal to the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FLHY and UUP.
Loading charts...
Drawdown Indicators
| FLHY | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.58% | -22.19% | -0.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -3.65% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -4.49% | -10.05% | +5.56% |
Max Drawdown (5Y)Largest decline over 5 years | -15.19% | -10.37% | -4.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -0.31% | -1.26% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -2.51% | -8.88% | +6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 1.33% | -0.82% |
Volatility
FLHY vs. UUP - Volatility Comparison
The current volatility for Franklin Liberty High Yield Corporate ETF (FLHY) is 0.81%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that FLHY experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FLHY | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 1.45% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 4.34% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 6.03% | -2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.94% | 7.22% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.07% | 6.90% | +1.17% |
FLHY vs. UUP - Expense Ratio Comparison
FLHY has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FLHY vs. UUP - Dividend Comparison
FLHY's dividend yield for the trailing twelve months is around 6.50%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLHY Franklin Liberty High Yield Corporate ETF | 6.50% | 6.53% | 6.51% | 6.26% | 6.54% | 5.76% | 5.47% | 5.61% | 4.27% | 0.00% |
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
FLHY and UUP have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to FLHY (0.81%). In terms of maximum drawdown, FLHY dropped -22.58% vs UUP's -22.19%.
On 5-year performance, UUP leads with 5.89% vs 4.56% for FLHY. On fees, FLHY is cheaper at 0.40% per year. On volatility, FLHY has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UUP has performed better with a 5.89% return vs 4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLHY is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
FLHY has the higher dividend yield at 6.50%, compared with 3.25% for UUP.
FLHY is categorized as High Yield Bonds, while UUP is Currency. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.40% for FLHY and 0.75% for UUP.
FLHY currently has the higher Sharpe Ratio (1.79 vs 1.38), 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 FLHY 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