IBND vs. UUP
IBND (SPDR Bloomberg Barclays International Corporate Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IBND is a Corporate Bonds fund tracking the Bloomberg Global Aggregate x USD >$1B: Corporate Bond, 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, IBND returned 0.56%/yr vs 3.17%/yr for UUP. At a correlation of -0.83, they often move in opposite directions. IBND charges 0.50%/yr vs 0.75%/yr for UUP.
Performance
IBND vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, IBND achieves a -2.74% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, IBND has underperformed UUP with an annualized return of 0.56%, while UUP has yielded a comparatively higher 3.17% annualized return.
IBND
- 1D
- -0.68%
- 1M
- -1.81%
- 6M
- -2.62%
- YTD
- -2.74%
- 1Y
- -1.37%
- 3Y*
- 4.39%
- 5Y*
- -1.48%
- 10Y*
- 0.56%
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%
IBND vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | -2.74% | 16.17% | -2.81% | 10.38% | -19.44% | -8.40% | 11.50% | 4.41% | -6.15% | 14.84% |
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 IBND and UUP is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.83 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | -0.83 |
The correlation between IBND and UUP has been stable across timeframes, ranging from -0.89 to -0.83 - a consistent structural relationship.
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Return for Risk
IBND vs. UUP — Risk / Return Rank
IBND
UUP
IBND vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) 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.
| IBND | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.25 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.28 | -2.48 |
| Martin ratioReturn relative to average drawdown | -0.48 | 6.26 | -6.74 |
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Drawdowns
IBND vs. UUP - Drawdown Comparison
The maximum IBND drawdown since its inception was -35.62%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for IBND and UUP.
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Drawdown Indicators
| IBND | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.62% | -22.19% | -13.43% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -3.65% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -9.18% | -10.05% | +0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -33.49% | -10.37% | -23.12% |
Max Drawdown (10Y)Largest decline over 10 years | -35.62% | -14.24% | -21.38% |
Current DrawdownCurrent decline from peak | -10.97% | -1.26% | -9.71% |
Average DrawdownAverage peak-to-trough decline | -10.63% | -8.88% | -1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 1.33% | +1.51% |
Volatility
IBND vs. UUP - Volatility Comparison
SPDR Bloomberg Barclays International Corporate Bond ETF (IBND) has a higher volatility of 2.12% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that IBND'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
| IBND | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 1.45% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 4.34% | +2.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 6.03% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.76% | 7.22% | +2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 6.90% | +2.02% |
IBND vs. UUP - Expense Ratio Comparison
IBND has a 0.50% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
IBND vs. UUP - Dividend Comparison
IBND's dividend yield for the trailing twelve months is around 2.81%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBND SPDR Bloomberg Barclays International Corporate Bond ETF | 2.81% | 2.49% | 2.61% | 2.08% | 0.54% | 0.38% | 0.45% | 0.67% | 0.71% | 0.34% | 0.01% | 0.01% |
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
IBND and UUP have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBND has higher volatility (2.12%) compared to UUP (1.45%). In terms of maximum drawdown, IBND dropped -35.62% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs 0.56% for IBND. On fees, IBND is cheaper at 0.50% 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 10-year period, UUP has performed better with a 3.17% return vs 0.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBND is cheaper with a 0.50% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 2.81% for IBND.
IBND is categorized as Corporate Bonds, while UUP is Currency. IBND tracks Bloomberg Global Aggregate x USD >$1B: Corporate Bond, 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: 0.50% for IBND and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs -0.17), 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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