FXB vs. UDN
FXB (Invesco CurrencyShares® British Pound Sterling Trust) and UDN (Invesco DB US Dollar Index Bearish Fund) are both Currency funds from Invesco - FXB tracks the British Pound while UDN tracks the Deutsche Bank Short USD Currency Portfolio Index. Both are passively managed. Over the past 10 years, FXB returned 0.93%/yr vs -0.36%/yr for UDN. Their 0.70 correlation means they have sometimes moved together and sometimes differently. FXB charges 0.40%/yr vs 0.77%/yr for UDN.
Performance
FXB vs. UDN - Performance Comparison
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Returns By Period
In the year-to-date period, FXB achieves a 1.15% return, which is significantly higher than UDN's -0.66% return. Over the past 10 years, FXB has outperformed UDN with an annualized return of 0.93%, while UDN has yielded a comparatively lower -0.36% annualized return.
FXB
- 1D
- 0.07%
- 1M
- 1.16%
- 6M
- -0.48%
- YTD
- 1.15%
- 1Y
- 3.76%
- 3Y*
- 4.61%
- 5Y*
- 1.33%
- 10Y*
- 0.93%
- ALL TIME*
- -0.66%
UDN
- 1D
- 0.06%
- 1M
- 1.17%
- 6M
- -1.95%
- YTD
- -0.66%
- 1Y
- 0.62%
- 3Y*
- 2.88%
- 5Y*
- -0.30%
- 10Y*
- -0.36%
- ALL TIME*
- -0.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.77M | $5.68M | $4.47M | |
| $1.67M | $1.52M | $2.03M |
FXB vs. UDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.15% | 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 | -0.66% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
Correlation
The correlation between FXB and UDN is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | 0.70 |
The correlation between FXB and UDN shifts across timeframes, from 0.70 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FXB vs. UDN — Risk / Return Rank
FXB
UDN
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.
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.
| FXB | UDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.06 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.36 | +0.63 |
| Martin ratioReturn relative to average drawdown | 1.94 | 0.69 | +1.25 |
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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.
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Drawdown Indicators
| FXB | UDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.99% | -41.67% | -7.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.35% | -5.13% | +0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -8.44% | -8.59% | +0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -23.40% | -20.44% | -2.96% |
Max Drawdown (10Y)Largest decline over 10 years | -26.11% | -25.72% | -0.39% |
Current DrawdownCurrent decline from peak | -29.01% | -27.74% | -1.27% |
Average DrawdownAverage peak-to-trough decline | -27.55% | -20.67% | -6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 2.64% | -0.44% |
Volatility
FXB vs. UDN - Volatility Comparison
Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a higher volatility of 1.88% compared to Invesco DB US Dollar Index Bearish Fund (UDN) at 1.53%. 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.
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Volatility by Period
| FXB | UDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 1.53% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 4.80% | 4.09% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.46% | 5.89% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.47% | 7.42% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.73% | 6.84% | +1.89% |
FXB vs. UDN - Expense Ratio Comparison
FXB has a 0.40% expense ratio, which is lower than UDN's 0.77% expense ratio.
Dividends
FXB vs. UDN - Dividend Comparison
FXB's dividend yield for the trailing twelve months is around 2.15%, less than UDN's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 1.95% | 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 | 2.96% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
Frequently Asked Questions
FXB and UDN have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.88%) compared to UDN (1.53%). In terms of maximum drawdown, FXB dropped -48.99% vs UDN's -41.67%.
On 10-year performance, FXB leads with 0.93% vs -0.36% for UDN. On fees, FXB is cheaper at 0.40% per year. On volatility, UDN has been the lower-risk option at 1.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXB has performed better with a 0.93% return vs -0.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB is cheaper with a 0.40% expense ratio, compared with 0.77% for UDN.
UDN has the higher dividend yield at 2.96%, compared with 1.95% for FXB.
FXB tracks British Pound, while UDN tracks Deutsche Bank Short USD Currency Portfolio Index. Their fees differ too: 0.40% for FXB and 0.77% for UDN.
FXB currently has the higher Sharpe Ratio (0.66 vs 0.31), 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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