HYMB vs. UUP
HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - HYMB is a Municipal Bonds fund tracking the ICE US Select High Yield Crossover Municipal 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, HYMB returned 2.30%/yr vs 3.17%/yr for UUP. At a correlation of -0.12, they often move in opposite directions. HYMB charges 0.35%/yr vs 0.75%/yr for UUP.
Performance
HYMB vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYMB achieves a 3.46% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, HYMB has underperformed UUP with an annualized return of 2.30%, while UUP has yielded a comparatively higher 3.17% annualized return.
HYMB
- 1D
- -0.16%
- 1M
- 0.42%
- 6M
- 2.88%
- YTD
- 3.46%
- 1Y
- 7.72%
- 3Y*
- 4.94%
- 5Y*
- 0.29%
- 10Y*
- 2.30%
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%
HYMB vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 3.46% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
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 HYMB and UUP is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | -0.12 |
The correlation between HYMB and UUP shifts across timeframes, from -0.32 (1 year) to -0.12 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYMB vs. UUP — Risk / Return Rank
HYMB
UUP
HYMB vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) 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.
| HYMB | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.28 | +0.22 |
| Martin ratioReturn relative to average drawdown | 10.69 | 6.26 | +4.43 |
Loading charts...
Drawdowns
HYMB vs. UUP - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for HYMB and UUP.
Loading charts...
Drawdown Indicators
| HYMB | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -22.19% | -7.38% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -3.65% | +0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -7.44% | -10.05% | +2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -20.15% | -10.37% | -9.78% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -14.24% | -15.33% |
Current DrawdownCurrent decline from peak | -0.59% | -1.26% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -3.78% | -8.88% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.33% | -0.60% |
Volatility
HYMB vs. UUP - Volatility Comparison
The current volatility for State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) is 0.86%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that HYMB 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.
Loading charts...
Volatility by Period
| HYMB | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.45% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 4.34% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.03% | 6.03% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 7.22% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 6.90% | +4.46% |
HYMB vs. UUP - Expense Ratio Comparison
HYMB has a 0.35% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
HYMB vs. UUP - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.53%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 4.53% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
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
HYMB and UUP have a correlation of -0.32, 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 HYMB (0.86%). In terms of maximum drawdown, HYMB dropped -29.57% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs 2.30% for HYMB. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYMB has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.17% return vs 2.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB is cheaper with a 0.35% expense ratio, compared with 0.75% for UUP.
HYMB has the higher dividend yield at 4.53%, compared with 3.25% for UUP.
HYMB is categorized as Municipal Bonds, while UUP is Currency. HYMB tracks ICE US Select High Yield Crossover Municipal Index, 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: 0.35% for HYMB and 0.75% for UUP.
HYMB currently has the higher Sharpe Ratio (1.93 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.
Find the right allocation for HYMB and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer