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QQQ vs. UUP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQ vs. UUP

Last updated Jun 7, 2026

QQQ (Invesco QQQ ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 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, QQQ returned 21.27%/yr vs 3.28%/yr for UUP. At a correlation of -0.17, they often move in opposite directions. QQQ charges 0.18%/yr vs 0.75%/yr for UUP.

Performance

QQQ vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QQQ achieves a 14.92% return, which is significantly higher than UUP's 3.66% return. Over the past 10 years, QQQ has outperformed UUP with an annualized return of 21.27%, while UUP has yielded a comparatively lower 3.28% annualized return.

QQQ

1D
-4.80%
1M
-0.87%
YTD
14.92%
6M
13.01%
1Y
33.69%
3Y*
26.46%
5Y*
16.70%
10Y*
21.27%

UUP

1D
0.65%
1M
2.49%
YTD
3.66%
6M
3.19%
1Y
5.60%
3Y*
4.04%
5Y*
6.04%
10Y*
3.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQ vs. UUP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQ
Invesco QQQ ETF		14.92%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%
UUP
Invesco DB US Dollar Index Bullish Fund		3.66%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%

Correlation

The correlation between QQQ and UUP is -0.26, 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

-0.26

Correlation (3Y)
Calculated over the trailing 3-year period

-0.20

Correlation (5Y)
Calculated over the trailing 5-year period

-0.25

Correlation (10Y)
Calculated over the trailing 10-year period

-0.17

Correlation (All Time)
Calculated using the full available price history since Mar 2, 2007

-0.17

QQQ vs. UUP - Sectors Allocation Comparison

Sectors
QQQ
UUP

Technology

53.8%

-

Communication Services

15.8%

-

Consumer Cyclical

12.3%

-

Consumer Defensive

7.7%

-

Healthcare

4.2%

-

Industrials

2.8%

-

Utilities

1.4%

-

Basic Materials

1.1%

-

Energy

0.6%

-

Financial Services

0.2%
97.4%

Real Estate

0.1%

-

Technology

QQQ
53.8%
UUP

-

Communication Services

QQQ
15.8%
UUP

-

Consumer Cyclical

QQQ
12.3%
UUP

-

Consumer Defensive

QQQ
7.7%
UUP

-

Healthcare

QQQ
4.2%
UUP

-

Industrials

QQQ
2.8%
UUP

-

Utilities

QQQ
1.4%
UUP

-

Basic Materials

QQQ
1.1%
UUP

-

Energy

QQQ
0.6%
UUP

-

Financial Services

QQQ
0.2%
UUP
97.4%

Real Estate

QQQ
0.1%
UUP

-

Compare stocks, funds, or ETFs

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Invesco QQQ ETF

Invesco DB US Dollar Index Bullish Fund

Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. QQQI
Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F

Return for Risk

QQQ vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQ
QQQ Risk / Return Rank: 6262
Overall Rank
QQQ Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 5858
Sortino Ratio Rank
QQQ Omega Ratio Rank: 6262
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6060
Calmar Ratio Rank
QQQ Martin Ratio Rank: 6363
Martin Ratio Rank
UUP
UUP Risk / Return Rank: 3030
Overall Rank
UUP Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 2828
Sortino Ratio Rank
UUP Omega Ratio Rank: 2727
Omega Ratio Rank
UUP Calmar Ratio Rank: 3636
Calmar Ratio Rank
UUP Martin Ratio Rank: 3131
Martin Ratio Rank
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.

QQQ vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

QQQUUPDifference
Sharpe ratioReturn per unit of total volatility
2.11
1.01

+1.10

Sortino ratioReturn per unit of downside risk
2.72
1.46

+1.27

Omega ratioGain probability vs. loss probability

1.37

1.18

+0.19

Calmar ratioReturn relative to maximum drawdown

2.94

1.69

+1.25

Martin ratioReturn relative to average drawdown

11.22

4.49

+6.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQ vs. UUP - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.11, which is higher than the UUP Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of QQQ 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.

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Sharpe Ratios by Period

QQQUUPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.11

1.01

+1.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.75

0.84

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.95

0.47

+0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.20

+0.20

Drawdowns

QQQ vs. UUP - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for QQQ and UUP.

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Drawdown Indicators

QQQUUPDifference

Max Drawdown

Largest peak-to-trough decline

-82.97%

-22.19%

-60.78%

Max Drawdown (1Y)

Largest decline over 1 year

-11.96%

-3.65%

-8.31%

Max Drawdown (3Y)

Largest decline over 3 years

-22.77%

-10.05%

-12.72%

Max Drawdown (5Y)

Largest decline over 5 years

-35.12%

-10.37%

-24.75%

Max Drawdown (10Y)

Largest decline over 10 years

-35.12%

-14.24%

-20.88%

Current Drawdown

Current decline from peak

-5.51%

-2.93%

-2.58%

Average Drawdown

Average peak-to-trough decline

-32.78%

-8.91%

-23.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.13%

1.37%

+1.76%

Volatility

QQQ vs. UUP - Volatility Comparison

Invesco QQQ ETF (QQQ) has a higher volatility of 6.68% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.23%. This indicates that QQQ'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

QQQUUPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.68%

1.23%

+5.45%

Volatility (6M)

Calculated over the trailing 6-month period

13.12%

4.26%

+8.86%

Volatility (1Y)

Calculated over the trailing 1-year period

16.69%

6.10%

+10.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.47%

7.22%

+15.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.34%

6.96%

+15.38%

QQQ vs. UUP - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

QQQ vs. UUP - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.40%, less than UUP's 3.31% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.40%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
UUP
Invesco DB US Dollar Index Bullish Fund		3.31%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

QQQ and UUP have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (6.68%) compared to UUP (1.23%). In terms of maximum drawdown, QQQ dropped -82.97% vs UUP's -22.19%.

On 10-year performance, QQQ leads with 21.27% vs 3.28% for UUP. On fees, QQQ is cheaper at 0.18% per year. On volatility, UUP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 21.27% return vs 3.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.75% for UUP.

UUP has the higher dividend yield at 3.31%, compared with 0.40% for QQQ.

QQQ is categorized as Nasdaq-100, while UUP is Currency. QQQ tracks NASDAQ-100 Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.18% for QQQ and 0.75% for UUP.

QQQ currently has the higher Sharpe Ratio (2.11 vs 1.01), 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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