HISF vs. UUP

Last updated Jul 14, 2026

HISF (First Trust High Income Strategic Focus ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - HISF is a Diversified Portfolio fund actively managed by First Trust, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. HISF is actively managed, while UUP is passively managed. Over the past year, HISF returned 4.27% vs 8.28% for UUP. At a correlation of -0.44, they often move in opposite directions. HISF charges 0.87%/yr vs 0.75%/yr for UUP.

Performance

HISF vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust High Income Strategic Focus ETF (HISF) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HISF achieves a -0.06% return, which is significantly lower than UUP's 5.44% return.

HISF

• 1D: -0.24%
• 1M: -0.31%
• 6M: -0.18%
• YTD: -0.06%
• 1Y: 4.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

HISF vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HISF First Trust High Income Strategic Focus ETF	-0.06%	8.39%	3.41%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	9.77%

Correlation

The correlation between HISF and UUP is -0.53, 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	-0.53
Correlation (All Time) Calculated using the full available price history since Feb 28, 2024	-0.44

The correlation between HISF and UUP has been stable across timeframes, ranging from -0.53 to -0.44 - a consistent structural relationship.

Return for Risk

HISF vs. UUP — Risk / Return Rank

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

HISF

HISF Risk / Return Rank: 43
HISF Sharpe Ratio Rank: 45
HISF Sortino Ratio Rank: 46
HISF Omega Ratio Rank: 46
HISF Calmar Ratio Rank: 36
HISF Martin Ratio Rank: 41

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

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.

HISF vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust High Income Strategic Focus ETF (HISF) 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.

	HISF	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.38	-0.09
Sortino ratio: Return per unit of downside risk	1.88	1.99	-0.11
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.48	2.28	-0.80
Martin ratio: Return relative to average drawdown	5.04	6.26	-1.22

HISF vs. UUP - Sharpe Ratio Comparison

The current HISF Sharpe Ratio is 1.29, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of HISF 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.

Drawdowns

HISF vs. UUP - Drawdown Comparison

The maximum HISF drawdown since its inception was -3.86%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for HISF and UUP.

Drawdown Indicators

	HISF	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-3.86%	-22.19%	+18.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.90%	-3.65%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-1.29%	-1.26%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.89%	-8.88%	+7.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.33%	-0.48%

Volatility

HISF vs. UUP - Volatility Comparison

The current volatility for First Trust High Income Strategic Focus ETF (HISF) is 1.04%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that HISF experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HISF	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	1.45%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	4.34%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	6.03%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.93%	7.22%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.93%	6.90%	-2.97%

HISF vs. UUP - Expense Ratio Comparison

HISF has a 0.87% expense ratio, which is higher than UUP's 0.75% expense ratio.

Dividends

HISF vs. UUP - Dividend Comparison

HISF's dividend yield for the trailing twelve months is around 5.06%, more than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HISF First Trust High Income Strategic Focus ETF	5.06%	4.69%	3.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both HISF and UUP in my portfolio?

HISF and UUP have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HISF or UUP?

UUP has higher volatility (1.45%) compared to HISF (1.04%). In terms of maximum drawdown, HISF dropped -3.86% vs UUP's -22.19%.

Which ETF is better, HISF or UUP?

On 1-year performance, UUP leads with 8.28% vs 4.27% for HISF. On fees, UUP is cheaper at 0.75% per year. On volatility, HISF has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HISF or UUP?

Over the 1-year period, UUP has performed better with a 8.28% return vs 4.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HISF or UUP?

UUP is cheaper with a 0.75% expense ratio, compared with 0.87% for HISF.

Which ETF pays a higher dividend yield, HISF or UUP?

HISF has the higher dividend yield at 5.06%, compared with 3.25% for UUP.

What is the main difference between HISF and UUP?

HISF is categorized as Diversified Portfolio, while UUP is Currency. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.87% for HISF and 0.75% for UUP.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.38 vs 1.29), 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.