FXF vs. UUP
FXF (Invesco CurrencyShares® Swiss Franc Trust) and UUP (Invesco DB US Dollar Index Bullish Fund) are both Currency funds from Invesco - FXF tracks the Swiss Franc while UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, FXF returned 1.17%/yr vs 3.13%/yr for UUP. At a correlation of -0.79, they often move in opposite directions. FXF charges 0.40%/yr vs 0.75%/yr for UUP.
Performance
FXF vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -2.34% return, which is significantly lower than UUP's 5.03% return. Over the past 10 years, FXF has underperformed UUP with an annualized return of 1.17%, while UUP has yielded a comparatively higher 3.13% annualized return.
FXF
- 1D
- -0.18%
- 1M
- -1.55%
- 6M
- -1.27%
- YTD
- -2.34%
- 1Y
- -2.03%
- 3Y*
- 2.53%
- 5Y*
- 1.93%
- 10Y*
- 1.17%
UUP
- 1D
- 0.11%
- 1M
- 1.57%
- 6M
- 3.88%
- YTD
- 5.03%
- 1Y
- 7.86%
- 3Y*
- 5.13%
- 5Y*
- 5.86%
- 10Y*
- 3.13%
FXF vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.34% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between FXF and UUP is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.79 |
The correlation between FXF and UUP has been stable across timeframes, ranging from -0.88 to -0.79 - a consistent structural relationship.
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Return for Risk
FXF vs. UUP — Risk / Return Rank
FXF
UUP
FXF vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) 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.
| FXF | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.25 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 2.25 | -2.57 |
| Martin ratioReturn relative to average drawdown | -0.75 | 6.19 | -6.94 |
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Drawdowns
FXF vs. UUP - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FXF and UUP.
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Drawdown Indicators
| FXF | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -22.19% | -13.39% |
Max Drawdown (1Y)Largest decline over 1 year | -6.50% | -3.65% | -2.85% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -10.05% | +1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -11.99% | -10.37% | -1.62% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -14.24% | -0.80% |
Current DrawdownCurrent decline from peak | -20.28% | -1.64% | -18.64% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -8.88% | -11.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 1.33% | +1.39% |
Volatility
FXF vs. UUP - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 1.76% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.42%. This indicates that FXF'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.
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Volatility by Period
| FXF | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.42% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 5.67% | 4.33% | +1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.36% | 6.01% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.30% | 7.22% | +1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.56% | 6.90% | +0.66% |
FXF vs. UUP - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FXF vs. UUP - Dividend Comparison
FXF has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.26%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.26% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
FXF and UUP have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.76%) compared to UUP (1.42%). In terms of maximum drawdown, FXF dropped -35.58% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.13% vs 1.17% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, UUP has been the lower-risk option at 1.42%. 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 3.13% return vs 1.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.26%, compared with 0.00% for FXF.
FXF tracks Swiss Franc, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.40% for FXF and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.37 vs -0.28), 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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