PIO vs. UUP
PIO (Invesco Global Water ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - PIO is a Water Equities fund tracking the NASDAQ OMX Global Water 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, PIO returned 8.77%/yr vs 3.17%/yr for UUP. At a correlation of -0.34, they often move in opposite directions. Both charge a 0.75% expense ratio.
Performance
PIO vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PIO achieves a 3.06% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, PIO has outperformed UUP with an annualized return of 8.77%, while UUP has yielded a comparatively lower 3.17% annualized return.
PIO
- 1D
- -0.77%
- 1M
- 3.80%
- 6M
- -0.87%
- YTD
- 3.06%
- 1Y
- 1.99%
- 3Y*
- 8.74%
- 5Y*
- 3.17%
- 10Y*
- 8.77%
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%
PIO vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIO Invesco Global Water ETF | 3.06% | 14.25% | -0.44% | 22.19% | -24.06% | 25.97% | 14.22% | 35.59% | -9.71% | 26.52% |
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 PIO and UUP is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2007 | -0.34 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PIO vs. UUP — Risk / Return Rank
PIO
UUP
PIO vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) 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.
| PIO | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.25 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 2.28 | -2.13 |
| Martin ratioReturn relative to average drawdown | 0.38 | 6.26 | -5.88 |
Loading charts...
Drawdowns
PIO vs. UUP - Drawdown Comparison
The maximum PIO drawdown since its inception was -64.88%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for PIO and UUP.
Loading charts...
Drawdown Indicators
| PIO | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.88% | -22.19% | -42.69% |
Max Drawdown (1Y)Largest decline over 1 year | -13.14% | -3.65% | -9.49% |
Max Drawdown (3Y)Largest decline over 3 years | -17.08% | -10.05% | -7.03% |
Max Drawdown (5Y)Largest decline over 5 years | -34.27% | -10.37% | -23.90% |
Max Drawdown (10Y)Largest decline over 10 years | -35.76% | -14.24% | -21.52% |
Current DrawdownCurrent decline from peak | -6.42% | -1.26% | -5.16% |
Average DrawdownAverage peak-to-trough decline | -15.38% | -8.88% | -6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.25% | 1.33% | +3.92% |
Volatility
PIO vs. UUP - Volatility Comparison
Invesco Global Water ETF (PIO) has a higher volatility of 4.70% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that PIO'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.
Loading charts...
Volatility by Period
| PIO | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 1.45% | +3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | 4.34% | +8.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.23% | 6.03% | +9.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.73% | 7.22% | +10.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.14% | 6.90% | +11.24% |
PIO vs. UUP - Expense Ratio Comparison
Both PIO and UUP have an expense ratio of 0.75%.
Dividends
PIO vs. UUP - Dividend Comparison
PIO's dividend yield for the trailing twelve months is around 0.89%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIO Invesco Global Water ETF | 0.89% | 1.04% | 0.78% | 0.84% | 1.02% | 1.19% | 0.88% | 1.20% | 2.00% | 1.00% | 1.45% | 1.63% |
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
PIO and UUP have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIO has higher volatility (4.70%) compared to UUP (1.45%). In terms of maximum drawdown, PIO dropped -64.88% vs UUP's -22.19%.
On 10-year performance, PIO leads with 8.77% vs 3.17% for UUP. Both ETFs have the same 0.75% expense ratio. 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, PIO has performed better with a 8.77% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PIO and UUP have the same expense ratio: 0.75% per year.
UUP has the higher dividend yield at 3.25%, compared with 0.89% for PIO.
PIO is categorized as Water Equities, while UUP is Currency. PIO tracks NASDAQ OMX Global Water Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.13), 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.
Find the right allocation for PIO and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer