IBTM.L vs. UUP
IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond 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, IBTM.L returned 1.38%/yr vs 3.88%/yr for UUP. A 0.52 correlation means they provide meaningful diversification when combined. IBTM.L charges 0.07%/yr vs 0.75%/yr for UUP.
Performance
IBTM.L vs. UUP - Performance Comparison
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Different Trading Currencies
IBTM.L is traded in GBP, while UUP is traded in USD. To make them comparable, the UUP values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBTM.L achieves a -0.45% return, which is significantly lower than UUP's 4.71% return. Over the past 10 years, IBTM.L has underperformed UUP with an annualized return of 1.38%, while UUP has yielded a comparatively higher 3.88% annualized return.
IBTM.L
- 1D
- 0.18%
- 1M
- 1.03%
- YTD
- -0.45%
- 6M
- -0.81%
- 1Y
- 5.41%
- 3Y*
- 0.62%
- 5Y*
- -0.02%
- 10Y*
- 1.38%
UUP
- 1D
- 0.00%
- 1M
- 4.74%
- YTD
- 4.71%
- 6M
- 2.91%
- 1Y
- 7.09%
- 3Y*
- 2.17%
- 5Y*
- 7.24%
- 10Y*
- 3.88%
IBTM.L vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -0.45% | 0.89% | 1.46% | -2.26% | -4.74% | -1.77% | 6.02% | 5.50% | 6.50% | -6.47% |
UUP Invesco DB US Dollar Index Bullish Fund | 4.71% | -11.76% | 15.49% | -1.55% | 22.47% | 6.74% | -9.40% | 0.13% | 13.40% | -16.96% |
Correlation
The correlation between IBTM.L and UUP is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2007 | 0.52 |
The correlation between IBTM.L and UUP shifts across timeframes, from 0.42 (3 years) to 0.54 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBTM.L vs. UUP — Risk / Return Rank
IBTM.L
UUP
IBTM.L vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) 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.
| IBTM.L | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.10 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 0.78 | +0.19 |
| Martin ratioReturn relative to average drawdown | 2.30 | 2.03 | +0.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBTM.L | UUP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.58 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.48 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | 0.25 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.24 | -0.21 |
Drawdowns
IBTM.L vs. UUP - Drawdown Comparison
The maximum IBTM.L drawdown since its inception was -52.39%, which is greater than UUP's maximum drawdown of -36.14%. Use the drawdown chart below to compare losses from any high point for IBTM.L and UUP.
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Drawdown Indicators
| IBTM.L | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -36.14% | -16.25% |
Max Drawdown (1Y)Largest decline over 1 year | -5.57% | -9.12% | +3.55% |
Max Drawdown (3Y)Largest decline over 3 years | -7.57% | -20.10% | +12.53% |
Max Drawdown (5Y)Largest decline over 5 years | -16.29% | -26.19% | +9.90% |
Max Drawdown (10Y)Largest decline over 10 years | -26.54% | -30.58% | +4.04% |
Current DrawdownCurrent decline from peak | -21.39% | -15.09% | -6.30% |
Average DrawdownAverage peak-to-trough decline | -20.63% | -17.50% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 3.50% | -1.15% |
Volatility
IBTM.L vs. UUP - Volatility Comparison
The current volatility for iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) is 1.59%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 2.91%. This indicates that IBTM.L 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.
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Volatility by Period
| IBTM.L | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 2.91% | -1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.47% | 8.88% | -4.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 12.22% | -5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.47% | 15.12% | -5.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 15.39% | -4.80% |
IBTM.L vs. UUP - Expense Ratio Comparison
IBTM.L has a 0.07% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
IBTM.L vs. UUP - Dividend Comparison
IBTM.L's dividend yield for the trailing twelve months is around 4.36%, more than UUP's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.31% | 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
IBTM.L and UUP have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.75% for UUP.
IBTM.L is categorized as Government Bonds, while UUP is Currency. IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond 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: 0.07% for IBTM.L and 0.75% for UUP.
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