FXB vs. UDN

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco CurrencyShares® British Pound Sterling Trust (FXB) and Invesco DB US Dollar Index Bearish Fund (UDN).

FXB and UDN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FXB is a passively managed fund by Invesco that tracks the performance of the British Pound. It was launched on Jun 26, 2006. UDN is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Short USD Currency Portfolio Index. It was launched on Feb 20, 2007. Both FXB and UDN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FXB vs. UDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® British Pound Sterling Trust (FXB) and Invesco DB US Dollar Index Bearish Fund (UDN). The values are adjusted to include any dividend payments, if applicable.

FXB vs. UDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXB Invesco CurrencyShares® British Pound Sterling Trust	-1.34%	10.37%	1.35%	8.58%	-10.45%	-1.54%	2.87%	3.87%	-5.75%	9.10%
UDN Invesco DB US Dollar Index Bearish Fund	-1.32%	12.37%	-4.53%	4.88%	-7.96%	-7.03%	6.20%	-0.97%	-5.02%	9.50%

Returns By Period

The year-to-date returns for both investments are quite close, with FXB having a -1.34% return and UDN slightly higher at -1.32%. Over the past 10 years, FXB has outperformed UDN with an annualized return of 0.03%, while UDN has yielded a comparatively lower -0.49% annualized return.

FXB

• 1D: 0.37%
• 1M: -1.66%
• YTD: -1.34%
• 6M: -0.54%
• 1Y: 4.79%
• 3Y*: 5.27%
• 5Y*: 0.89%
• 10Y*: 0.03%

UDN

• 1D: 0.67%
• 1M: -2.23%
• YTD: -1.32%
• 6M: -1.54%
• 1Y: 5.59%
• 3Y*: 3.05%
• 5Y*: -0.33%
• 10Y*: -0.49%

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

FXB vs. UDN - Expense Ratio Comparison

FXB has a 0.40% expense ratio, which is lower than UDN's 0.77% expense ratio.

UDN

Invesco DB US Dollar Index Bearish Fund

FXB

Invesco CurrencyShares® British Pound Sterling Trust

Return for Risk

FXB vs. UDN — Risk / Return Rank

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

FXB

FXB Risk / Return Rank: 34
FXB Sharpe Ratio Rank: 36
FXB Sortino Ratio Rank: 36
FXB Omega Ratio Rank: 29
FXB Calmar Ratio Rank: 40
FXB Martin Ratio Rank: 28

UDN

UDN Risk / Return Rank: 42
UDN Sharpe Ratio Rank: 44
UDN Sortino Ratio Rank: 46
UDN Omega Ratio Rank: 35
UDN Calmar Ratio Rank: 50
UDN 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.

FXB vs. UDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) and Invesco DB US Dollar Index Bearish Fund (UDN). 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.

	FXB	UDN	Difference
Sharpe ratio Return per unit of total volatility	0.67	0.76	-0.09
Sortino ratio Return per unit of downside risk	1.01	1.21	-0.21
Omega ratio Gain probability vs. loss probability	1.12	1.14	-0.02
Calmar ratio Return relative to maximum drawdown	1.02	1.22	-0.20
Martin ratio Return relative to average drawdown	2.31	2.94	-0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXB vs. UDN - Sharpe Ratio Comparison

The current FXB Sharpe Ratio is 0.67, which is comparable to the UDN Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of FXB and UDN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FXB	UDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.76	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	-0.04	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.00	-0.07	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.10	+0.01

Correlation

The correlation between FXB and UDN is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FXB vs. UDN - Dividend Comparison

FXB's dividend yield for the trailing twelve months is around 2.36%, less than UDN's 2.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXB Invesco CurrencyShares® British Pound Sterling Trust	2.36%	2.44%	3.25%	2.59%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%
UDN Invesco DB US Dollar Index Bearish Fund	2.98%	2.94%	5.33%	5.21%	0.69%	0.00%	0.00%	1.38%	1.26%	0.11%

Drawdowns

FXB vs. UDN - Drawdown Comparison

The maximum FXB drawdown since its inception was -48.99%, which is greater than UDN's maximum drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for FXB and UDN.

Drawdown Indicators

	FXB	UDN	Difference
Max Drawdown Largest peak-to-trough decline	-48.99%	-41.67%	-7.32%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-4.54%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.94%	-22.75%	-2.19%
Max Drawdown (10Y) Largest decline over 10 years	-29.30%	-25.72%	-3.58%
Current Drawdown Current decline from peak	-30.77%	-28.22%	-2.55%
Average Drawdown Average peak-to-trough decline	-27.52%	-20.55%	-6.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.88%	+0.12%

Volatility

FXB vs. UDN - Volatility Comparison

Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a higher volatility of 2.46% compared to Invesco DB US Dollar Index Bearish Fund (UDN) at 2.10%. This indicates that FXB's price experiences larger fluctuations and is considered to be riskier than UDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXB	UDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.10%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	4.70%	4.26%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	7.20%	7.42%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.50%	7.43%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	6.95%	+2.38%