SPHQ vs. UUP

Last updated Jun 9, 2026

SPHQ (Invesco S&P 500 Quality ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality 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, SPHQ returned 14.91%/yr vs 3.19%/yr for UUP. At a correlation of -0.19, they often move in opposite directions. SPHQ charges 0.15%/yr vs 0.75%/yr for UUP.

Performance

SPHQ vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 14.28% return, which is significantly higher than UUP's 3.70% return. Over the past 10 years, SPHQ has outperformed UUP with an annualized return of 14.91%, while UUP has yielded a comparatively lower 3.19% annualized return.

SPHQ

• 1D: 0.58%
• 1M: 3.64%
• YTD: 14.28%
• 6M: 15.48%
• 1Y: 21.15%
• 3Y*: 22.07%
• 5Y*: 14.25%
• 10Y*: 14.91%

UUP

• 1D: 0.04%
• 1M: 2.52%
• YTD: 3.70%
• 6M: 3.08%
• 1Y: 5.64%
• 3Y*: 4.21%
• 5Y*: 6.04%
• 10Y*: 3.19%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPHQ vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	14.28%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
UUP Invesco DB US Dollar Index Bullish Fund	3.70%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Correlation

The correlation between SPHQ and UUP is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.23
Correlation (5Y) Calculated over the trailing 5-year period	-0.30
Correlation (10Y) Calculated over the trailing 10-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007	-0.19

The correlation between SPHQ and UUP shifts across timeframes, from -0.33 (1 year) to -0.19 (10 years), reflecting how their relationship changes across market environments.

SPHQ vs. UUP - Sectors Allocation Comparison

Sectors	SPHQ	UUP
Technology	28.1%	-
Industrials	24.3%	-
Consumer Defensive	15.4%	-
Financial Services	13.3%	97.4%
Healthcare	8.4%	-
Consumer Cyclical	4.6%	-
Basic Materials	2.2%	-
Communication Services	2.0%	-
Utilities	1.0%	-
Energy	0.7%	-
Real Estate	-	-

Return for Risk

SPHQ vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHQ

SPHQ Risk / Return Rank: 55
SPHQ Sharpe Ratio Rank: 54
SPHQ Sortino Ratio Rank: 55
SPHQ Omega Ratio Rank: 51
SPHQ Calmar Ratio Rank: 53
SPHQ Martin Ratio Rank: 62

UUP

UUP Risk / Return Rank: 29
UUP Sharpe Ratio Rank: 28
UUP Sortino Ratio Rank: 27
UUP Omega Ratio Rank: 26
UUP Calmar Ratio Rank: 35
UUP Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPHQ vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

	SPHQ	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.66	0.93	+0.73
Sortino ratio: Return per unit of downside risk	2.39	1.34	+1.05
Omega ratio: Gain probability vs. loss probability	1.28	1.16	+0.12
Calmar ratio: Return relative to maximum drawdown	2.39	1.55	+0.84
Martin ratio: Return relative to average drawdown	10.19	4.13	+6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHQ vs. UUP - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.66, which is higher than the UUP Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of SPHQ and UUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPHQ	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	0.93	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.84	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.46	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.20	+0.32

Drawdowns

SPHQ vs. UUP - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPHQ and UUP.

Drawdown Indicators

	SPHQ	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-22.19%	-35.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-3.65%	-5.25%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-10.05%	-6.52%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-10.37%	-14.67%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-14.24%	-17.36%
Current Drawdown Current decline from peak	-1.62%	-2.89%	+1.27%
Average Drawdown Average peak-to-trough decline	-10.70%	-8.91%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.37%	+0.72%

Volatility

SPHQ vs. UUP - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 3.90% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.23%. This indicates that SPHQ'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.

Volatility by Period

	SPHQ	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	1.23%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	4.25%	+6.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	6.09%	+6.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	7.22%	+9.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	6.96%	+10.92%

SPHQ vs. UUP - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

SPHQ vs. UUP - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.05%, less than UUP's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHQ Invesco S&P 500 Quality ETF	1.05%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%
UUP Invesco DB US Dollar Index Bullish Fund	3.31%	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

Can I hold both SPHQ and UUP in my portfolio?

SPHQ and UUP have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or UUP?

SPHQ has higher volatility (3.90%) compared to UUP (1.23%). In terms of maximum drawdown, SPHQ dropped -57.83% vs UUP's -22.19%.

Which ETF is better, SPHQ or UUP?

On 10-year performance, SPHQ leads with 14.91% vs 3.19% for UUP. On fees, SPHQ is cheaper at 0.15% per year. On volatility, UUP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or UUP?

Over the 10-year period, SPHQ has performed better with a 14.91% return vs 3.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or UUP?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, SPHQ or UUP?

UUP has the higher dividend yield at 3.31%, compared with 1.05% for SPHQ.

What is the main difference between SPHQ and UUP?

SPHQ is categorized as S&P 500, while UUP is Currency. SPHQ tracks S&P 500 Quality Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.15% for SPHQ and 0.75% for UUP.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.66 vs 0.93), 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.