RLY vs. UUP
RLY (SPDR SSgA Multi-Asset Real Return ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. RLY is actively managed, while UUP is passively managed. Over the past 10 years, RLY returned 8.43%/yr vs 3.13%/yr for UUP. At a correlation of -0.34, they often move in opposite directions. RLY charges 0.50%/yr vs 0.75%/yr for UUP.
Performance
RLY vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RLY achieves a 15.03% return, which is significantly higher than UUP's 3.40% return. Over the past 10 years, RLY has outperformed UUP with an annualized return of 8.43%, while UUP has yielded a comparatively lower 3.13% annualized return.
RLY
- 1D
- 0.47%
- 1M
- -2.69%
- YTD
- 15.03%
- 6M
- 15.93%
- 1Y
- 26.61%
- 3Y*
- 13.98%
- 5Y*
- 9.93%
- 10Y*
- 8.43%
UUP
- 1D
- 0.00%
- 1M
- 1.19%
- YTD
- 3.40%
- 6M
- 3.41%
- 1Y
- 6.38%
- 3Y*
- 4.21%
- 5Y*
- 5.89%
- 10Y*
- 3.13%
RLY vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 15.03% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.40% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between RLY and UUP is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.36 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012 | -0.34 |
The correlation between RLY and UUP shifts across timeframes, from -0.41 (5 years) to -0.30 (1 year), reflecting how their relationship changes across market environments.
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
RLY vs. UUP — Risk / Return Rank
RLY
UUP
RLY vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) 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.
| RLY | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.20 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 5.95 | 1.83 | +4.12 |
| Martin ratioReturn relative to average drawdown | 22.94 | 4.89 | +18.05 |
Loading charts...
Drawdowns
RLY vs. UUP - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for RLY and UUP.
Loading charts...
Drawdown Indicators
| RLY | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -22.19% | -15.56% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -3.65% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -10.05% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -10.37% | -8.57% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | -14.24% | -19.93% |
Current DrawdownCurrent decline from peak | -3.37% | -3.17% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -9.44% | -8.91% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.36% | -0.16% |
Volatility
RLY vs. UUP - Volatility Comparison
SPDR SSgA Multi-Asset Real Return ETF (RLY) has a higher volatility of 3.25% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.24%. This indicates that RLY'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
| RLY | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 1.24% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 8.47% | 4.23% | +4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.37% | 6.07% | +4.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 7.22% | +6.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.82% | 6.96% | +6.86% |
RLY vs. UUP - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
RLY vs. UUP - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 2.92%, less than UUP's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 2.92% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.32% | 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
RLY and UUP have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RLY has higher volatility (3.25%) compared to UUP (1.24%). In terms of maximum drawdown, RLY dropped -37.75% vs UUP's -22.19%.
On 10-year performance, RLY leads with 8.43% vs 3.13% for UUP. On fees, RLY is cheaper at 0.50% per year. On volatility, UUP has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RLY has performed better with a 8.43% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.32%, compared with 2.92% for RLY.
RLY is categorized as Hedge Fund, while UUP is Currency. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.50% for RLY and 0.75% for UUP.
RLY currently has the higher Sharpe Ratio (2.66 vs 1.11), 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 RLY 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