IBIT vs. UUP
IBIT (iShares Bitcoin Trust ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, 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, IBIT returned -44.68% vs 7.07% for UUP. At a correlation of -0.17, they often move in opposite directions. IBIT charges 0.25%/yr vs 0.75%/yr for UUP.
Performance
IBIT vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBIT achieves a -25.70% return, which is significantly lower than UUP's 5.03% return.
IBIT
- 1D
- 1.49%
- 1M
- 3.57%
- 6M
- -31.99%
- YTD
- -25.70%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.65%
UUP
- 1D
- 0.21%
- 1M
- 0.32%
- 6M
- 3.50%
- YTD
- 5.03%
- 1Y
- 7.07%
- 3Y*
- 5.30%
- 5Y*
- 5.72%
- 10Y*
- 3.03%
- ALL TIME*
- 1.69%
IBIT vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -25.70% | -6.41% | 89.87% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 12.22% |
Correlation
The correlation between IBIT and UUP is -0.20, 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 | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.17 |
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
IBIT vs. UUP — Risk / Return Rank
IBIT
UUP
IBIT vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 1.95 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.34 | 5.37 | -6.71 |
Loading charts...
Drawdowns
IBIT vs. UUP - Drawdown Comparison
The maximum IBIT drawdown since its inception was -53.30%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for IBIT and UUP.
Loading charts...
Drawdown Indicators
| IBIT | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.30% | -22.19% | -31.11% |
Max Drawdown (1Y)Largest decline over 1 year | -53.30% | -3.65% | -49.65% |
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 DrawdownCurrent decline from peak | -48.25% | -1.64% | -46.61% |
Average DrawdownAverage peak-to-trough decline | -17.81% | -8.87% | -8.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.42% | 1.33% | +32.09% |
Volatility
IBIT vs. UUP - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 10.67% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.34%. This indicates that IBIT'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.
Loading charts...
Volatility by Period
| IBIT | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.67% | 1.34% | +9.33% |
Volatility (6M)Calculated over the trailing 6-month period | 34.60% | 4.38% | +30.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.40% | 6.02% | +38.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.85% | 7.22% | +42.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.85% | 6.90% | +42.95% |
IBIT vs. UUP - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
IBIT vs. UUP - Dividend Comparison
IBIT has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.26%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.26% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
IBIT and UUP have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (10.67%) compared to UUP (1.34%). In terms of maximum drawdown, IBIT dropped -53.30% vs UUP's -22.19%.
On 1-year performance, UUP leads with 7.07% vs -44.68% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, UUP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UUP has performed better with a 7.07% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.26%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while UUP is Currency. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, 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: 0.25% for IBIT and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.18 vs -1.01), 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 IBIT 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