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IEFA vs. UUP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEFA vs. UUP

Last updated Jun 13, 2026

IEFA (iShares Core MSCI EAFE ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net), 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, IEFA returned 9.90%/yr vs 3.13%/yr for UUP. At a correlation of -0.38, they often move in opposite directions. IEFA charges 0.07%/yr vs 0.75%/yr for UUP.

Performance

IEFA vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEFA achieves a 9.51% return, which is significantly higher than UUP's 3.40% return. Over the past 10 years, IEFA has outperformed UUP with an annualized return of 9.90%, while UUP has yielded a comparatively lower 3.13% annualized return.

IEFA

1D
0.18%
1M
0.85%
YTD
9.51%
6M
11.08%
1Y
20.89%
3Y*
16.31%
5Y*
8.10%
10Y*
9.90%

UUP

1D
0.00%
1M
1.60%
YTD
3.40%
6M
3.41%
1Y
6.66%
3Y*
4.21%
5Y*
5.89%
10Y*
3.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEFA vs. UUP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEFA
iShares Core MSCI EAFE ETF		9.51%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%
UUP
Invesco DB US Dollar Index Bullish Fund		3.40%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%

Correlation

The correlation between IEFA and UUP is -0.58, 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

-0.58

Correlation (3Y)
Calculated over the trailing 3-year period

-0.55

Correlation (5Y)
Calculated over the trailing 5-year period

-0.59

Correlation (10Y)
Calculated over the trailing 10-year period

-0.46

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

-0.38

The correlation between IEFA and UUP shifts across timeframes, from -0.59 (5 years) to -0.38 (all time), reflecting how their relationship changes across market environments.

IEFA vs. UUP - Sectors Allocation Comparison

Sectors
IEFA
UUP

Financial Services

22.5%
97.4%

Industrials

20.1%

-

Technology

10.8%

-

Healthcare

9.5%

-

Consumer Cyclical

8.0%

-

Basic Materials

7.0%

-

Consumer Defensive

6.6%

-

Communication Services

4.4%

-

Energy

3.8%

-

Utilities

3.6%

-

Real Estate

3.0%

-

Financial Services

IEFA
22.5%
UUP
97.4%

Industrials

IEFA
20.1%
UUP

-

Technology

IEFA
10.8%
UUP

-

Healthcare

IEFA
9.5%
UUP

-

Consumer Cyclical

IEFA
8.0%
UUP

-

Basic Materials

IEFA
7.0%
UUP

-

Consumer Defensive

IEFA
6.6%
UUP

-

Communication Services

IEFA
4.4%
UUP

-

Energy

IEFA
3.8%
UUP

-

Utilities

IEFA
3.6%
UUP

-

Real Estate

IEFA
3.0%
UUP

-

Compare stocks, funds, or ETFs

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iShares Core MSCI EAFE ETF

Invesco DB US Dollar Index Bullish Fund

Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS
Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F

Return for Risk

IEFA vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEFA
IEFA Risk / Return Rank: 4444
Overall Rank
IEFA Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4444
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4343
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4242
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4848
Martin Ratio Rank
UUP
UUP Risk / Return Rank: 3636
Overall Rank
UUP Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 3434
Sortino Ratio Rank
UUP Omega Ratio Rank: 3333
Omega Ratio Rank
UUP Calmar Ratio Rank: 4242
Calmar Ratio Rank
UUP Martin Ratio Rank: 3636
Martin Ratio Rank
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.

IEFA vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) 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.

IEFAUUPDifference
Sharpe ratioReturn per unit of total volatility
1.35
1.11

+0.24

Sortino ratioReturn per unit of downside risk
1.97
1.60

+0.37

Omega ratioGain probability vs. loss probability

1.25

1.20

+0.05

Calmar ratioReturn relative to maximum drawdown

1.83

1.83

-0.01

Martin ratioReturn relative to average drawdown

6.93

4.89

+2.04

IEFA vs. UUP - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.35, which is comparable to the UUP Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of IEFA 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.

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Drawdowns

IEFA vs. UUP - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for IEFA and UUP.

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Drawdown Indicators

IEFAUUPDifference

Max Drawdown

Largest peak-to-trough decline

-34.78%

-22.19%

-12.59%

Max Drawdown (1Y)

Largest decline over 1 year

-11.50%

-3.65%

-7.85%

Max Drawdown (3Y)

Largest decline over 3 years

-13.76%

-10.05%

-3.71%

Max Drawdown (5Y)

Largest decline over 5 years

-30.41%

-10.37%

-20.04%

Max Drawdown (10Y)

Largest decline over 10 years

-34.78%

-14.24%

-20.54%

Current Drawdown

Current decline from peak

-0.60%

-3.17%

+2.57%

Average Drawdown

Average peak-to-trough decline

-6.68%

-8.91%

+2.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.03%

1.36%

+1.67%

Volatility

IEFA vs. UUP - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 5.50% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.24%. This indicates that IEFA'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

IEFAUUPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.50%

1.24%

+4.26%

Volatility (6M)

Calculated over the trailing 6-month period

13.11%

4.23%

+8.88%

Volatility (1Y)

Calculated over the trailing 1-year period

15.54%

6.07%

+9.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.61%

7.22%

+9.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.31%

6.96%

+10.35%

IEFA vs. UUP - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

IEFA vs. UUP - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.24%, less than UUP's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.24%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
UUP
Invesco DB US Dollar Index Bullish Fund		3.32%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

IEFA and UUP have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEFA has higher volatility (5.50%) compared to UUP (1.24%). In terms of maximum drawdown, IEFA dropped -34.78% vs UUP's -22.19%.

On 10-year performance, IEFA leads with 9.90% vs 3.13% for UUP. On fees, IEFA is cheaper at 0.07% per year. On volatility, UUP has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEFA has performed better with a 9.90% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.75% for UUP.

UUP has the higher dividend yield at 3.32%, compared with 3.24% for IEFA.

IEFA is categorized as Foreign Large Cap Equities, while UUP is Currency. IEFA tracks MSCI EAFE IMI Index (Net), 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 IEFA and 0.75% for UUP.

IEFA currently has the higher Sharpe Ratio (1.35 vs 1.11), 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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