SPGM vs. UUP
SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPGM is a Global Equities fund tracking the MSCI ACWI IMI 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, SPGM returned 12.68%/yr vs 3.13%/yr for UUP. At a correlation of -0.24, they often move in opposite directions. SPGM charges 0.09%/yr vs 0.75%/yr for UUP.
Performance
SPGM vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, SPGM achieves a 12.31% return, which is significantly higher than UUP's 5.03% return. Over the past 10 years, SPGM has outperformed UUP with an annualized return of 12.68%, while UUP has yielded a comparatively lower 3.13% annualized return.
SPGM
- 1D
- 0.49%
- 1M
- 0.47%
- 6M
- 9.50%
- YTD
- 12.31%
- 1Y
- 25.35%
- 3Y*
- 19.37%
- 5Y*
- 11.31%
- 10Y*
- 12.68%
UUP
- 1D
- -0.39%
- 1M
- 1.57%
- 6M
- 3.80%
- YTD
- 5.03%
- 1Y
- 7.58%
- 3Y*
- 5.73%
- 5Y*
- 5.75%
- 10Y*
- 3.13%
SPGM vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 12.31% | 23.62% | 16.75% | 21.34% | -17.53% | 21.13% | 15.28% | 26.58% | -10.12% | 23.26% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between SPGM and UUP is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2012 | -0.24 |
Over the past year, the inverse relationship between SPGM and UUP has strengthened: their correlation has moved from -0.24 to -0.44, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPGM vs. UUP — Risk / Return Rank
SPGM
UUP
SPGM vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) 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.
| SPGM | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.23 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 2.09 | +0.59 |
| Martin ratioReturn relative to average drawdown | 11.56 | 5.73 | +5.82 |
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Drawdowns
SPGM vs. UUP - Drawdown Comparison
The maximum SPGM drawdown since its inception was -33.97%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPGM and UUP.
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Drawdown Indicators
| SPGM | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.97% | -22.19% | -11.78% |
Max Drawdown (1Y)Largest decline over 1 year | -9.50% | -3.65% | -5.85% |
Max Drawdown (3Y)Largest decline over 3 years | -16.90% | -10.05% | -6.85% |
Max Drawdown (5Y)Largest decline over 5 years | -25.93% | -10.37% | -15.56% |
Max Drawdown (10Y)Largest decline over 10 years | -33.97% | -14.24% | -19.73% |
Current DrawdownCurrent decline from peak | -1.36% | -1.64% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -4.78% | -8.88% | +4.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 1.33% | +0.87% |
Volatility
SPGM vs. UUP - Volatility Comparison
SPDR Portfolio MSCI Global Stock Market ETF (SPGM) has a higher volatility of 4.01% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.46%. This indicates that SPGM'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
| SPGM | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.01% | 1.46% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.58% | 4.36% | +7.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.78% | 6.03% | +7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 7.21% | +8.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.43% | 6.90% | +10.53% |
SPGM vs. UUP - Expense Ratio Comparison
SPGM has a 0.09% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
SPGM vs. UUP - Dividend Comparison
SPGM's dividend yield for the trailing twelve months is around 1.80%, less than UUP's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPGM SPDR Portfolio MSCI Global Stock Market ETF | 1.80% | 1.89% | 1.98% | 2.09% | 2.37% | 1.94% | 1.45% | 2.46% | 1.89% | 2.29% | 1.87% | 3.70% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.26% | 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
SPGM and UUP have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPGM has higher volatility (4.01%) compared to UUP (1.46%). In terms of maximum drawdown, SPGM dropped -33.97% vs UUP's -22.19%.
On 10-year performance, SPGM leads with 12.68% vs 3.13% for UUP. On fees, SPGM is cheaper at 0.09% per year. On volatility, UUP has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPGM has performed better with a 12.68% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPGM is cheaper with a 0.09% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.26%, compared with 1.80% for SPGM.
SPGM is categorized as Global Equities, while UUP is Currency. SPGM tracks MSCI ACWI IMI Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.09% for SPGM and 0.75% for UUP.
SPGM currently has the higher Sharpe Ratio (1.85 vs 1.26), 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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