IEUS vs. UUP
IEUS (iShares MSCI Europe Small-Cap ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - IEUS is a Europe Equities fund tracking the MSCI Europe Small Cap 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, IEUS returned 8.12%/yr vs 3.17%/yr for UUP. At a correlation of -0.46, they often move in opposite directions. IEUS charges 0.40%/yr vs 0.75%/yr for UUP.
Performance
IEUS vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, IEUS achieves a 3.29% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, IEUS has outperformed UUP with an annualized return of 8.12%, while UUP has yielded a comparatively lower 3.17% annualized return.
IEUS
- 1D
- -0.64%
- 1M
- -2.64%
- 6M
- 0.56%
- YTD
- 3.29%
- 1Y
- 6.36%
- 3Y*
- 11.83%
- 5Y*
- 2.85%
- 10Y*
- 8.12%
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%
IEUS vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEUS iShares MSCI Europe Small-Cap ETF | 3.29% | 32.06% | -1.59% | 17.34% | -27.07% | 15.06% | 12.99% | 29.72% | -20.17% | 35.04% |
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 IEUS and UUP is -0.59, 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 | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2007 | -0.46 |
The correlation between IEUS and UUP shifts across timeframes, from -0.59 (1 year) to -0.46 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IEUS vs. UUP — Risk / Return Rank
IEUS
UUP
IEUS vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Small-Cap ETF (IEUS) 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.
| IEUS | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.25 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 2.28 | -1.78 |
| Martin ratioReturn relative to average drawdown | 1.64 | 6.26 | -4.62 |
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Drawdowns
IEUS vs. UUP - Drawdown Comparison
The maximum IEUS drawdown since its inception was -63.09%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for IEUS and UUP.
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Drawdown Indicators
| IEUS | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.09% | -22.19% | -40.90% |
Max Drawdown (1Y)Largest decline over 1 year | -12.81% | -3.65% | -9.16% |
Max Drawdown (3Y)Largest decline over 3 years | -18.05% | -10.05% | -8.00% |
Max Drawdown (5Y)Largest decline over 5 years | -44.86% | -10.37% | -34.49% |
Max Drawdown (10Y)Largest decline over 10 years | -44.86% | -14.24% | -30.62% |
Current DrawdownCurrent decline from peak | -4.19% | -1.26% | -2.93% |
Average DrawdownAverage peak-to-trough decline | -15.47% | -8.88% | -6.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 1.33% | +2.56% |
Volatility
IEUS vs. UUP - Volatility Comparison
iShares MSCI Europe Small-Cap ETF (IEUS) has a higher volatility of 5.10% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that IEUS'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
| IEUS | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.10% | 1.45% | +3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 4.34% | +9.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.45% | 6.03% | +10.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.86% | 7.22% | +13.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.92% | 6.90% | +13.02% |
IEUS vs. UUP - Expense Ratio Comparison
IEUS has a 0.40% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
IEUS vs. UUP - Dividend Comparison
IEUS's dividend yield for the trailing twelve months is around 3.25%, which matches UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEUS iShares MSCI Europe Small-Cap ETF | 3.25% | 3.19% | 3.25% | 2.97% | 3.00% | 2.63% | 1.21% | 4.03% | 3.21% | 2.13% | 2.48% | 2.06% |
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
IEUS and UUP have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEUS has higher volatility (5.10%) compared to UUP (1.45%). In terms of maximum drawdown, IEUS dropped -63.09% vs UUP's -22.19%.
On 10-year performance, IEUS leads with 8.12% vs 3.17% for UUP. On fees, IEUS is cheaper at 0.40% 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, IEUS has performed better with a 8.12% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEUS is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
IEUS and UUP have nearly identical dividend yields, around 3.25%.
IEUS is categorized as Europe Equities, while UUP is Currency. IEUS tracks MSCI Europe Small Cap 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: 0.40% for IEUS and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.39), 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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