JPEM vs. UUP
JPEM (J.P. Morgan Diversified Return Emerging Markets Equity ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - JPEM is a Emerging Markets Equities fund tracking the JPMorgan Diversified Factor Emerging Markets Equity 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, JPEM returned 6.93%/yr vs 3.17%/yr for UUP. At a correlation of -0.32, they often move in opposite directions. JPEM charges 0.44%/yr vs 0.75%/yr for UUP.
Performance
JPEM vs. UUP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with JPEM having a 5.31% return and UUP slightly higher at 5.44%. Over the past 10 years, JPEM has outperformed UUP with an annualized return of 6.93%, while UUP has yielded a comparatively lower 3.17% annualized return.
JPEM
- 1D
- -1.15%
- 1M
- -1.73%
- 6M
- 2.13%
- YTD
- 5.31%
- 1Y
- 16.44%
- 3Y*
- 11.85%
- 5Y*
- 6.32%
- 10Y*
- 6.93%
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%
JPEM vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF | 5.31% | 22.90% | 4.23% | 11.01% | -9.03% | 8.11% | -0.46% | 16.21% | -10.55% | 28.80% |
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 JPEM and UUP is -0.53, 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 | -0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2015 | -0.32 |
Over the past year, the inverse relationship between JPEM and UUP has strengthened: their correlation has moved from -0.32 to -0.53, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
JPEM vs. UUP — Risk / Return Rank
JPEM
UUP
JPEM vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) 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.
| JPEM | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 2.28 | -0.68 |
| Martin ratioReturn relative to average drawdown | 5.36 | 6.26 | -0.90 |
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Drawdowns
JPEM vs. UUP - Drawdown Comparison
The maximum JPEM drawdown since its inception was -40.22%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for JPEM and UUP.
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Drawdown Indicators
| JPEM | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.22% | -22.19% | -18.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.32% | -3.65% | -6.67% |
Max Drawdown (3Y)Largest decline over 3 years | -14.30% | -10.05% | -4.25% |
Max Drawdown (5Y)Largest decline over 5 years | -21.57% | -10.37% | -11.20% |
Max Drawdown (10Y)Largest decline over 10 years | -40.22% | -14.24% | -25.98% |
Current DrawdownCurrent decline from peak | -4.78% | -1.26% | -3.52% |
Average DrawdownAverage peak-to-trough decline | -9.42% | -8.88% | -0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.08% | 1.33% | +1.75% |
Volatility
JPEM vs. UUP - Volatility Comparison
J.P. Morgan Diversified Return Emerging Markets Equity ETF (JPEM) has a higher volatility of 4.54% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that JPEM'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
| JPEM | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 1.45% | +3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 12.15% | 4.34% | +7.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 6.03% | +7.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.60% | 7.22% | +6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.91% | 6.90% | +10.01% |
JPEM vs. UUP - Expense Ratio Comparison
JPEM has a 0.44% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
JPEM vs. UUP - Dividend Comparison
JPEM's dividend yield for the trailing twelve months is around 4.41%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF | 4.41% | 4.65% | 5.12% | 4.46% | 4.71% | 4.40% | 2.85% | 3.47% | 2.79% | 2.14% | 1.28% | 3.22% |
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
JPEM and UUP have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPEM has higher volatility (4.54%) compared to UUP (1.45%). In terms of maximum drawdown, JPEM dropped -40.22% vs UUP's -22.19%.
On 10-year performance, JPEM leads with 6.93% vs 3.17% for UUP. On fees, JPEM is cheaper at 0.44% 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, JPEM has performed better with a 6.93% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPEM is cheaper with a 0.44% expense ratio, compared with 0.75% for UUP.
JPEM has the higher dividend yield at 4.41%, compared with 3.25% for UUP.
JPEM is categorized as Emerging Markets Equities, while UUP is Currency. JPEM tracks JPMorgan Diversified Factor Emerging Markets Equity Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.44% for JPEM and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 1.21), 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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