PHIYX vs. UUP

Last updated Jun 3, 2026

PHIYX (PIMCO High Yield Fund) and UUP (Invesco DB US Dollar Index Bullish Fund) are both funds - PHIYX is a High Yield Bonds fund managed by PIMCO, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Over the past 10 years, PHIYX returned 5.04%/yr vs 3.16%/yr for UUP. At a correlation of -0.18, they often move in opposite directions. PHIYX charges 0.56%/yr vs 0.75%/yr for UUP.

Performance

PHIYX vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO High Yield Fund (PHIYX) 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, PHIYX achieves a 0.93% return, which is significantly lower than UUP's 2.70% return. Over the past 10 years, PHIYX has outperformed UUP with an annualized return of 5.04%, while UUP has yielded a comparatively lower 3.16% annualized return.

PHIYX

• 1D: -0.12%
• 1M: 0.17%
• YTD: 0.93%
• 6M: 1.74%
• 1Y: 6.92%
• 3Y*: 8.10%
• 5Y*: 3.60%
• 10Y*: 5.04%

UUP

• 1D: 0.00%
• 1M: 1.28%
• YTD: 2.70%
• 6M: 1.84%
• 1Y: 5.31%
• 3Y*: 3.76%
• 5Y*: 5.76%
• 10Y*: 3.16%

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

PHIYX vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHIYX PIMCO High Yield Fund	0.93%	8.60%	6.81%	12.83%	-11.96%	4.07%	5.37%	14.96%	-2.47%	7.03%
UUP Invesco DB US Dollar Index Bullish Fund	2.70%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Correlation

The correlation between PHIYX and UUP is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.29
Correlation (5Y) Calculated over the trailing 5-year period	-0.33
Correlation (10Y) Calculated over the trailing 10-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	-0.18

Over the past year, the inverse relationship between PHIYX and UUP has strengthened: their correlation has moved from -0.18 to -0.41, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

PHIYX vs. UUP — Risk / Return Rank

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

PHIYX

PHIYX Risk / Return Rank: 63
PHIYX Sharpe Ratio Rank: 46
PHIYX Sortino Ratio Rank: 69
PHIYX Omega Ratio Rank: 64
PHIYX Calmar Ratio Rank: 59
PHIYX Martin Ratio Rank: 75

UUP

UUP Risk / Return Rank: 24
UUP Sharpe Ratio Rank: 25
UUP Sortino Ratio Rank: 24
UUP Omega Ratio Rank: 23
UUP Calmar Ratio Rank: 26
UUP Martin Ratio Rank: 25

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.

PHIYX vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO High Yield Fund (PHIYX) 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.

	PHIYX	UUP	Difference
Sharpe ratio Return per unit of total volatility	2.00	0.87	+1.13
Sortino ratio Return per unit of downside risk	3.47	1.26	+2.21
Omega ratio Gain probability vs. loss probability	1.45	1.15	+0.29
Calmar ratio Return relative to maximum drawdown	2.96	1.26	+1.71
Martin ratio Return relative to average drawdown	14.29	3.34	+10.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHIYX vs. UUP - Sharpe Ratio Comparison

The current PHIYX Sharpe Ratio is 2.00, which is higher than the UUP Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of PHIYX 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.

Sharpe Ratios by Period

	PHIYX	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	0.87	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.80	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.46	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	0.20	+1.11

Drawdowns

PHIYX vs. UUP - Drawdown Comparison

The maximum PHIYX drawdown since its inception was -32.73%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for PHIYX and UUP.

Drawdown Indicators

	PHIYX	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-22.19%	-10.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-3.65%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-3.54%	-10.05%	+6.51%
Max Drawdown (5Y) Largest decline over 5 years	-15.74%	-10.37%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-20.30%	-14.24%	-6.06%
Current Drawdown Current decline from peak	-0.12%	-3.83%	+3.71%
Average Drawdown Average peak-to-trough decline	-2.17%	-8.92%	+6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	1.37%	-0.83%

Volatility

PHIYX vs. UUP - Volatility Comparison

PIMCO High Yield Fund (PHIYX) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 1.19% and 1.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHIYX	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.24%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.82%	4.23%	-1.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	6.15%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	7.23%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.63%	6.96%	-1.33%

PHIYX vs. UUP - Expense Ratio Comparison

PHIYX has a 0.56% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

PHIYX vs. UUP - Dividend Comparison

PHIYX's dividend yield for the trailing twelve months is around 6.35%, more than UUP's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHIYX PIMCO High Yield Fund	6.35%	6.19%	6.18%	5.62%	6.01%	4.53%	4.55%	5.04%	5.63%	5.11%	5.37%	8.79%
UUP Invesco DB US Dollar Index Bullish Fund	3.34%	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

Can I hold both PHIYX and UUP in my portfolio?

PHIYX and UUP have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHIYX or UUP?

UUP has higher volatility (1.24%) compared to PHIYX (1.19%). In terms of maximum drawdown, PHIYX dropped -32.73% vs UUP's -22.19%.

Which has better risk-adjusted returns?

PHIYX currently has the higher Sharpe Ratio (2.00 vs 0.87), 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.