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IEMG vs. UUP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEMG vs. UUP

Last updated Jun 13, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (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, IEMG returned 10.42%/yr vs 3.13%/yr for UUP. At a correlation of -0.29, they often move in opposite directions. IEMG charges 0.09%/yr vs 0.75%/yr for UUP.

Performance

IEMG vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) 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, IEMG achieves a 22.84% return, which is significantly higher than UUP's 3.40% return. Over the past 10 years, IEMG has outperformed UUP with an annualized return of 10.42%, while UUP has yielded a comparatively lower 3.13% annualized return.

IEMG

1D
0.61%
1M
0.63%
YTD
22.84%
6M
25.59%
1Y
42.50%
3Y*
21.33%
5Y*
7.15%
10Y*
10.42%

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)

IEMG vs. UUP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEMG
iShares Core MSCI Emerging Markets ETF		22.84%32.56%6.50%11.52%-19.98%-0.64%17.87%17.81%-14.92%37.38%
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 IEMG and UUP is -0.44, 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

-0.44

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

-0.44

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

-0.47

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

-0.36

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

-0.29

The correlation between IEMG and UUP shifts across timeframes, from -0.47 (5 years) to -0.29 (all time), reflecting how their relationship changes across market environments.

IEMG vs. UUP - Sectors Allocation Comparison

Sectors
IEMG
UUP

Technology

35.0%

-

Financial Services

18.4%
97.4%

Consumer Cyclical

9.5%

-

Industrials

9.0%

-

Basic Materials

6.9%

-

Communication Services

6.4%

-

Energy

3.8%

-

Healthcare

3.7%

-

Consumer Defensive

3.3%

-

Utilities

2.2%

-

Real Estate

1.7%

-

Technology

IEMG
35.0%
UUP

-

Financial Services

IEMG
18.4%
UUP
97.4%

Consumer Cyclical

IEMG
9.5%
UUP

-

Industrials

IEMG
9.0%
UUP

-

Basic Materials

IEMG
6.9%
UUP

-

Communication Services

IEMG
6.4%
UUP

-

Energy

IEMG
3.8%
UUP

-

Healthcare

IEMG
3.7%
UUP

-

Consumer Defensive

IEMG
3.3%
UUP

-

Utilities

IEMG
2.2%
UUP

-

Real Estate

IEMG
1.7%
UUP

-

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets ETF

Invesco DB US Dollar Index Bullish Fund

Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY
Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F

Return for Risk

IEMG vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEMG
IEMG Risk / Return Rank: 7373
Overall Rank
IEMG Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 6767
Sortino Ratio Rank
IEMG Omega Ratio Rank: 7676
Omega Ratio Rank
IEMG Calmar Ratio Rank: 7373
Calmar Ratio Rank
IEMG Martin Ratio Rank: 7373
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.

IEMG vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.

IEMGUUPDifference
Sharpe ratioReturn per unit of total volatility
2.03
1.11

+0.92

Sortino ratioReturn per unit of downside risk
2.65
1.60

+1.05

Omega ratioGain probability vs. loss probability

1.39

1.20

+0.19

Calmar ratioReturn relative to maximum drawdown

3.23

1.83

+1.40

Martin ratioReturn relative to average drawdown

11.89

4.89

+7.00

IEMG vs. UUP - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 2.03, which is higher than the UUP Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of IEMG 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

IEMG vs. UUP - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for IEMG and UUP.

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Drawdown Indicators

IEMGUUPDifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-22.19%

-16.52%

Max Drawdown (1Y)

Largest decline over 1 year

-13.21%

-3.65%

-9.56%

Max Drawdown (3Y)

Largest decline over 3 years

-17.21%

-10.05%

-7.16%

Max Drawdown (5Y)

Largest decline over 5 years

-35.75%

-10.37%

-25.38%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

-14.24%

-24.47%

Current Drawdown

Current decline from peak

-3.98%

-3.17%

-0.81%

Average Drawdown

Average peak-to-trough decline

-12.95%

-8.91%

-4.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.59%

1.36%

+2.23%

Volatility

IEMG vs. UUP - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.60% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.24%. This indicates that IEMG'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

IEMGUUPDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.60%

1.24%

+9.36%

Volatility (6M)

Calculated over the trailing 6-month period

18.89%

4.23%

+14.66%

Volatility (1Y)

Calculated over the trailing 1-year period

21.08%

6.07%

+15.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.73%

7.22%

+11.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.17%

6.96%

+13.21%

IEMG vs. UUP - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

IEMG vs. UUP - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.24%, less than UUP's 3.32% yield.

PositionTTM20252024202320222021202020192018201720162015
IEMG
iShares Core MSCI Emerging Markets ETF		2.24%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%
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

IEMG and UUP have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEMG has higher volatility (10.60%) compared to UUP (1.24%). In terms of maximum drawdown, IEMG dropped -38.71% vs UUP's -22.19%.

On 10-year performance, IEMG leads with 10.42% vs 3.13% for UUP. On fees, IEMG is cheaper at 0.09% 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, IEMG has performed better with a 10.42% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEMG is cheaper with a 0.09% expense ratio, compared with 0.75% for UUP.

UUP has the higher dividend yield at 3.32%, compared with 2.24% for IEMG.

IEMG is categorized as Emerging Markets Diversified, while UUP is Currency. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (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: 0.09% for IEMG and 0.75% for UUP.

IEMG currently has the higher Sharpe Ratio (2.03 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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