FXE vs. UUP
FXE (Invesco CurrencyShares® Euro Currency Trust) and UUP (Invesco DB US Dollar Index Bullish Fund) are both Currency funds from Invesco - FXE tracks the Euro while UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, FXE returned 0.15%/yr vs 3.20%/yr for UUP. At a correlation of -0.95, they often move in opposite directions. FXE charges 0.40%/yr vs 0.75%/yr for UUP.
Performance
FXE vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FXE achieves a -1.03% return, which is significantly lower than UUP's 3.07% return. Over the past 10 years, FXE has underperformed UUP with an annualized return of 0.15%, while UUP has yielded a comparatively higher 3.20% annualized return.
FXE
- 1D
- -0.29%
- 1M
- -0.82%
- YTD
- -1.03%
- 6M
- -0.26%
- 1Y
- 2.68%
- 3Y*
- 4.26%
- 5Y*
- -0.23%
- 10Y*
- 0.15%
UUP
- 1D
- 0.36%
- 1M
- 1.38%
- YTD
- 3.07%
- 6M
- 2.71%
- 1Y
- 5.00%
- 3Y*
- 3.89%
- 5Y*
- 5.92%
- 10Y*
- 3.20%
FXE vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | -1.03% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.07% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between FXE and UUP is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007 | -0.95 |
The correlation between FXE and UUP has been stable across timeframes, ranging from -0.97 to -0.95 - a consistent structural relationship.
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Return for Risk
FXE vs. UUP — Risk / Return Rank
FXE
UUP
FXE vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Euro Currency Trust (FXE) 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.
| FXE | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.15 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.38 | -0.84 |
| Martin ratioReturn relative to average drawdown | 1.28 | 3.65 | -2.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FXE | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 0.83 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.82 | -0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.02 | 0.46 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.20 | -0.18 |
Drawdowns
FXE vs. UUP - Drawdown Comparison
The maximum FXE drawdown since its inception was -43.33%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FXE and UUP.
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Drawdown Indicators
| FXE | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.33% | -22.19% | -21.14% |
Max Drawdown (1Y)Largest decline over 1 year | -5.02% | -3.65% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.12% | -10.05% | +1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -10.37% | -11.95% |
Max Drawdown (10Y)Largest decline over 10 years | -26.46% | -14.24% | -12.22% |
Current DrawdownCurrent decline from peak | -28.01% | -3.48% | -24.53% |
Average DrawdownAverage peak-to-trough decline | -22.31% | -8.92% | -13.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 1.37% | +0.72% |
Volatility
FXE vs. UUP - Volatility Comparison
Invesco CurrencyShares® Euro Currency Trust (FXE) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 1.21% and 1.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FXE | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 1.26% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 4.24% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 6.12% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 7.22% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.32% | 6.96% | +0.36% |
FXE vs. UUP - Expense Ratio Comparison
FXE has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FXE vs. UUP - Dividend Comparison
FXE's dividend yield for the trailing twelve months is around 0.73%, less than UUP's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.73% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.33% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
FXE and UUP have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.26%) compared to FXE (1.21%). In terms of maximum drawdown, FXE dropped -43.33% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.20% vs 0.15% for FXE. On fees, FXE is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.20% return vs 0.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.33%, compared with 0.73% for FXE.
FXE tracks Euro, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.40% for FXE and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (0.82 vs 0.43), 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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