GII vs. UUP
GII (SPDR S&P Global Infrastructure ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - GII is a Utilities Equities fund tracking the S&P Global Infrastructure, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, GII returned 8.24%/yr vs 3.17%/yr for UUP. At a correlation of -0.37, they often move in opposite directions. GII charges 0.40%/yr vs 0.75%/yr for UUP.
Performance
GII vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, GII achieves a 10.33% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, GII has outperformed UUP with an annualized return of 8.24%, while UUP has yielded a comparatively lower 3.17% annualized return.
GII
- 1D
- 0.20%
- 1M
- 0.90%
- 6M
- 9.40%
- YTD
- 10.33%
- 1Y
- 17.28%
- 3Y*
- 15.84%
- 5Y*
- 11.03%
- 10Y*
- 8.24%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
GII vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GII SPDR S&P Global Infrastructure ETF | 10.33% | 21.79% | 14.30% | 5.90% | -0.54% | 11.39% | -6.81% | 26.32% | -10.08% | 19.07% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between GII and UUP is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.37 |
The correlation between GII and UUP shifts across timeframes, from -0.47 (5 years) to -0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GII vs. UUP — Risk / Return Rank
GII
UUP
GII vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Infrastructure ETF (GII) 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.
| GII | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.28 | +0.64 |
| Martin ratioReturn relative to average drawdown | 8.07 | 6.26 | +1.81 |
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Drawdowns
GII vs. UUP - Drawdown Comparison
The maximum GII drawdown since its inception was -50.98%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for GII and UUP.
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Drawdown Indicators
| GII | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.98% | -22.19% | -28.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.94% | -3.65% | -2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -14.29% | -10.05% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -20.67% | -10.37% | -10.30% |
Max Drawdown (10Y)Largest decline over 10 years | -42.84% | -14.24% | -28.60% |
Current DrawdownCurrent decline from peak | -2.25% | -1.26% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -11.47% | -8.88% | -2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.14% | 1.33% | +0.81% |
Volatility
GII vs. UUP - Volatility Comparison
SPDR S&P Global Infrastructure ETF (GII) has a higher volatility of 3.37% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that GII'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
| GII | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.37% | 1.45% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 9.19% | 4.34% | +4.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.99% | 6.03% | +4.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.09% | 7.22% | +6.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 6.90% | +10.14% |
GII vs. UUP - Expense Ratio Comparison
GII has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
GII vs. UUP - Dividend Comparison
GII's dividend yield for the trailing twelve months is around 2.65%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GII SPDR S&P Global Infrastructure ETF | 2.65% | 3.17% | 3.23% | 3.70% | 3.07% | 2.37% | 2.66% | 3.39% | 3.31% | 3.38% | 3.11% | 3.54% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
GII and UUP have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GII has higher volatility (3.37%) compared to UUP (1.45%). In terms of maximum drawdown, GII dropped -50.98% vs UUP's -22.19%.
On 10-year performance, GII leads with 8.24% vs 3.17% for UUP. On fees, GII is cheaper at 0.40% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GII has performed better with a 8.24% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GII 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 2.65% for GII.
GII is categorized as Utilities Equities, while UUP is Currency. GII tracks S&P Global Infrastructure, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.40% for GII and 0.75% for UUP.
GII currently has the higher Sharpe Ratio (1.58 vs 1.38), 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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