FOXY vs. UUP

Last updated Jun 3, 2026

FOXY (Simplify Currency Strategy ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FOXY is a Leveraged Currency fund actively managed by Simplify, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. FOXY is actively managed, while UUP is passively managed. Over the past year, FOXY returned 22.40% vs 5.31% for UUP. At a 0.01 correlation, their price movements are largely independent. FOXY charges 0.81%/yr vs 0.75%/yr for UUP.

Performance

FOXY vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Currency Strategy ETF (FOXY) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOXY achieves a 11.24% return, which is significantly higher than UUP's 2.70% return.

FOXY

• 1D: -0.31%
• 1M: 1.36%
• YTD: 11.24%
• 6M: 7.77%
• 1Y: 22.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UUP

• 1D: 0.00%
• 1M: 1.28%
• YTD: 2.70%
• 6M: 1.84%
• 1Y: 5.31%
• 3Y*: 3.76%
• 5Y*: 5.76%
• 10Y*: 3.16%

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

FOXY vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025
FOXY Simplify Currency Strategy ETF	11.24%	14.75%
UUP Invesco DB US Dollar Index Bullish Fund	2.70%	-4.82%

Correlation

The correlation between FOXY and UUP is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.01

FOXY vs. UUP - Sectors Allocation Comparison

Sectors	FOXY	UUP
Financial Services	75.1%	97.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FOXY vs. UUP — Risk / Return Rank

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

FOXY

FOXY Risk / Return Rank: 74
FOXY Sharpe Ratio Rank: 67
FOXY Sortino Ratio Rank: 73
FOXY Omega Ratio Rank: 66
FOXY Calmar Ratio Rank: 89
FOXY Martin Ratio Rank: 77

UUP

UUP Risk / Return Rank: 24
UUP Sharpe Ratio Rank: 25
UUP Sortino Ratio Rank: 24
UUP Omega Ratio Rank: 23
UUP Calmar Ratio Rank: 26
UUP Martin Ratio Rank: 25

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.

FOXY vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Currency Strategy ETF (FOXY) 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.

	FOXY	UUP	Difference
Sharpe ratio Return per unit of total volatility	2.25	0.87	+1.38
Sortino ratio Return per unit of downside risk	3.35	1.26	+2.09
Omega ratio Gain probability vs. loss probability	1.40	1.15	+0.25
Calmar ratio Return relative to maximum drawdown	5.35	1.26	+4.09
Martin ratio Return relative to average drawdown	15.03	3.34	+11.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOXY vs. UUP - Sharpe Ratio Comparison

The current FOXY Sharpe Ratio is 2.25, which is higher than the UUP Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of FOXY 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.

Sharpe Ratios by Period

	FOXY	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	0.87	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.20	+1.15

Drawdowns

FOXY vs. UUP - Drawdown Comparison

The maximum FOXY drawdown since its inception was -13.09%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FOXY and UUP.

Drawdown Indicators

	FOXY	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-13.09%	-22.19%	+9.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.32%	-3.65%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-1.59%	-3.83%	+2.24%
Average Drawdown Average peak-to-trough decline	-2.12%	-8.92%	+6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.37%	+0.17%

Volatility

FOXY vs. UUP - Volatility Comparison

Simplify Currency Strategy ETF (FOXY) has a higher volatility of 2.17% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.24%. This indicates that FOXY'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

	FOXY	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.17%	1.24%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	7.42%	4.23%	+3.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.00%	6.15%	+3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	7.23%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	6.96%	+8.13%

FOXY vs. UUP - Expense Ratio Comparison

FOXY has a 0.81% expense ratio, which is higher than UUP's 0.75% expense ratio.

Dividends

FOXY vs. UUP - Dividend Comparison

FOXY's dividend yield for the trailing twelve months is around 8.16%, more than UUP's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOXY Simplify Currency Strategy ETF	8.16%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UUP Invesco DB US Dollar Index Bullish Fund	3.34%	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 FOXY and UUP in my portfolio?

FOXY and UUP have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOXY or UUP?

FOXY has higher volatility (2.17%) compared to UUP (1.24%). In terms of maximum drawdown, FOXY dropped -13.09% vs UUP's -22.19%.

Which ETF is better, FOXY or UUP?

On 1-year performance, FOXY leads with 22.40% vs 5.31% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOXY or UUP?

Over the 1-year period, FOXY has performed better with a 22.40% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOXY or UUP?

UUP is cheaper with a 0.75% expense ratio, compared with 0.81% for FOXY.

Which ETF pays a higher dividend yield, FOXY or UUP?

FOXY has the higher dividend yield at 8.16%, compared with 3.34% for UUP.

What is the main difference between FOXY and UUP?

FOXY is categorized as Leveraged Currency, while UUP is Currency. They also come from different issuers: Simplify and Invesco. Their fees differ too: 0.81% for FOXY and 0.75% for UUP.

Which has better risk-adjusted returns?

FOXY currently has the higher Sharpe Ratio (2.25 vs 0.87), 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.