FXC vs. UUP

Last updated Jun 3, 2026

FXC (Invesco CurrencyShares® Canadian Dollar Trust) and UUP (Invesco DB US Dollar Index Bullish Fund) are both Currency funds from Invesco - FXC tracks the Canadian Dollar while UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs 3.16%/yr for UUP. At a correlation of -0.54, they often move in opposite directions. FXC charges 0.40%/yr vs 0.75%/yr for UUP.

Performance

FXC vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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, FXC achieves a -0.74% return, which is significantly lower than UUP's 2.70% return. Over the past 10 years, FXC has underperformed UUP with an annualized return of -0.15%, while UUP has yielded a comparatively higher 3.16% annualized return.

FXC

• 1D: 0.01%
• 1M: -1.76%
• YTD: -0.74%
• 6M: 1.05%
• 1Y: -0.81%
• 3Y*: 0.26%
• 5Y*: -1.74%
• 10Y*: -0.15%

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)

FXC vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXC Invesco CurrencyShares® Canadian Dollar Trust	-0.74%	5.24%	-5.96%	4.35%	-6.44%	0.22%	1.92%	5.94%	-7.54%	6.72%
UUP Invesco DB US Dollar Index Bullish Fund	2.70%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Correlation

The correlation between FXC and UUP is -0.67, 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	-0.67
Correlation (3Y) Calculated over the trailing 3-year period	-0.62
Correlation (5Y) Calculated over the trailing 5-year period	-0.63
Correlation (10Y) Calculated over the trailing 10-year period	-0.57
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	-0.54

The correlation between FXC and UUP shifts across timeframes, from -0.67 (1 year) to -0.54 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FXC vs. UUP — Risk / Return Rank

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

FXC

FXC Risk / Return Rank: 7
FXC Sharpe Ratio Rank: 7
FXC Sortino Ratio Rank: 6
FXC Omega Ratio Rank: 6
FXC Calmar Ratio Rank: 7
FXC Martin Ratio Rank: 7

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.

FXC vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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.

	FXC	UUP	Difference
Sharpe ratio Return per unit of total volatility	-0.18	0.87	-1.05
Sortino ratio Return per unit of downside risk	-0.24	1.26	-1.50
Omega ratio Gain probability vs. loss probability	0.97	1.15	-0.18
Calmar ratio Return relative to maximum drawdown	-0.16	1.26	-1.42
Martin ratio Return relative to average drawdown	-0.32	3.34	-3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXC vs. UUP - Sharpe Ratio Comparison

The current FXC Sharpe Ratio is -0.18, which is lower than the UUP Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of FXC 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

	FXC	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.18	0.87	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.80	-1.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.46	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.20	-0.25

Drawdowns

FXC vs. UUP - Drawdown Comparison

The maximum FXC drawdown since its inception was -35.39%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FXC and UUP.

Drawdown Indicators

	FXC	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-22.19%	-13.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.78%	-3.65%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	-10.05%	+2.71%
Max Drawdown (5Y) Largest decline over 5 years	-13.53%	-10.37%	-3.16%
Max Drawdown (10Y) Largest decline over 10 years	-15.46%	-14.24%	-1.22%
Current Drawdown Current decline from peak	-28.56%	-3.83%	-24.73%
Average Drawdown Average peak-to-trough decline	-19.91%	-8.92%	-10.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.37%	+0.61%

Volatility

FXC vs. UUP - Volatility Comparison

The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 0.69%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.24%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXC	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.24%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	3.25%	4.23%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	4.49%	6.15%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	7.23%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	6.96%	-0.30%

FXC vs. UUP - Expense Ratio Comparison

FXC has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

FXC vs. UUP - Dividend Comparison

FXC's dividend yield for the trailing twelve months is around 0.26%, less than UUP's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXC Invesco CurrencyShares® Canadian Dollar Trust	0.26%	0.55%	2.23%	2.01%	0.31%	0.00%	0.19%	0.75%	0.42%	0.02%	0.00%	0.02%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXC and UUP in my portfolio?

FXC and UUP have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXC or UUP?

UUP has higher volatility (1.24%) compared to FXC (0.69%). In terms of maximum drawdown, FXC dropped -35.39% vs UUP's -22.19%.

Which ETF is better, FXC or UUP?

On 10-year performance, UUP leads with 3.16% vs -0.15% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXC or UUP?

Over the 10-year period, UUP has performed better with a 3.16% return vs -0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXC or UUP?

FXC is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.

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

UUP has the higher dividend yield at 3.34%, compared with 0.26% for FXC.

What is the main difference between FXC and UUP?

FXC tracks Canadian Dollar, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.40% for FXC and 0.75% for UUP.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (0.87 vs -0.18), 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.