SPLB vs. UUP
SPLB (SPDR Portfolio Long Term Corporate Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPLB is a Corporate Bonds fund tracking the Bloomberg Barclays Long U.S. Corporate 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, SPLB returned 1.61%/yr vs 3.17%/yr for UUP. At a correlation of -0.15, they often move in opposite directions. SPLB charges 0.07%/yr vs 0.75%/yr for UUP.
Performance
SPLB vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPLB achieves a -1.08% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, SPLB has underperformed UUP with an annualized return of 1.61%, while UUP has yielded a comparatively higher 3.17% annualized return.
SPLB
- 1D
- -0.69%
- 1M
- -2.46%
- 6M
- -1.60%
- YTD
- -1.08%
- 1Y
- 3.73%
- 3Y*
- 3.34%
- 5Y*
- -3.03%
- 10Y*
- 1.61%
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%
SPLB vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLB SPDR Portfolio Long Term Corporate Bond ETF | -1.08% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
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 SPLB 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 | -0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2009 | -0.15 |
Over the past year, the inverse relationship between SPLB and UUP has strengthened: their correlation has moved from -0.15 to -0.41, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPLB vs. UUP — Risk / Return Rank
SPLB
UUP
SPLB vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Corporate Bond ETF (SPLB) 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.
| SPLB | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.25 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.69 | 2.28 | -1.59 |
| Martin ratioReturn relative to average drawdown | 1.66 | 6.26 | -4.60 |
Loading charts...
Drawdowns
SPLB vs. UUP - Drawdown Comparison
The maximum SPLB drawdown since its inception was -34.46%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPLB and UUP.
Loading charts...
Drawdown Indicators
| SPLB | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.46% | -22.19% | -12.27% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -3.65% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -12.91% | -10.05% | -2.86% |
Max Drawdown (5Y)Largest decline over 5 years | -34.46% | -10.37% | -24.09% |
Max Drawdown (10Y)Largest decline over 10 years | -34.46% | -14.24% | -20.22% |
Current DrawdownCurrent decline from peak | -16.23% | -1.26% | -14.97% |
Average DrawdownAverage peak-to-trough decline | -8.04% | -8.88% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 1.33% | +0.92% |
Volatility
SPLB vs. UUP - Volatility Comparison
SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a higher volatility of 2.34% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that SPLB'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.
Loading charts...
Volatility by Period
| SPLB | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.34% | 1.45% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 4.34% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.87% | 6.03% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.70% | 7.22% | +5.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.93% | 6.90% | +6.03% |
SPLB vs. UUP - Expense Ratio Comparison
SPLB has a 0.07% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
SPLB vs. UUP - Dividend Comparison
SPLB's dividend yield for the trailing twelve months is around 5.52%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.52% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
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
SPLB 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.
SPLB has higher volatility (2.34%) compared to UUP (1.45%). In terms of maximum drawdown, SPLB dropped -34.46% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs 1.61% for SPLB. On fees, SPLB is cheaper at 0.07% 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 10-year period, UUP has performed better with a 3.17% return vs 1.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLB is cheaper with a 0.07% expense ratio, compared with 0.75% for UUP.
SPLB has the higher dividend yield at 5.52%, compared with 3.25% for UUP.
SPLB is categorized as Corporate Bonds, while UUP is Currency. SPLB tracks Bloomberg Barclays Long U.S. Corporate 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: 0.07% for SPLB and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.48), 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.
Find the right allocation for SPLB and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer