FXY vs. UUP
FXY (Invesco CurrencyShares® Japanese Yen Trust) and UUP (Invesco DB US Dollar Index Bullish Fund) are both Currency funds from Invesco - FXY tracks the Japanese Yen while UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, FXY returned -4.78%/yr vs 3.06%/yr for UUP. Their -0.46 correlation means they have often moved in opposite directions in the past. FXY charges 0.40%/yr vs 0.75%/yr for UUP.
Performance
FXY vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FXY achieves a -0.89% return, which is significantly lower than UUP's 3.92% return. Over the past 10 years, FXY has underperformed UUP with an annualized return of -4.78%, while UUP has yielded a comparatively higher 3.06% annualized return.
FXY
- 1D
- 0.00%
- 1M
- 2.76%
- 6M
- -0.75%
- YTD
- -0.89%
- 1Y
- -6.74%
- 3Y*
- -3.89%
- 5Y*
- -7.39%
- 10Y*
- -4.78%
- ALL TIME*
- -1.78%
UUP
- 1D
- -0.25%
- 1M
- -0.81%
- 6M
- 4.00%
- YTD
- 3.92%
- 1Y
- 5.40%
- 3Y*
- 4.52%
- 5Y*
- 5.50%
- 10Y*
- 3.06%
- ALL TIME*
- 1.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.28M | $18.59M | $12.83M | |
| $61.82M | $57.63M | $60.31M |
FXY vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -0.89% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.92% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between FXY and UUP is -0.70, 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. | -0.70 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.46 |
Over the past year, the inverse relationship between FXY and UUP has strengthened: their correlation has moved from -0.46 to -0.70, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
FXY vs. UUP — Risk / Return Rank
FXY
UUP
FXY vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Japanese Yen Trust (FXY) 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.
| FXY | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.17 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.49 | -2.11 |
| Martin ratioReturn relative to average drawdown | -1.00 | 4.65 | -5.66 |
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Drawdowns
FXY vs. UUP - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.95%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FXY and UUP.
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Drawdown Indicators
| FXY | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.95% | -22.19% | -34.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.86% | -3.65% | -7.21% |
Max Drawdown (3Y)Largest decline over 3 years | -14.91% | -10.05% | -4.86% |
Max Drawdown (5Y)Largest decline over 5 years | -34.99% | -10.37% | -24.62% |
Max Drawdown (10Y)Largest decline over 10 years | -42.08% | -14.24% | -27.84% |
Current DrawdownCurrent decline from peak | -55.30% | -2.68% | -52.62% |
Average DrawdownAverage peak-to-trough decline | -27.98% | -8.85% | -19.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.72% | 1.17% | +5.55% |
Volatility
FXY vs. UUP - Volatility Comparison
Invesco CurrencyShares® Japanese Yen Trust (FXY) has a higher volatility of 3.19% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.56%. This indicates that FXY'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
| FXY | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 1.56% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 5.63% | 3.97% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.10% | 5.76% | +2.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.31% | 7.23% | +3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 6.88% | +2.25% |
FXY vs. UUP - Expense Ratio Comparison
FXY has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FXY vs. UUP - Dividend Comparison
FXY has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.30%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.30% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
FXY and UUP have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXY has higher volatility (3.19%) compared to UUP (1.56%). In terms of maximum drawdown, FXY dropped -56.95% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.06% vs -4.78% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, UUP has been the lower-risk option at 1.56%. 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 3.06% return vs -4.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.30%, compared with 0.00% for FXY.
FXY tracks Japanese Yen, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.40% for FXY and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (0.94 vs -0.84), 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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