FPA vs. UUP
FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan 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, FPA returned 8.60%/yr vs 3.17%/yr for UUP. At a correlation of -0.25, they often move in opposite directions. FPA charges 0.80%/yr vs 0.75%/yr for UUP.
Performance
FPA vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FPA achieves a 26.33% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, FPA has outperformed UUP with an annualized return of 8.60%, while UUP has yielded a comparatively lower 3.17% annualized return.
FPA
- 1D
- -5.43%
- 1M
- -14.07%
- 6M
- 18.65%
- YTD
- 26.33%
- 1Y
- 35.45%
- 3Y*
- 22.92%
- 5Y*
- 9.93%
- 10Y*
- 8.60%
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%
FPA vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 26.33% | 43.16% | 3.95% | 9.97% | -14.55% | 2.98% | 13.43% | 8.91% | -21.91% | 35.81% |
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 FPA and UUP is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011 | -0.25 |
The correlation between FPA and UUP shifts across timeframes, from -0.40 (3 years) to -0.25 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FPA vs. UUP — Risk / Return Rank
FPA
UUP
FPA vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.
| FPA | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 2.28 | -0.50 |
| Martin ratioReturn relative to average drawdown | 6.60 | 6.26 | +0.34 |
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Drawdowns
FPA vs. UUP - Drawdown Comparison
The maximum FPA drawdown since its inception was -52.91%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FPA and UUP.
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Drawdown Indicators
| FPA | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.91% | -22.19% | -30.72% |
Max Drawdown (1Y)Largest decline over 1 year | -20.03% | -3.65% | -16.38% |
Max Drawdown (3Y)Largest decline over 3 years | -20.66% | -10.05% | -10.61% |
Max Drawdown (5Y)Largest decline over 5 years | -32.59% | -10.37% | -22.22% |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | -14.24% | -38.67% |
Current DrawdownCurrent decline from peak | -20.03% | -1.26% | -18.77% |
Average DrawdownAverage peak-to-trough decline | -13.46% | -8.88% | -4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.39% | 1.33% | +4.06% |
Volatility
FPA vs. UUP - Volatility Comparison
First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) has a higher volatility of 13.83% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that FPA'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
| FPA | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.83% | 1.45% | +12.38% |
Volatility (6M)Calculated over the trailing 6-month period | 27.20% | 4.34% | +22.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.33% | 6.03% | +23.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.01% | 7.22% | +17.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.83% | 6.90% | +15.93% |
FPA vs. UUP - Expense Ratio Comparison
FPA has a 0.80% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
FPA vs. UUP - Dividend Comparison
FPA's dividend yield for the trailing twelve months is around 3.84%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund | 3.84% | 4.71% | 3.40% | 3.02% | 4.22% | 5.12% | 1.59% | 3.90% | 2.81% | 3.15% | 2.42% | 1.74% |
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
FPA and UUP have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPA has higher volatility (13.83%) compared to UUP (1.45%). In terms of maximum drawdown, FPA dropped -52.91% vs UUP's -22.19%.
On 10-year performance, FPA leads with 8.60% vs 3.17% for UUP. On fees, UUP is cheaper at 0.75% 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, FPA has performed better with a 8.60% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.80% for FPA.
FPA has the higher dividend yield at 3.84%, compared with 3.25% for UUP.
FPA is categorized as Asia Pacific Equities, while UUP is Currency. FPA tracks NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.80% for FPA and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 1.22), 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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