FMAT vs. UUP
FMAT (Fidelity MSCI Materials Index ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FMAT is a Materials fund tracking the MSCI USA IMI Materials 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, FMAT returned 9.51%/yr vs 3.17%/yr for UUP. At a correlation of -0.20, they often move in opposite directions. FMAT charges 0.08%/yr vs 0.75%/yr for UUP.
Performance
FMAT vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FMAT achieves a 9.02% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, FMAT has outperformed UUP with an annualized return of 9.51%, while UUP has yielded a comparatively lower 3.17% annualized return.
FMAT
- 1D
- -0.90%
- 1M
- -4.05%
- 6M
- 0.78%
- YTD
- 9.02%
- 1Y
- 12.73%
- 3Y*
- 8.70%
- 5Y*
- 6.36%
- 10Y*
- 9.51%
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%
FMAT vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMAT Fidelity MSCI Materials Index ETF | 9.02% | 12.11% | 0.47% | 13.71% | -11.54% | 27.45% | 19.57% | 23.35% | -17.40% | 23.51% |
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 FMAT and UUP is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013 | -0.20 |
The correlation between FMAT and UUP shifts across timeframes, from -0.37 (1 year) to -0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMAT vs. UUP — Risk / Return Rank
FMAT
UUP
FMAT vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Materials Index ETF (FMAT) 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.
| FMAT | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 2.28 | -1.33 |
| Martin ratioReturn relative to average drawdown | 2.88 | 6.26 | -3.39 |
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Drawdowns
FMAT vs. UUP - Drawdown Comparison
The maximum FMAT drawdown since its inception was -41.11%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FMAT and UUP.
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Drawdown Indicators
| FMAT | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.11% | -22.19% | -18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -13.48% | -3.65% | -9.83% |
Max Drawdown (3Y)Largest decline over 3 years | -23.17% | -10.05% | -13.12% |
Max Drawdown (5Y)Largest decline over 5 years | -25.40% | -10.37% | -15.03% |
Max Drawdown (10Y)Largest decline over 10 years | -41.11% | -14.24% | -26.87% |
Current DrawdownCurrent decline from peak | -7.39% | -1.26% | -6.13% |
Average DrawdownAverage peak-to-trough decline | -6.86% | -8.88% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.44% | 1.33% | +3.11% |
Volatility
FMAT vs. UUP - Volatility Comparison
Fidelity MSCI Materials Index ETF (FMAT) has a higher volatility of 6.42% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that FMAT'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
| FMAT | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.42% | 1.45% | +4.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.90% | 4.34% | +10.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.64% | 6.03% | +12.61% |
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 | 21.19% | 6.90% | +14.29% |
FMAT vs. UUP - Expense Ratio Comparison
FMAT has a 0.08% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FMAT vs. UUP - Dividend Comparison
FMAT's dividend yield for the trailing twelve months is around 1.45%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMAT Fidelity MSCI Materials Index ETF | 1.45% | 1.64% | 1.68% | 1.71% | 2.00% | 1.44% | 1.73% | 1.89% | 2.18% | 1.53% | 1.78% | 2.16% |
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
FMAT and UUP have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMAT has higher volatility (6.42%) compared to UUP (1.45%). In terms of maximum drawdown, FMAT dropped -41.11% vs UUP's -22.19%.
On 10-year performance, FMAT leads with 9.51% vs 3.17% for UUP. On fees, FMAT is cheaper at 0.08% 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, FMAT has performed better with a 9.51% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMAT is cheaper with a 0.08% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 1.45% for FMAT.
FMAT is categorized as Materials, while UUP is Currency. FMAT tracks MSCI USA IMI Materials 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: 0.08% for FMAT and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.69), 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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