IBBQ vs. UUP
IBBQ (Invesco Nasdaq Biotechnology ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IBBQ is a Health & Biotech Equities fund tracking the Nasdaq Biotechnology 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 5 years, IBBQ returned 6.46%/yr vs 5.89%/yr for UUP. At a correlation of -0.27, they often move in opposite directions. IBBQ charges 0.19%/yr vs 0.75%/yr for UUP.
Performance
IBBQ vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, IBBQ achieves a 15.12% return, which is significantly higher than UUP's 5.44% return.
IBBQ
- 1D
- -1.45%
- 1M
- 10.41%
- 6M
- 13.70%
- YTD
- 15.12%
- 1Y
- 49.59%
- 3Y*
- 17.72%
- 5Y*
- 6.46%
- 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%
IBBQ vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IBBQ Invesco Nasdaq Biotechnology ETF | 15.12% | 33.32% | -0.63% | 4.73% | -10.41% | -6.24% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.78% |
Correlation
The correlation between IBBQ and UUP is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021 | -0.27 |
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Return for Risk
IBBQ vs. UUP — Risk / Return Rank
IBBQ
UUP
IBBQ vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Nasdaq Biotechnology ETF (IBBQ) 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.
| IBBQ | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.25 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 5.98 | 2.28 | +3.70 |
| Martin ratioReturn relative to average drawdown | 18.92 | 6.26 | +12.66 |
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Drawdowns
IBBQ vs. UUP - Drawdown Comparison
The maximum IBBQ drawdown since its inception was -37.94%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for IBBQ and UUP.
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Drawdown Indicators
| IBBQ | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.94% | -22.19% | -15.75% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -3.65% | -4.69% |
Max Drawdown (3Y)Largest decline over 3 years | -23.66% | -10.05% | -13.61% |
Max Drawdown (5Y)Largest decline over 5 years | -37.94% | -10.37% | -27.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -4.65% | -1.26% | -3.39% |
Average DrawdownAverage peak-to-trough decline | -16.50% | -8.88% | -7.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 1.33% | +1.30% |
Volatility
IBBQ vs. UUP - Volatility Comparison
Invesco Nasdaq Biotechnology ETF (IBBQ) has a higher volatility of 6.21% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that IBBQ'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
| IBBQ | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 1.45% | +4.76% |
Volatility (6M)Calculated over the trailing 6-month period | 15.76% | 4.34% | +11.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.34% | 6.03% | +14.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.02% | 7.22% | +14.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 6.90% | +15.00% |
IBBQ vs. UUP - Expense Ratio Comparison
IBBQ has a 0.19% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
IBBQ vs. UUP - Dividend Comparison
IBBQ's dividend yield for the trailing twelve months is around 0.79%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBBQ Invesco Nasdaq Biotechnology ETF | 0.79% | 0.90% | 1.14% | 0.81% | 0.76% | 0.63% | 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
IBBQ and UUP have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBBQ has higher volatility (6.21%) compared to UUP (1.45%). In terms of maximum drawdown, IBBQ dropped -37.94% vs UUP's -22.19%.
On 5-year performance, IBBQ leads with 6.46% vs 5.89% for UUP. On fees, IBBQ is cheaper at 0.19% 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 5-year period, IBBQ has performed better with a 6.46% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBBQ is cheaper with a 0.19% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 0.79% for IBBQ.
IBBQ is categorized as Health & Biotech Equities, while UUP is Currency. IBBQ tracks Nasdaq Biotechnology Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.19% for IBBQ and 0.75% for UUP.
IBBQ currently has the higher Sharpe Ratio (2.45 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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