SPIP vs. UUP
SPIP (SPDR Portfolio TIPS ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPIP is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays US Government Inflation-linked Bond 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, SPIP returned 2.38%/yr vs 3.17%/yr for UUP. At a correlation of -0.19, they often move in opposite directions. SPIP charges 0.12%/yr vs 0.75%/yr for UUP.
Performance
SPIP vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, SPIP achieves a 0.77% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, SPIP has underperformed UUP with an annualized return of 2.38%, while UUP has yielded a comparatively higher 3.17% annualized return.
SPIP
- 1D
- -0.16%
- 1M
- -0.48%
- 6M
- 0.52%
- YTD
- 0.77%
- 1Y
- 3.17%
- 3Y*
- 3.58%
- 5Y*
- 0.40%
- 10Y*
- 2.38%
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%
SPIP vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 0.77% | 6.78% | 2.35% | 2.98% | -12.84% | 5.80% | 11.41% | 9.14% | -1.53% | 3.16% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between SPIP and UUP is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.19 |
Over the past year, the inverse relationship between SPIP and UUP has strengthened: their correlation has moved from -0.19 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPIP vs. UUP — Risk / Return Rank
SPIP
UUP
SPIP vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio TIPS ETF (SPIP) 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.
| SPIP | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.25 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 2.28 | -0.72 |
| Martin ratioReturn relative to average drawdown | 4.39 | 6.26 | -1.87 |
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Drawdowns
SPIP vs. UUP - Drawdown Comparison
The maximum SPIP drawdown since its inception was -15.39%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPIP and UUP.
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Drawdown Indicators
| SPIP | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.39% | -22.19% | +6.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.04% | -3.65% | +1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -10.05% | +5.29% |
Max Drawdown (5Y)Largest decline over 5 years | -15.39% | -10.37% | -5.02% |
Max Drawdown (10Y)Largest decline over 10 years | -15.39% | -14.24% | -1.15% |
Current DrawdownCurrent decline from peak | -1.73% | -1.26% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -8.88% | +4.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 1.33% | -0.61% |
Volatility
SPIP vs. UUP - Volatility Comparison
The current volatility for SPDR Portfolio TIPS ETF (SPIP) is 1.23%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that SPIP 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
| SPIP | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.45% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 4.34% | -1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 6.03% | -2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 7.22% | -0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.00% | 6.90% | -0.90% |
SPIP vs. UUP - Expense Ratio Comparison
SPIP has a 0.12% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
SPIP vs. UUP - Dividend Comparison
SPIP's dividend yield for the trailing twelve months is around 5.45%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPIP SPDR Portfolio TIPS ETF | 5.45% | 4.09% | 3.36% | 3.70% | 7.05% | 4.53% | 1.97% | 2.91% | 2.80% | 3.02% | 1.88% | 0.14% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
SPIP and UUP have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to SPIP (1.23%). In terms of maximum drawdown, SPIP dropped -15.39% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs 2.38% for SPIP. On fees, SPIP is cheaper at 0.12% per year. On volatility, SPIP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.17% return vs 2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIP is cheaper with a 0.12% expense ratio, compared with 0.75% for UUP.
SPIP has the higher dividend yield at 5.45%, compared with 3.25% for UUP.
SPIP is categorized as Inflation-Protected Bonds, while UUP is Currency. SPIP tracks Bloomberg Barclays US Government Inflation-linked Bond 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: 0.12% for SPIP and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.88), 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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