JULM vs. UUP

Last updated Jul 2, 2026

JULM (FT Vest U.S. Equity Max Buffer ETF - July) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - JULM is a Defined Outcome fund actively managed by First Trust, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. JULM is actively managed, while UUP is passively managed. Over the past year, JULM returned 6.34% vs 9.65% for UUP. At a correlation of -0.17, they often move in opposite directions. JULM charges 0.85%/yr vs 0.75%/yr for UUP.

Performance

JULM vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - July (JULM) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JULM achieves a 3.02% return, which is significantly lower than UUP's 5.40% return.

JULM

• 1D: 0.03%
• 1M: 0.35%
• YTD: 3.02%
• 6M: 3.02%
• 1Y: 6.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UUP

• 1D: 0.28%
• 1M: 2.63%
• YTD: 5.40%
• 6M: 5.40%
• 1Y: 9.65%
• 3Y*: 4.90%
• 5Y*: 5.91%
• 10Y*: 3.25%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JULM vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JULM FT Vest U.S. Equity Max Buffer ETF - July	3.02%	6.91%	3.53%
UUP Invesco DB US Dollar Index Bullish Fund	5.40%	-4.99%	6.62%

Correlation

The correlation between JULM and UUP is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	-0.17

The correlation between JULM and UUP shifts across timeframes, from -0.33 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JULM vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JULM

JULM Risk / Return Rank: 93
JULM Sharpe Ratio Rank: 95
JULM Sortino Ratio Rank: 96
JULM Omega Ratio Rank: 96
JULM Calmar Ratio Rank: 86
JULM Martin Ratio Rank: 95

UUP

UUP Risk / Return Rank: 56
UUP Sharpe Ratio Rank: 55
UUP Sortino Ratio Rank: 56
UUP Omega Ratio Rank: 54
UUP Calmar Ratio Rank: 63
UUP Martin Ratio Rank: 50

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.

JULM vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - July (JULM) 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.

	JULM	UUP	Difference
Sharpe ratio: Return per unit of total volatility	3.07	1.61	+1.46
Sortino ratio: Return per unit of downside risk	4.89	2.32	+2.57
Omega ratio: Gain probability vs. loss probability	1.70	1.29	+0.41
Calmar ratio: Return relative to maximum drawdown	4.06	2.66	+1.40
Martin ratio: Return relative to average drawdown	23.71	7.32	+16.39

JULM vs. UUP - Sharpe Ratio Comparison

The current JULM Sharpe Ratio is 3.07, which is higher than the UUP Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of JULM 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.

Drawdowns

JULM vs. UUP - Drawdown Comparison

The maximum JULM drawdown since its inception was -4.42%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for JULM and UUP.

Drawdown Indicators

	JULM	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-4.42%	-22.19%	+17.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.57%	-3.65%	+2.08%
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 Drawdown Current decline from peak	0.00%	-1.30%	+1.30%
Average Drawdown Average peak-to-trough decline	-0.32%	-8.89%	+8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	1.32%	-1.05%

Volatility

JULM vs. UUP - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - July (JULM) is 0.32%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.39%. This indicates that JULM experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULM	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	1.39%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	4.31%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	2.07%	6.01%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.69%	7.22%	-3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.69%	6.90%	-3.21%

JULM vs. UUP - Expense Ratio Comparison

JULM has a 0.85% expense ratio, which is higher than UUP's 0.75% expense ratio.

Dividends

JULM vs. UUP - Dividend Comparison

JULM has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JULM FT Vest U.S. Equity Max Buffer ETF - July	0.00%	0.00%	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

Can I hold both JULM and UUP in my portfolio?

JULM and UUP have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULM or UUP?

UUP has higher volatility (1.39%) compared to JULM (0.32%). In terms of maximum drawdown, JULM dropped -4.42% vs UUP's -22.19%.

Which ETF is better, JULM or UUP?

On 1-year performance, UUP leads with 9.65% vs 6.34% for JULM. On fees, UUP is cheaper at 0.75% per year. On volatility, JULM has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULM or UUP?

Over the 1-year period, UUP has performed better with a 9.65% return vs 6.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULM or UUP?

UUP is cheaper with a 0.75% expense ratio, compared with 0.85% for JULM.

Which ETF pays a higher dividend yield, JULM or UUP?

UUP has the higher dividend yield at 3.25%, compared with 0.00% for JULM.

What is the main difference between JULM and UUP?

JULM is categorized as Defined Outcome, while UUP is Currency. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.85% for JULM and 0.75% for UUP.

Which has better risk-adjusted returns?

JULM currently has the higher Sharpe Ratio (3.07 vs 1.61), 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.