IBIH vs. UUP

Last updated Jul 14, 2026

IBIH (iShares iBonds Oct 2031 Term TIPS ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IBIH is a Inflation-Protected Bonds fund tracking the ICE 2031 Maturity US Inflation-Linked Treasury 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 year, IBIH returned 3.60% vs 8.28% for UUP. At a correlation of -0.36, they often move in opposite directions. IBIH charges 0.10%/yr vs 0.75%/yr for UUP.

Performance

IBIH vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Oct 2031 Term TIPS ETF (IBIH) 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, IBIH achieves a 1.16% return, which is significantly lower than UUP's 5.44% return.

IBIH

• 1D: -0.14%
• 1M: -0.19%
• 6M: 1.02%
• YTD: 1.16%
• 1Y: 3.60%
• 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)

IBIH vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBIH iShares iBonds Oct 2031 Term TIPS ETF	1.16%	8.47%	1.73%	4.60%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	-2.11%

Correlation

The correlation between IBIH and UUP is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023	-0.36

Return for Risk

IBIH vs. UUP — Risk / Return Rank

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

IBIH

IBIH Risk / Return Rank: 43
IBIH Sharpe Ratio Rank: 39
IBIH Sortino Ratio Rank: 39
IBIH Omega Ratio Rank: 37
IBIH Calmar Ratio Rank: 53
IBIH Martin Ratio Rank: 46

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.

IBIH vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Oct 2031 Term TIPS ETF (IBIH) 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.

	IBIH	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.38	-0.26
Sortino ratio: Return per unit of downside risk	1.67	1.99	-0.32
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.05
Calmar ratio: Return relative to maximum drawdown	2.12	2.28	-0.16
Martin ratio: Return relative to average drawdown	6.13	6.26	-0.13

IBIH vs. UUP - Sharpe Ratio Comparison

The current IBIH Sharpe Ratio is 1.12, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of IBIH 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

IBIH vs. UUP - Drawdown Comparison

The maximum IBIH drawdown since its inception was -3.94%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for IBIH and UUP.

Drawdown Indicators

	IBIH	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-3.94%	-22.19%	+18.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-3.65%	+1.95%
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	-1.06%	-1.26%	+0.20%
Average Drawdown Average peak-to-trough decline	-0.96%	-8.88%	+7.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.33%	-0.74%

Volatility

IBIH vs. UUP - Volatility Comparison

The current volatility for iShares iBonds Oct 2031 Term TIPS ETF (IBIH) is 1.25%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that IBIH 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

	IBIH	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.45%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	4.34%	-1.98%
Volatility (1Y) Calculated over the trailing 1-year period	3.22%	6.03%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	7.22%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.90%	6.90%	-2.00%

IBIH vs. UUP - Expense Ratio Comparison

IBIH has a 0.10% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

IBIH vs. UUP - Dividend Comparison

IBIH's dividend yield for the trailing twelve months is around 4.97%, more than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IBIH iShares iBonds Oct 2031 Term TIPS ETF	4.97%	4.68%	4.34%	0.70%	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 IBIH and UUP in my portfolio?

IBIH and UUP have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBIH or UUP?

UUP has higher volatility (1.45%) compared to IBIH (1.25%). In terms of maximum drawdown, IBIH dropped -3.94% vs UUP's -22.19%.

Which ETF is better, IBIH or UUP?

On 1-year performance, UUP leads with 8.28% vs 3.60% for IBIH. On fees, IBIH is cheaper at 0.10% per year. On volatility, IBIH has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBIH or UUP?

Over the 1-year period, UUP has performed better with a 8.28% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBIH or UUP?

IBIH is cheaper with a 0.10% expense ratio, compared with 0.75% for UUP.

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

IBIH has the higher dividend yield at 4.97%, compared with 3.25% for UUP.

What is the main difference between IBIH and UUP?

IBIH is categorized as Inflation-Protected Bonds, while UUP is Currency. IBIH tracks ICE 2031 Maturity US Inflation-Linked Treasury 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: 0.10% for IBIH and 0.75% for UUP.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.38 vs 1.12), 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.