HYG vs. UUP
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, 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, HYG returned 4.65%/yr vs 3.17%/yr for UUP. At a correlation of -0.26, they often move in opposite directions. HYG charges 0.49%/yr vs 0.75%/yr for UUP.
Performance
HYG vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.59% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, HYG has outperformed UUP with an annualized return of 4.65%, while UUP has yielded a comparatively lower 3.17% annualized return.
HYG
- 1D
- -0.24%
- 1M
- -0.06%
- 6M
- 1.07%
- YTD
- 1.59%
- 1Y
- 5.35%
- 3Y*
- 8.13%
- 5Y*
- 3.62%
- 10Y*
- 4.65%
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%
HYG vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.59% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
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 HYG and UUP is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2007 | -0.26 |
Over the past year, the inverse relationship between HYG and UUP has strengthened: their correlation has moved from -0.26 to -0.48, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
HYG vs. UUP — Risk / Return Rank
HYG
UUP
HYG vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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.
| HYG | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.25 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.28 | +0.02 |
| Martin ratioReturn relative to average drawdown | 10.14 | 6.26 | +3.88 |
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Drawdowns
HYG vs. UUP - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for HYG and UUP.
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Drawdown Indicators
| HYG | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -22.19% | -12.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -3.65% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -10.05% | +5.49% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -10.37% | -5.42% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -14.24% | -7.79% |
Current DrawdownCurrent decline from peak | -0.44% | -1.26% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -8.88% | +5.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 1.33% | -0.80% |
Volatility
HYG vs. UUP - Volatility Comparison
The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 0.95%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that HYG 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.
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Volatility by Period
| HYG | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.45% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 4.34% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.84% | 6.03% | -2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 7.22% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.22% | 6.90% | +1.32% |
HYG vs. UUP - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
HYG vs. UUP - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.92%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.92% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
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
HYG and UUP have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to HYG (0.95%). In terms of maximum drawdown, HYG dropped -34.25% vs UUP's -22.19%.
On 10-year performance, HYG leads with 4.65% vs 3.17% for UUP. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYG has performed better with a 4.65% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 0.75% for UUP.
HYG has the higher dividend yield at 5.92%, compared with 3.25% for UUP.
HYG is categorized as High Yield Bonds, while UUP is Currency. HYG tracks Markit iBoxx USD Liquid High Yield Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for HYG and 0.75% for UUP.
HYG currently has the higher Sharpe Ratio (1.40 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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