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 -4.99%/yr vs 3.26%/yr for UUP. At a correlation of -0.46, they often move in opposite directions. FXY charges 0.40%/yr vs 0.75%/yr for UUP.
Performance
FXY vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXY achieves a -3.36% return, which is significantly lower than UUP's 5.55% return. Over the past 10 years, FXY has underperformed UUP with an annualized return of -4.99%, while UUP has yielded a comparatively higher 3.26% annualized return.
FXY
- 1D
- -0.18%
- 1M
- -1.73%
- YTD
- -3.36%
- 6M
- -3.87%
- 1Y
- -10.86%
- 3Y*
- -4.31%
- 5Y*
- -7.78%
- 10Y*
- -4.99%
UUP
- 1D
- 0.28%
- 1M
- 2.74%
- YTD
- 5.55%
- 6M
- 5.86%
- 1Y
- 8.67%
- 3Y*
- 4.98%
- 5Y*
- 6.03%
- 10Y*
- 3.26%
FXY vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.36% | 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 | 5.55% | -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 -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.74, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.06 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.26 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.39 | -3.33 |
| Martin ratioReturn relative to average drawdown | -1.44 | 6.56 | -8.01 |
Loading charts...
Drawdowns
FXY vs. UUP - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.41%, 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.
Loading charts...
Drawdown Indicators
| FXY | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.41% | -22.19% | -34.22% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -3.65% | -7.94% |
Max Drawdown (3Y)Largest decline over 3 years | -15.86% | -10.05% | -5.81% |
Max Drawdown (5Y)Largest decline over 5 years | -34.30% | -10.37% | -23.93% |
Max Drawdown (10Y)Largest decline over 10 years | -41.36% | -14.24% | -27.12% |
Current DrawdownCurrent decline from peak | -56.41% | -1.16% | -55.25% |
Average DrawdownAverage peak-to-trough decline | -27.81% | -8.90% | -18.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 1.33% | +6.21% |
Volatility
FXY vs. UUP - Volatility Comparison
The current volatility for Invesco CurrencyShares® Japanese Yen Trust (FXY) is 0.79%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.36%. This indicates that FXY 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.
Loading charts...
Volatility by Period
| FXY | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 1.36% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 5.45% | 4.32% | +1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 6.06% | +2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 7.22% | +3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 6.91% | +2.32% |
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 3.25%.
| 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 | 3.25% | 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 -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.36%) compared to FXY (0.79%). In terms of maximum drawdown, FXY dropped -56.41% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.26% vs -4.99% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.79%. 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 3.26% return vs -4.99%. 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 3.25%, 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 (1.44 vs -1.34), 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.
Find the right allocation for FXY and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer