GC=F vs. UUP

Last updated Apr 2, 2026

Compare and contrast key facts about Gold (GC=F) and Invesco DB US Dollar Index Bullish Fund (UUP).

UUP is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Long US Dollar Index (USDX) Futures Index. It was launched on Feb 20, 2007.

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.

GC=F vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GC=F Gold	10.61%	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	2.59%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Returns By Period

In the year-to-date period, GC=F achieves a 10.61% return, which is significantly higher than UUP's 2.59% return. Over the past 10 years, GC=F has outperformed UUP with an annualized return of 14.62%, while UUP has yielded a comparatively lower 3.07% annualized return.

GC=F

• 1D: 2.95%
• 1M: -9.63%
• YTD: 10.61%
• 6M: 23.71%
• 1Y: 53.41%
• 3Y*: 34.44%
• 5Y*: 22.61%
• 10Y*: 14.62%

UUP

• 1D: -0.18%
• 1M: 1.46%
• YTD: 2.59%
• 6M: 4.28%
• 1Y: 0.37%
• 3Y*: 4.58%
• 5Y*: 5.16%
• 10Y*: 3.07%

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

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: 91
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 94
GC=F Calmar Ratio Rank: 71
GC=F Martin Ratio Rank: 92

UUP

UUP Risk / Return Rank: 12
UUP Sharpe Ratio Rank: 13
UUP Sortino Ratio Rank: 11
UUP Omega Ratio Rank: 11
UUP Calmar Ratio Rank: 14
UUP Martin Ratio Rank: 13

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	1.85	0.05	+1.80
Sortino ratio Return per unit of downside risk	2.26	0.12	+2.14
Omega ratio Gain probability vs. loss probability	1.34	1.01	+0.33
Calmar ratio Return relative to maximum drawdown	2.74	0.08	+2.66
Martin ratio Return relative to average drawdown	10.15	0.15	+10.00
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 1.85, which is higher than the UUP Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of GC=F and UUP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GC=F	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	0.05	+1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.25	0.72	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.44	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.20	+0.44

Correlation

The correlation between GC=F and UUP is -0.37. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

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%	-5.62%	-12.11%
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	-10.04%	-3.93%	-6.11%
Average Drawdown Average peak-to-trough decline	-13.03%	-8.96%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	3.20%	+1.58%

Volatility

GC=F vs. UUP - Volatility Comparison

Gold (GC=F) has a higher volatility of 11.29% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 2.07%. 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	11.29%	2.07%	+9.22%
Volatility (6M) Calculated over the trailing 6-month period	24.59%	4.17%	+20.42%
Volatility (1Y) Calculated over the trailing 1-year period	27.77%	7.42%	+20.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	7.24%	+10.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	6.99%	+9.37%