GC=F vs. UUP

Last updated Jun 4, 2026

GC=F (Gold) is an asset, while UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Over the past 10 years, GC=F returned 13.66%/yr vs 3.20%/yr for UUP. At a correlation of -0.37, they often move in opposite directions.

Performance

GC=F vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold (GC=F) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GC=F having a 3.17% return and UUP slightly lower at 3.07%. Over the past 10 years, GC=F has outperformed UUP with an annualized return of 13.66%, while UUP has yielded a comparatively lower 3.20% annualized return.

GC=F

• 1D: -0.59%
• 1M: -1.26%
• YTD: 3.17%
• 6M: 6.27%
• 1Y: 33.21%
• 3Y*: 31.73%
• 5Y*: 18.75%
• 10Y*: 13.66%

UUP

• 1D: 0.36%
• 1M: 1.38%
• YTD: 3.07%
• 6M: 2.71%
• 1Y: 5.00%
• 3Y*: 3.89%
• 5Y*: 5.92%
• 10Y*: 3.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GC=F vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GC=F Gold	3.17%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%
UUP Invesco DB US Dollar Index Bullish Fund	3.07%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Correlation

The correlation between GC=F and UUP is -0.37, 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	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (5Y) Calculated over the trailing 5-year period	-0.40
Correlation (10Y) Calculated over the trailing 10-year period	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	-0.37

Return for Risk

GC=F vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GC=F

GC=F Risk / Return Rank: 52
GC=F Sharpe Ratio Rank: 50
GC=F Sortino Ratio Rank: 49
GC=F Omega Ratio Rank: 47
GC=F Calmar Ratio Rank: 52
GC=F Martin Ratio Rank: 60

UUP

UUP Risk / Return Rank: 24
UUP Sharpe Ratio Rank: 23
UUP Sortino Ratio Rank: 22
UUP Omega Ratio Rank: 21
UUP Calmar Ratio Rank: 28
UUP Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GC=F vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold (GC=F) 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.

	GC=F	UUP	Difference
Sharpe ratio Return per unit of total volatility	1.22	0.83	+0.39
Sortino ratio Return per unit of downside risk	1.60	1.19	+0.41
Omega ratio Gain probability vs. loss probability	1.25	1.15	+0.10
Calmar ratio Return relative to maximum drawdown	1.82	1.38	+0.44
Martin ratio Return relative to average drawdown	4.60	3.65	+0.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GC=F vs. UUP - Sharpe Ratio Comparison

The current GC=F Sharpe Ratio is 1.22, which is higher than the UUP Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of GC=F and UUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GC=F	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	0.83	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.82	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.46	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.20	+0.42

Drawdowns

GC=F vs. UUP - Drawdown Comparison

The maximum GC=F drawdown since its inception was -44.36%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for GC=F and UUP.

Drawdown Indicators

	GC=F	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-44.36%	-22.19%	-22.17%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-3.65%	-14.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-10.05%	-7.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.43%	-10.37%	-10.06%
Max Drawdown (10Y) Largest decline over 10 years	-20.87%	-14.24%	-6.63%
Current Drawdown Current decline from peak	-16.09%	-3.48%	-12.61%
Average Drawdown Average peak-to-trough decline	-13.03%	-8.92%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.09%	1.37%	+5.72%

Volatility

GC=F vs. UUP - Volatility Comparison

Gold (GC=F) has a higher volatility of 5.24% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.26%. This indicates that GC=F'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.

Volatility by Period

	GC=F	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	1.26%	+3.98%
Volatility (6M) Calculated over the trailing 6-month period	23.04%	4.24%	+18.80%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	6.12%	+20.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	7.22%	+10.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	6.96%	+9.48%

Frequently Asked Questions

Can I hold both GC=F and UUP in my portfolio?

GC=F and UUP have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GC=F or UUP?

GC=F has higher volatility (5.24%) compared to UUP (1.26%). In terms of maximum drawdown, GC=F dropped -44.36% vs UUP's -22.19%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (1.22 vs 0.82), 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.