ISMF vs. UUP
ISMF (iShares Managed Futures Active ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - ISMF is a Systematic Trend fund actively managed by iShares, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. ISMF is actively managed, while UUP is passively managed. Over the past year, ISMF returned 20.58% vs 8.28% for UUP. At a correlation of -0.15, they often move in opposite directions. ISMF charges 0.80%/yr vs 0.75%/yr for UUP.
Performance
ISMF vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, ISMF achieves a 6.60% return, which is significantly higher than UUP's 5.44% return.
ISMF
- 1D
- -0.19%
- 1M
- -0.30%
- 6M
- 2.17%
- YTD
- 6.60%
- 1Y
- 20.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
ISMF vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ISMF iShares Managed Futures Active ETF | 6.60% | 11.53% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -1.30% |
Correlation
The correlation between ISMF and UUP is -0.18, 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 | -0.18 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025 | -0.15 |
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Return for Risk
ISMF vs. UUP — Risk / Return Rank
ISMF
UUP
ISMF vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Managed Futures Active ETF (ISMF) 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.
| ISMF | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.25 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 5.25 | 2.28 | +2.97 |
| Martin ratioReturn relative to average drawdown | 16.54 | 6.26 | +10.28 |
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Drawdowns
ISMF vs. UUP - Drawdown Comparison
The maximum ISMF drawdown since its inception was -4.23%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for ISMF and UUP.
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Drawdown Indicators
| ISMF | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.23% | -22.19% | +17.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.94% | -3.65% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | — | -10.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.37% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -1.63% | -1.26% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -1.30% | -8.88% | +7.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.25% | 1.33% | -0.08% |
Volatility
ISMF vs. UUP - Volatility Comparison
iShares Managed Futures Active ETF (ISMF) has a higher volatility of 1.60% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that ISMF'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
| ISMF | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.60% | 1.45% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 4.34% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.99% | 6.03% | +1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.67% | 7.22% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.67% | 6.90% | +0.77% |
ISMF vs. UUP - Expense Ratio Comparison
ISMF has a 0.80% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
ISMF vs. UUP - Dividend Comparison
ISMF's dividend yield for the trailing twelve months is around 5.85%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ISMF iShares Managed Futures Active ETF | 5.85% | 6.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
ISMF and UUP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISMF has higher volatility (1.60%) compared to UUP (1.45%). In terms of maximum drawdown, ISMF dropped -4.23% vs UUP's -22.19%.
On 1-year performance, ISMF leads with 20.58% vs 8.28% for UUP. 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 1-year period, ISMF has performed better with a 20.58% return vs 8.28%. 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 0.80% for ISMF.
ISMF has the higher dividend yield at 5.85%, compared with 3.25% for UUP.
ISMF is categorized as Systematic Trend, while UUP is Currency. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.80% for ISMF and 0.75% for UUP.
ISMF currently has the higher Sharpe Ratio (2.59 vs 1.38), 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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