FWEA.DE vs. UUP

Last updated Jun 13, 2026

FWEA.DE (Invesco FTSE All-World UCITS ETF EUR PfHdg Acc) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FWEA.DE is a Global Equities fund tracking the FTSE All-World 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 year, FWEA.DE returned 25.93% vs 6.07% for UUP. At a correlation of -0.18, they often move in opposite directions. FWEA.DE charges 0.20%/yr vs 0.75%/yr for UUP.

Performance

FWEA.DE vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco FTSE All-World UCITS ETF EUR PfHdg Acc (FWEA.DE) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FWEA.DE is traded in EUR, while UUP is traded in USD. To make them comparable, the UUP values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, FWEA.DE achieves a 10.64% return, which is significantly higher than UUP's 4.84% return.

FWEA.DE

• 1D: -0.24%
• 1M: 2.76%
• YTD: 10.64%
• 6M: 12.31%
• 1Y: 25.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UUP

• 1D: -0.15%
• 1M: 1.01%
• YTD: 4.84%
• 6M: 4.99%
• 1Y: 6.07%
• 3Y*: 2.53%
• 5Y*: 6.45%
• 10Y*: 2.93%

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

FWEA.DE vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FWEA.DE Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	10.64%	17.53%	19.21%	8.62%
UUP Invesco DB US Dollar Index Bullish Fund	4.84%	-16.26%	20.99%	0.35%

Correlation

The correlation between FWEA.DE and UUP is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	-0.18

Return for Risk

FWEA.DE vs. UUP — Risk / Return Rank

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

FWEA.DE

FWEA.DE Risk / Return Rank: 72
FWEA.DE Sharpe Ratio Rank: 71
FWEA.DE Sortino Ratio Rank: 76
FWEA.DE Omega Ratio Rank: 73
FWEA.DE Calmar Ratio Rank: 65
FWEA.DE Martin Ratio Rank: 73

UUP

UUP Risk / Return Rank: 34
UUP Sharpe Ratio Rank: 33
UUP Sortino Ratio Rank: 31
UUP Omega Ratio Rank: 30
UUP Calmar Ratio Rank: 39
UUP Martin Ratio Rank: 34

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.

FWEA.DE vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE All-World UCITS ETF EUR PfHdg Acc (FWEA.DE) 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.

	FWEA.DE	UUP	Difference
Sharpe ratio: Return per unit of total volatility	2.30	0.50	+1.79
Sortino ratio: Return per unit of downside risk	3.38	0.78	+2.60
Omega ratio: Gain probability vs. loss probability	1.43	1.10	+0.33
Calmar ratio: Return relative to maximum drawdown	3.18	0.78	+2.40
Martin ratio: Return relative to average drawdown	13.52	1.90	+11.62

FWEA.DE vs. UUP - Sharpe Ratio Comparison

The current FWEA.DE Sharpe Ratio is 2.30, which is higher than the UUP Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of FWEA.DE 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.

Drawdowns

FWEA.DE vs. UUP - Drawdown Comparison

The maximum FWEA.DE drawdown since its inception was -17.48%, smaller than the maximum UUP drawdown of -34.79%. Use the drawdown chart below to compare losses from any high point for FWEA.DE and UUP.

Drawdown Indicators

	FWEA.DE	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-17.48%	-34.79%	+17.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.28%	-7.84%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.97%	—
Current Drawdown Current decline from peak	-0.81%	-14.40%	+13.59%
Average Drawdown Average peak-to-trough decline	-1.86%	-15.57%	+13.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.20%	-1.25%

Volatility

FWEA.DE vs. UUP - Volatility Comparison

Invesco FTSE All-World UCITS ETF EUR PfHdg Acc (FWEA.DE) has a higher volatility of 3.36% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 2.40%. This indicates that FWEA.DE'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

	FWEA.DE	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	2.40%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	8.93%	8.41%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	12.10%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.71%	14.73%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.71%	14.10%	-1.39%

FWEA.DE vs. UUP - Expense Ratio Comparison

FWEA.DE has a 0.20% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

FWEA.DE vs. UUP - Dividend Comparison

FWEA.DE has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FWEA.DE Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UUP Invesco DB US Dollar Index Bullish Fund	3.31%	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 FWEA.DE and UUP in my portfolio?

FWEA.DE and UUP have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FWEA.DE or UUP?

On fees, FWEA.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FWEA.DE or UUP?

FWEA.DE is cheaper with a 0.20% expense ratio, compared with 0.75% for UUP.

What is the main difference between FWEA.DE and UUP?

FWEA.DE is categorized as Global Equities, while UUP is Currency. FWEA.DE tracks FTSE All-World Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.20% for FWEA.DE and 0.75% for UUP.