PIZ vs. UUP
PIZ (Invesco DWA Developed Markets Momentum ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders 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, PIZ returned 10.33%/yr vs 3.17%/yr for UUP. At a correlation of -0.42, they often move in opposite directions. PIZ charges 0.80%/yr vs 0.75%/yr for UUP.
Performance
PIZ vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, PIZ achieves a 8.50% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, PIZ has outperformed UUP with an annualized return of 10.33%, while UUP has yielded a comparatively lower 3.17% annualized return.
PIZ
- 1D
- -2.68%
- 1M
- -4.54%
- 6M
- 4.23%
- YTD
- 8.50%
- 1Y
- 17.21%
- 3Y*
- 20.80%
- 5Y*
- 8.31%
- 10Y*
- 10.33%
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%
PIZ vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 8.50% | 37.22% | 16.30% | 17.96% | -30.48% | 20.53% | 17.96% | 27.51% | -16.15% | 30.96% |
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 PIZ and UUP is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2008 | -0.42 |
The correlation between PIZ and UUP has been stable across timeframes, ranging from -0.52 to -0.42 - a consistent structural relationship.
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Return for Risk
PIZ vs. UUP — Risk / Return Rank
PIZ
UUP
PIZ vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) 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.
| PIZ | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.25 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.20 | 2.28 | -1.07 |
| Martin ratioReturn relative to average drawdown | 4.06 | 6.26 | -2.20 |
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Drawdowns
PIZ vs. UUP - Drawdown Comparison
The maximum PIZ drawdown since its inception was -60.61%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for PIZ and UUP.
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Drawdown Indicators
| PIZ | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -22.19% | -38.42% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -3.65% | -10.70% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -10.05% | -4.62% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -10.37% | -30.56% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -14.24% | -26.69% |
Current DrawdownCurrent decline from peak | -10.64% | -1.26% | -9.38% |
Average DrawdownAverage peak-to-trough decline | -14.87% | -8.88% | -5.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 1.33% | +2.92% |
Volatility
PIZ vs. UUP - Volatility Comparison
Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 9.46% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that PIZ'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
| PIZ | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.46% | 1.45% | +8.01% |
Volatility (6M)Calculated over the trailing 6-month period | 20.88% | 4.34% | +16.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.98% | 6.03% | +16.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.47% | 7.22% | +13.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.61% | 6.90% | +12.71% |
PIZ vs. UUP - Expense Ratio Comparison
PIZ has a 0.80% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
PIZ vs. UUP - Dividend Comparison
PIZ's dividend yield for the trailing twelve months is around 1.58%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 1.58% | 1.55% | 1.68% | 1.86% | 2.04% | 1.01% | 0.37% | 1.58% | 1.06% | 1.30% | 2.21% | 1.09% |
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
PIZ and UUP have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIZ has higher volatility (9.46%) compared to UUP (1.45%). In terms of maximum drawdown, PIZ dropped -60.61% vs UUP's -22.19%.
On 10-year performance, PIZ leads with 10.33% vs 3.17% for UUP. On fees, UUP is cheaper at 0.75% per year. 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, PIZ has performed better with a 10.33% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.80% for PIZ.
UUP has the higher dividend yield at 3.25%, compared with 1.58% for PIZ.
PIZ is categorized as Momentum, while UUP is Currency. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.80% for PIZ and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.75), 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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