RFG vs. UUP
RFG (Invesco S&P MidCap 400® Pure Growth ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - RFG is a Small Cap Growth Equities fund tracking the S&P Mid Cap 400 Pure Growth, 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, RFG returned 9.73%/yr vs 3.17%/yr for UUP. At a correlation of -0.18, they often move in opposite directions. RFG charges 0.35%/yr vs 0.75%/yr for UUP.
Performance
RFG vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, RFG achieves a 15.53% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, RFG has outperformed UUP with an annualized return of 9.73%, while UUP has yielded a comparatively lower 3.17% annualized return.
RFG
- 1D
- -1.46%
- 1M
- -4.63%
- 6M
- 8.87%
- YTD
- 15.53%
- 1Y
- 22.62%
- 3Y*
- 15.72%
- 5Y*
- 7.22%
- 10Y*
- 9.73%
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%
RFG vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RFG Invesco S&P MidCap 400® Pure Growth ETF | 15.53% | 8.80% | 17.80% | 16.42% | -21.70% | 13.81% | 32.86% | 17.09% | -13.98% | 20.46% |
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 RFG and UUP is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.18 |
The correlation between RFG and UUP shifts across timeframes, from -0.29 (5 years) to -0.18 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
RFG vs. UUP — Risk / Return Rank
RFG
UUP
RFG vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Growth ETF (RFG) 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.
| RFG | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.28 | -0.10 |
| Martin ratioReturn relative to average drawdown | 8.41 | 6.26 | +2.15 |
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Drawdowns
RFG vs. UUP - Drawdown Comparison
The maximum RFG drawdown since its inception was -51.93%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for RFG and UUP.
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Drawdown Indicators
| RFG | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.93% | -22.19% | -29.74% |
Max Drawdown (1Y)Largest decline over 1 year | -10.41% | -3.65% | -6.76% |
Max Drawdown (3Y)Largest decline over 3 years | -26.71% | -10.05% | -16.66% |
Max Drawdown (5Y)Largest decline over 5 years | -35.16% | -10.37% | -24.79% |
Max Drawdown (10Y)Largest decline over 10 years | -42.92% | -14.24% | -28.68% |
Current DrawdownCurrent decline from peak | -6.23% | -1.26% | -4.97% |
Average DrawdownAverage peak-to-trough decline | -8.93% | -8.88% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 1.33% | +1.36% |
Volatility
RFG vs. UUP - Volatility Comparison
Invesco S&P MidCap 400® Pure Growth ETF (RFG) has a higher volatility of 6.44% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that RFG'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
| RFG | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.44% | 1.45% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 15.84% | 4.34% | +11.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.62% | 6.03% | +13.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.97% | 7.22% | +15.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.06% | 6.90% | +16.16% |
RFG vs. UUP - Expense Ratio Comparison
RFG has a 0.35% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
RFG vs. UUP - Dividend Comparison
RFG's dividend yield for the trailing twelve months is around 0.15%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.15% | 0.43% | 0.38% | 0.99% | 0.78% | 0.05% | 0.27% | 0.64% | 0.76% | 0.66% | 0.35% | 0.61% |
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
RFG and UUP have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RFG has higher volatility (6.44%) compared to UUP (1.45%). In terms of maximum drawdown, RFG dropped -51.93% vs UUP's -22.19%.
On 10-year performance, RFG leads with 9.73% vs 3.17% for UUP. On fees, RFG is cheaper at 0.35% 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, RFG has performed better with a 9.73% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RFG is cheaper with a 0.35% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 0.15% for RFG.
RFG is categorized as Small Cap Growth Equities, while UUP is Currency. RFG tracks S&P Mid Cap 400 Pure Growth, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.35% for RFG and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 1.16), 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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