SEK=X vs. UUP
SEK=X (USD/SEK) is a currency, while UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Over the past 10 years, SEK=X returned 1.09%/yr vs 4.37%/yr for UUP. Their correlation of 0.94 means they have usually moved in the same direction.
Performance
SEK=X vs. UUP - Performance Comparison
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Different Trading Currencies
SEK=X is traded in SEK, while UUP is traded in USD. To make them comparable, the UUP values have been converted to SEK using the latest available exchange rates.
Returns By Period
In the year-to-date period, SEK=X achieves a 2.99% return, which is significantly lower than UUP's 7.34% return. Over the past 10 years, SEK=X has underperformed UUP with an annualized return of 1.09%, while UUP has yielded a comparatively higher 4.37% annualized return.
SEK=X
- 1D
- -0.16%
- 1M
- -1.59%
- 6M
- 6.49%
- YTD
- 2.99%
- 1Y
- -1.41%
- 3Y*
- -3.83%
- 5Y*
- 2.01%
- 10Y*
- 1.09%
- ALL TIME*
- 1.93%
UUP
- 1D
- -0.17%
- 1M
- -2.29%
- 6M
- 11.96%
- YTD
- 7.34%
- 1Y
- 4.18%
- 3Y*
- 0.78%
- 5Y*
- 7.86%
- 10Y*
- 4.37%
- ALL TIME*
- 3.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
SEK=X USD/SEK | SEK 1.02M | SEK 1.16M | SEK 1.23M |
| SEK 530.45M | SEK 565.57M | SEK 561.70M |
SEK=X vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEK=X USD/SEK | 2.99% | -16.67% | 9.76% | -3.15% | 15.14% | 9.98% | -12.27% | 5.56% | 8.40% | -9.92% |
UUP Invesco DB US Dollar Index Bullish Fund | 7.34% | -20.82% | 24.58% | 0.37% | 26.03% | 16.29% | -18.12% | 9.87% | 16.04% | -18.12% |
Correlation
The correlation between SEK=X and UUP is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2007 | 0.94 |
The correlation between SEK=X and UUP has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
SEK=X vs. UUP — Risk / Return Rank
SEK=X
UUP
SEK=X vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USD/SEK (SEK=X) 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.
| SEK=X | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.03 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 0.12 | -0.30 |
| Martin ratioReturn relative to average drawdown | -0.43 | 0.35 | -0.78 |
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Drawdowns
SEK=X vs. UUP - Drawdown Comparison
The maximum SEK=X drawdown since its inception was -35.46%, smaller than the maximum UUP drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for SEK=X and UUP.
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Drawdown Indicators
| SEK=X | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.46% | -49.37% | +13.91% |
Max Drawdown (1Y)Largest decline over 1 year | -9.36% | -11.75% | +2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -22.12% | -28.58% | +6.46% |
Max Drawdown (5Y)Largest decline over 5 years | -22.91% | -28.58% | +5.67% |
Max Drawdown (10Y)Largest decline over 10 years | -22.91% | -32.56% | +9.65% |
Current DrawdownCurrent decline from peak | -16.35% | -17.52% | +1.17% |
Average DrawdownAverage peak-to-trough decline | -14.23% | -20.83% | +6.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 4.71% | -1.24% |
Volatility
SEK=X vs. UUP - Volatility Comparison
The current volatility for USD/SEK (SEK=X) is 2.34%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 3.85%. This indicates that SEK=X experiences smaller price fluctuations and is considered to be less risky 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
| SEK=X | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.34% | 3.85% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 8.50% | 11.22% | -2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.77% | 14.68% | -5.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.82% | 17.77% | -6.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 16.23% | -6.21% |
Frequently Asked Questions
SEK=X and UUP have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (3.85%) compared to SEK=X (2.34%). In terms of maximum drawdown, SEK=X dropped -35.46% vs UUP's -49.37%.
UUP currently has the higher Sharpe Ratio (0.10 vs -0.16), 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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