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 -4.71%/yr vs 3.13%/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
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Returns By Period
In the year-to-date period, FXY achieves a -3.58% return, which is significantly lower than UUP's 5.03% return. Over the past 10 years, FXY has underperformed UUP with an annualized return of -4.71%, while UUP has yielded a comparatively higher 3.13% annualized return.
FXY
- 1D
- 0.19%
- 1M
- -1.21%
- 6M
- -2.06%
- YTD
- -3.58%
- 1Y
- -9.23%
- 3Y*
- -5.44%
- 5Y*
- -7.97%
- 10Y*
- -4.71%
UUP
- 1D
- -0.39%
- 1M
- 1.57%
- 6M
- 3.80%
- YTD
- 5.03%
- 1Y
- 7.58%
- 3Y*
- 5.73%
- 5Y*
- 5.75%
- 10Y*
- 3.13%
FXY vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.58% | 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 | 5.03% | -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 -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
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 -0.72, 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 | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.53 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.23 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.09 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.47 | 5.73 | -7.20 |
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Drawdowns
FXY vs. UUP - Drawdown Comparison
The maximum FXY drawdown since its inception was -56.62%, 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 | -56.62% | -22.19% | -34.43% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -3.65% | -6.56% |
Max Drawdown (3Y)Largest decline over 3 years | -15.91% | -10.05% | -5.86% |
Max Drawdown (5Y)Largest decline over 5 years | -34.61% | -10.37% | -24.24% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | -14.24% | -27.40% |
Current DrawdownCurrent decline from peak | -56.51% | -1.64% | -54.87% |
Average DrawdownAverage peak-to-trough decline | -27.89% | -8.88% | -19.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 1.33% | +4.98% |
Volatility
FXY vs. UUP - Volatility Comparison
Invesco CurrencyShares® Japanese Yen Trust (FXY) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 1.53% and 1.46%, 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
| FXY | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 1.46% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 4.36% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.08% | 6.03% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.24% | 7.21% | +3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.18% | 6.90% | +2.28% |
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 3.26%.
| 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 | 3.26% | 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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXY has higher volatility (1.53%) compared to UUP (1.46%). In terms of maximum drawdown, FXY dropped -56.62% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.13% vs -4.71% for FXY. On fees, FXY 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 3.13% return vs -4.71%. 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 3.26%, 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 (1.26 vs -1.15), 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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