MUNI vs. UUP
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. MUNI is actively managed, while UUP is passively managed. Over the past 10 years, MUNI returned 2.08%/yr vs 3.17%/yr for UUP. At a correlation of -0.14, they often move in opposite directions. MUNI charges 0.35%/yr vs 0.75%/yr for UUP.
Performance
MUNI vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.36% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, MUNI has underperformed UUP with an annualized return of 2.08%, while UUP has yielded a comparatively higher 3.17% annualized return.
MUNI
- 1D
- -0.08%
- 1M
- 0.11%
- 6M
- 0.86%
- YTD
- 1.36%
- 1Y
- 5.58%
- 3Y*
- 3.72%
- 5Y*
- 1.18%
- 10Y*
- 2.08%
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%
MUNI vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.36% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
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 MUNI and UUP is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2009 | -0.14 |
The correlation between MUNI and UUP shifts across timeframes, from -0.34 (1 year) to -0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MUNI vs. UUP — Risk / Return Rank
MUNI
UUP
MUNI vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
| MUNI | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.25 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.28 | +0.17 |
| Martin ratioReturn relative to average drawdown | 7.84 | 6.26 | +1.58 |
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Drawdowns
MUNI vs. UUP - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for MUNI and UUP.
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Drawdown Indicators
| MUNI | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -22.19% | +11.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -3.65% | +1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -10.05% | +5.96% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -10.37% | -0.78% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -14.24% | +3.09% |
Current DrawdownCurrent decline from peak | -0.67% | -1.26% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -8.88% | +7.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.33% | -0.62% |
Volatility
MUNI vs. UUP - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.50%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that MUNI 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.
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Volatility by Period
| MUNI | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 1.45% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 4.34% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 6.03% | -3.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 7.22% | -3.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 6.90% | -3.05% |
MUNI vs. UUP - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
MUNI vs. UUP - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.31%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.31% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
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
MUNI and UUP have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to MUNI (0.50%). In terms of maximum drawdown, MUNI dropped -11.15% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs 2.08% for MUNI. On fees, MUNI is cheaper at 0.35% per year. On volatility, MUNI has been the lower-risk option at 0.50%. 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 2.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNI is cheaper with a 0.35% expense ratio, compared with 0.75% for UUP.
MUNI has the higher dividend yield at 3.31%, compared with 3.25% for UUP.
MUNI is categorized as Municipal Bonds, while UUP is Currency. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.35% for MUNI and 0.75% for UUP.
MUNI currently has the higher Sharpe Ratio (2.51 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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