GREK vs. UUP
GREK (Global X MSCI Greece ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - GREK is a Emerging Markets Equities fund tracking the MSCI All Greece Select 25-50, 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, GREK returned 16.64%/yr vs 3.17%/yr for UUP. At a correlation of -0.27, they often move in opposite directions. GREK charges 0.58%/yr vs 0.75%/yr for UUP.
Performance
GREK vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, GREK achieves a 16.27% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, GREK has outperformed UUP with an annualized return of 16.64%, while UUP has yielded a comparatively lower 3.17% annualized return.
GREK
- 1D
- -1.93%
- 1M
- 0.72%
- 6M
- 10.28%
- YTD
- 16.27%
- 1Y
- 28.30%
- 3Y*
- 29.50%
- 5Y*
- 26.76%
- 10Y*
- 16.64%
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%
GREK vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GREK Global X MSCI Greece ETF | 16.27% | 76.11% | 9.53% | 42.72% | 3.64% | 6.14% | -13.89% | 50.20% | -31.25% | 34.80% |
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 GREK and UUP is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2011 | -0.27 |
The correlation between GREK and UUP shifts across timeframes, from -0.46 (5 years) to -0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GREK vs. UUP — Risk / Return Rank
GREK
UUP
GREK vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Greece ETF (GREK) 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.
| GREK | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.25 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 2.28 | -0.95 |
| Martin ratioReturn relative to average drawdown | 4.11 | 6.26 | -2.16 |
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Drawdowns
GREK vs. UUP - Drawdown Comparison
The maximum GREK drawdown since its inception was -79.50%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for GREK and UUP.
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Drawdown Indicators
| GREK | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.50% | -22.19% | -57.31% |
Max Drawdown (1Y)Largest decline over 1 year | -21.32% | -3.65% | -17.67% |
Max Drawdown (3Y)Largest decline over 3 years | -22.63% | -10.05% | -12.58% |
Max Drawdown (5Y)Largest decline over 5 years | -30.46% | -10.37% | -20.09% |
Max Drawdown (10Y)Largest decline over 10 years | -57.04% | -14.24% | -42.80% |
Current DrawdownCurrent decline from peak | -3.16% | -1.26% | -1.90% |
Average DrawdownAverage peak-to-trough decline | -45.02% | -8.88% | -36.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.91% | 1.33% | +5.58% |
Volatility
GREK vs. UUP - Volatility Comparison
Global X MSCI Greece ETF (GREK) has a higher volatility of 7.08% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that GREK'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
| GREK | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.08% | 1.45% | +5.63% |
Volatility (6M)Calculated over the trailing 6-month period | 21.05% | 4.34% | +16.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.35% | 6.03% | +18.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.48% | 7.22% | +17.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.85% | 6.90% | +21.95% |
GREK vs. UUP - Expense Ratio Comparison
GREK has a 0.58% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
GREK vs. UUP - Dividend Comparison
GREK's dividend yield for the trailing twelve months is around 2.57%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GREK Global X MSCI Greece ETF | 2.57% | 3.46% | 4.63% | 2.61% | 2.82% | 2.16% | 2.62% | 2.25% | 2.41% | 2.13% | 1.95% | 1.52% |
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
GREK and UUP have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GREK has higher volatility (7.08%) compared to UUP (1.45%). In terms of maximum drawdown, GREK dropped -79.50% vs UUP's -22.19%.
On 10-year performance, GREK leads with 16.64% vs 3.17% for UUP. On fees, GREK is cheaper at 0.58% 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, GREK has performed better with a 16.64% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GREK is cheaper with a 0.58% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 2.57% for GREK.
GREK is categorized as Emerging Markets Equities, while UUP is Currency. GREK tracks MSCI All Greece Select 25-50, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.58% for GREK and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 1.17), 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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