MFUS vs. UUP
MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - MFUS is a Large Cap Growth Equities fund tracking the RAFI Dynamic Multi-Factor U.S. 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 5 years, MFUS returned 12.99%/yr vs 5.84%/yr for UUP. At a correlation of -0.23, they often move in opposite directions. MFUS charges 0.30%/yr vs 0.75%/yr for UUP.
Performance
MFUS vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, MFUS achieves a 17.18% return, which is significantly higher than UUP's 4.92% return.
MFUS
- 1D
- 0.79%
- 1M
- 2.00%
- 6M
- 14.80%
- YTD
- 17.18%
- 1Y
- 24.29%
- 3Y*
- 21.00%
- 5Y*
- 12.99%
- 10Y*
- —
UUP
- 1D
- 0.00%
- 1M
- 1.25%
- 6M
- 4.00%
- YTD
- 4.92%
- 1Y
- 8.26%
- 3Y*
- 5.01%
- 5Y*
- 5.84%
- 10Y*
- 3.11%
MFUS vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 17.18% | 16.02% | 20.17% | 12.19% | -5.82% | 24.10% | 10.64% | 26.17% | -7.30% | 11.20% |
UUP Invesco DB US Dollar Index Bullish Fund | 4.92% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | 0.43% |
Correlation
The correlation between MFUS 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 (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2017 | -0.23 |
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Return for Risk
MFUS vs. UUP — Risk / Return Rank
MFUS
UUP
MFUS vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) 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.
| MFUS | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.25 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 2.28 | +1.55 |
| Martin ratioReturn relative to average drawdown | 15.30 | 6.25 | +9.05 |
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Drawdowns
MFUS vs. UUP - Drawdown Comparison
The maximum MFUS drawdown since its inception was -35.21%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for MFUS and UUP.
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Drawdown Indicators
| MFUS | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.21% | -22.19% | -13.02% |
Max Drawdown (1Y)Largest decline over 1 year | -6.39% | -3.65% | -2.74% |
Max Drawdown (3Y)Largest decline over 3 years | -15.39% | -10.05% | -5.34% |
Max Drawdown (5Y)Largest decline over 5 years | -18.22% | -10.37% | -7.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -1.66% | -1.75% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -8.88% | +4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 1.32% | +0.27% |
Volatility
MFUS vs. UUP - Volatility Comparison
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) has a higher volatility of 4.10% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.42%. This indicates that MFUS'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
| MFUS | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 1.42% | +2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 9.10% | 4.33% | +4.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.34% | 6.01% | +5.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.08% | 7.22% | +7.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.32% | 6.90% | +10.42% |
MFUS vs. UUP - Expense Ratio Comparison
MFUS has a 0.30% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
MFUS vs. UUP - Dividend Comparison
MFUS's dividend yield for the trailing twelve months is around 1.37%, less than UUP's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 1.37% | 1.54% | 1.45% | 1.96% | 2.07% | 1.35% | 1.72% | 1.89% | 1.69% | 1.01% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.27% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
MFUS 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.
MFUS has higher volatility (4.10%) compared to UUP (1.42%). In terms of maximum drawdown, MFUS dropped -35.21% vs UUP's -22.19%.
On 5-year performance, MFUS leads with 12.99% vs 5.84% for UUP. On fees, MFUS is cheaper at 0.30% per year. On volatility, UUP has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MFUS has performed better with a 12.99% return vs 5.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MFUS is cheaper with a 0.30% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.27%, compared with 1.37% for MFUS.
MFUS is categorized as Large Cap Growth Equities, while UUP is Currency. MFUS tracks RAFI Dynamic Multi-Factor U.S. Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.30% for MFUS and 0.75% for UUP.
MFUS currently has the higher Sharpe Ratio (2.15 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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