INDL vs. UUP
INDL (Direxion Daily India Bull 3x Shares) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), 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, INDL returned -1.36%/yr vs 3.17%/yr for UUP. At a correlation of -0.23, they often move in opposite directions. INDL charges 1.33%/yr vs 0.75%/yr for UUP.
Performance
INDL vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, INDL achieves a -22.25% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, INDL has underperformed UUP with an annualized return of -1.36%, while UUP has yielded a comparatively higher 3.17% annualized return.
INDL
- 1D
- -1.98%
- 1M
- 1.46%
- 6M
- -20.32%
- YTD
- -22.25%
- 1Y
- -27.15%
- 3Y*
- -1.87%
- 5Y*
- -1.43%
- 10Y*
- -1.36%
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%
INDL vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | -22.25% | -3.21% | 7.56% | 26.06% | -22.88% | 40.26% | -36.43% | 3.15% | -34.29% | 127.98% |
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 INDL and UUP is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.26 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | -0.23 |
The correlation between INDL and UUP shifts across timeframes, from -0.33 (5 years) to -0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
INDL vs. UUP — Risk / Return Rank
INDL
UUP
INDL vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.
| INDL | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.25 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.25 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.28 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.50 | 6.26 | -7.76 |
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Drawdowns
INDL vs. UUP - Drawdown Comparison
The maximum INDL drawdown since its inception was -95.67%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for INDL and UUP.
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Drawdown Indicators
| INDL | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.67% | -22.19% | -73.48% |
Max Drawdown (1Y)Largest decline over 1 year | -36.19% | -3.65% | -32.54% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -10.05% | -37.59% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -10.37% | -37.27% |
Max Drawdown (10Y)Largest decline over 10 years | -91.96% | -14.24% | -77.72% |
Current DrawdownCurrent decline from peak | -78.11% | -1.26% | -76.85% |
Average DrawdownAverage peak-to-trough decline | -66.41% | -8.88% | -57.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.17% | 1.33% | +16.84% |
Volatility
INDL vs. UUP - Volatility Comparison
Direxion Daily India Bull 3x Shares (INDL) has a higher volatility of 9.07% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that INDL'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
| INDL | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.07% | 1.45% | +7.62% |
Volatility (6M)Calculated over the trailing 6-month period | 26.34% | 4.34% | +22.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.24% | 6.03% | +24.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.78% | 7.22% | +23.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.40% | 6.90% | +45.50% |
INDL vs. UUP - Expense Ratio Comparison
INDL has a 1.33% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
INDL vs. UUP - Dividend Comparison
INDL's dividend yield for the trailing twelve months is around 1.44%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
INDL Direxion Daily India Bull 3x Shares | 1.44% | 1.42% | 2.79% | 1.65% | 0.09% | 2.35% | 0.00% | 0.68% | 0.18% | 0.31% |
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% |
Frequently Asked Questions
INDL and UUP have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
INDL has higher volatility (9.07%) compared to UUP (1.45%). In terms of maximum drawdown, INDL dropped -95.67% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs -1.36% for INDL. On fees, UUP is cheaper at 0.75% 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 -1.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 1.33% for INDL.
UUP has the higher dividend yield at 3.25%, compared with 1.44% for INDL.
INDL is categorized as Leveraged Equities, while UUP is Currency. INDL tracks Indus India Index (300%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.33% for INDL and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs -0.90), 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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