RYLD vs. UUP
RYLD (Global X Russell 2000 Covered Call ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - RYLD is a Derivative Income fund tracking the CBOE Russell 2000 BuyWrite 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 5 years, RYLD returned 3.12%/yr vs 5.89%/yr for UUP. At a correlation of -0.23, they often move in opposite directions. RYLD charges 0.60%/yr vs 0.75%/yr for UUP.
Performance
RYLD vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, RYLD achieves a 11.10% return, which is significantly higher than UUP's 5.44% return.
RYLD
- 1D
- -0.37%
- 1M
- 2.04%
- 6M
- 8.20%
- YTD
- 11.10%
- 1Y
- 20.13%
- 3Y*
- 7.88%
- 5Y*
- 3.12%
- 10Y*
- —
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%
RYLD vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RYLD Global X Russell 2000 Covered Call ETF | 11.10% | 5.65% | 10.13% | 0.27% | -13.03% | 22.13% | -0.44% | 8.86% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 1.38% |
Correlation
The correlation between RYLD and UUP is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 22, 2019 | -0.23 |
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Return for Risk
RYLD vs. UUP — Risk / Return Rank
RYLD
UUP
RYLD vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Russell 2000 Covered Call ETF (RYLD) 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.
| RYLD | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.25 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 2.28 | +0.94 |
| Martin ratioReturn relative to average drawdown | 12.98 | 6.26 | +6.72 |
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Drawdowns
RYLD vs. UUP - Drawdown Comparison
The maximum RYLD drawdown since its inception was -41.53%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for RYLD and UUP.
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Drawdown Indicators
| RYLD | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.53% | -22.19% | -19.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.29% | -3.65% | -2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -19.05% | -10.05% | -9.00% |
Max Drawdown (5Y)Largest decline over 5 years | -21.33% | -10.37% | -10.96% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -0.37% | -1.26% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -8.72% | -8.88% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 1.33% | +0.23% |
Volatility
RYLD vs. UUP - Volatility Comparison
Global X Russell 2000 Covered Call ETF (RYLD) has a higher volatility of 1.76% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that RYLD'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
| RYLD | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.45% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 7.69% | 4.34% | +3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.68% | 6.03% | +4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.03% | 7.22% | +6.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.09% | 6.90% | +10.19% |
RYLD vs. UUP - Expense Ratio Comparison
RYLD has a 0.60% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
RYLD vs. UUP - Dividend Comparison
RYLD's dividend yield for the trailing twelve months is around 11.56%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
RYLD Global X Russell 2000 Covered Call ETF | 11.56% | 12.00% | 12.03% | 12.64% | 13.49% | 12.35% | 10.76% | 6.43% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
RYLD and UUP have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYLD has higher volatility (1.76%) compared to UUP (1.45%). In terms of maximum drawdown, RYLD dropped -41.53% vs UUP's -22.19%.
On 5-year performance, UUP leads with 5.89% vs 3.12% for RYLD. On fees, RYLD is cheaper at 0.60% 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 5-year period, UUP has performed better with a 5.89% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RYLD is cheaper with a 0.60% expense ratio, compared with 0.75% for UUP.
RYLD has the higher dividend yield at 11.56%, compared with 3.25% for UUP.
RYLD is categorized as Derivative Income, while UUP is Currency. RYLD tracks CBOE Russell 2000 BuyWrite Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.60% for RYLD and 0.75% for UUP.
RYLD currently has the higher Sharpe Ratio (1.90 vs 1.38), 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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