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 0.93%/yr vs 3.22%/yr for UUP. Their -0.79 correlation means they have often moved in opposite directions in the past. 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 -2.29% return, which is significantly lower than UUP's 4.22% return. Over the past 10 years, FXF has underperformed UUP with an annualized return of 0.93%, while UUP has yielded a comparatively higher 3.22% annualized return.
FXF
- 1D
- -0.42%
- 1M
- -0.60%
- 6M
- -4.69%
- YTD
- -2.29%
- 1Y
- -0.92%
- 3Y*
- 2.38%
- 5Y*
- 1.77%
- 10Y*
- 0.93%
- ALL TIME*
- 1.67%
UUP
- 1D
- 0.11%
- 1M
- -0.60%
- 6M
- 4.92%
- YTD
- 4.22%
- 1Y
- 5.67%
- 3Y*
- 4.54%
- 5Y*
- 5.70%
- 10Y*
- 3.22%
- ALL TIME*
- 1.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.96M | $3.14M | $5.24M | |
| $55.14M | $58.68M | $59.16M |
FXF vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.29% | 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 | 4.22% | -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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.88 |
Correlation (3Y) Balances recent behavior with more history. | -0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.13 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 1.22 | -1.22 |
| Martin ratioReturn relative to average drawdown | -0.01 | 3.83 | -3.84 |
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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 | -7.27% | -3.65% | -3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -10.05% | +1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -11.76% | -10.37% | -1.39% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -14.24% | -0.80% |
Current DrawdownCurrent decline from peak | -20.24% | -2.41% | -17.83% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -8.86% | -11.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 1.33% | +1.76% |
Volatility
FXF vs. UUP - Volatility Comparison
Invesco CurrencyShares® Swiss Franc Trust (FXF) has a higher volatility of 2.25% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.65%. 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 | 2.25% | 1.65% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 5.10% | 4.11% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.38% | 5.88% | +1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 7.23% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 6.89% | +0.68% |
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 3.29%.
| 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 | 3.29% | 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 (2.25%) compared to UUP (1.65%). In terms of maximum drawdown, FXF dropped -35.58% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.22% vs 0.93% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, UUP has been the lower-risk option at 1.65%. 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 3.22% return vs 0.93%. 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 3.29%, 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 (0.75 vs -0.00), 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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