SPTL vs. UUP
SPTL (SPDR Portfolio Long Term Treasury ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury 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, SPTL returned -1.62%/yr vs 3.17%/yr for UUP. At a correlation of -0.09, they often move in opposite directions. SPTL charges 0.03%/yr vs 0.75%/yr for UUP.
Performance
SPTL vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, SPTL achieves a -1.43% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, SPTL has underperformed UUP with an annualized return of -1.62%, while UUP has yielded a comparatively higher 3.17% annualized return.
SPTL
- 1D
- -0.51%
- 1M
- -1.43%
- 6M
- -1.84%
- YTD
- -1.43%
- 1Y
- 2.92%
- 3Y*
- -0.90%
- 5Y*
- -6.41%
- 10Y*
- -1.62%
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%
SPTL vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | -1.43% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | 18.07% | 13.74% | -1.57% | 9.01% |
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 SPTL and UUP is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since May 30, 2007 | -0.09 |
Over the past year, the inverse relationship between SPTL and UUP has strengthened: their correlation has moved from -0.09 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPTL vs. UUP — Risk / Return Rank
SPTL
UUP
SPTL vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Long Term Treasury ETF (SPTL) 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.
| SPTL | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.25 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 2.28 | -1.86 |
| Martin ratioReturn relative to average drawdown | 1.00 | 6.26 | -5.26 |
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Drawdowns
SPTL vs. UUP - Drawdown Comparison
The maximum SPTL drawdown since its inception was -46.20%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPTL and UUP.
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Drawdown Indicators
| SPTL | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.20% | -22.19% | -24.01% |
Max Drawdown (1Y)Largest decline over 1 year | -7.04% | -3.65% | -3.39% |
Max Drawdown (3Y)Largest decline over 3 years | -17.35% | -10.05% | -7.30% |
Max Drawdown (5Y)Largest decline over 5 years | -41.02% | -10.37% | -30.65% |
Max Drawdown (10Y)Largest decline over 10 years | -46.20% | -14.24% | -31.96% |
Current DrawdownCurrent decline from peak | -37.53% | -1.26% | -36.27% |
Average DrawdownAverage peak-to-trough decline | -14.36% | -8.88% | -5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 1.33% | +1.58% |
Volatility
SPTL vs. UUP - Volatility Comparison
SPDR Portfolio Long Term Treasury ETF (SPTL) has a higher volatility of 2.74% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that SPTL'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
| SPTL | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.74% | 1.45% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 4.34% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.57% | 6.03% | +2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.56% | 7.22% | +7.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.89% | 6.90% | +6.99% |
SPTL vs. UUP - Expense Ratio Comparison
SPTL has a 0.03% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
SPTL vs. UUP - Dividend Comparison
SPTL's dividend yield for the trailing twelve months is around 4.27%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPTL SPDR Portfolio Long Term Treasury ETF | 4.27% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
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
SPTL and UUP have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.74%) compared to UUP (1.45%). In terms of maximum drawdown, SPTL dropped -46.20% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs -1.62% for SPTL. On fees, SPTL is cheaper at 0.03% 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 -1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.75% for UUP.
SPTL has the higher dividend yield at 4.27%, compared with 3.25% for UUP.
SPTL is categorized as Government Bonds, while UUP is Currency. SPTL tracks Bloomberg Long U.S. Treasury 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: 0.03% for SPTL and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.34), 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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