SPY vs. UUP

Last updated Jun 13, 2026

SPY (State Street SPDR S&P 500 ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 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, SPY returned 15.42%/yr vs 3.13%/yr for UUP. At a correlation of -0.20, they often move in opposite directions. SPY charges 0.09%/yr vs 0.75%/yr for UUP.

Performance

SPY vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) 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, SPY achieves a 9.07% return, which is significantly higher than UUP's 3.40% return. Over the past 10 years, SPY has outperformed UUP with an annualized return of 15.42%, while UUP has yielded a comparatively lower 3.13% annualized return.

SPY

• 1D: 0.54%
• 1M: -0.08%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 24.27%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

UUP

• 1D: 0.00%
• 1M: 1.60%
• YTD: 3.40%
• 6M: 3.41%
• 1Y: 6.66%
• 3Y*: 4.21%
• 5Y*: 5.89%
• 10Y*: 3.13%

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

SPY vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
UUP Invesco DB US Dollar Index Bullish Fund	3.40%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%

Correlation

The correlation between SPY and UUP is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
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	-0.20

The correlation between SPY and UUP shifts across timeframes, from -0.35 (1 year) to -0.19 (10 years), reflecting how their relationship changes across market environments.

SPY vs. UUP - Sectors Allocation Comparison

Sectors	SPY	UUP
Technology	35.9%	-
Financial Services	11.8%	97.4%
Communication Services	11.3%	-
Consumer Cyclical	10.3%	-
Healthcare	8.4%	-
Industrials	7.8%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPY vs. UUP — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

UUP

UUP Risk / Return Rank: 36
UUP Sharpe Ratio Rank: 35
UUP Sortino Ratio Rank: 34
UUP Omega Ratio Rank: 33
UUP Calmar Ratio Rank: 42
UUP Martin Ratio Rank: 36

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.

SPY vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

	SPY	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.11	+0.87
Sortino ratio: Return per unit of downside risk	2.68	1.60	+1.09
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	2.74	1.83	+0.91
Martin ratio: Return relative to average drawdown	12.39	4.89	+7.50

SPY vs. UUP - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is higher than the UUP Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of SPY 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.

Drawdowns

SPY vs. UUP - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPY and UUP.

Drawdown Indicators

	SPY	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-22.19%	-33.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-3.65%	-5.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-10.05%	-8.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-10.37%	-14.13%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-14.24%	-19.48%
Current Drawdown Current decline from peak	-2.35%	-3.17%	+0.82%
Average Drawdown Average peak-to-trough decline	-9.04%	-8.91%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.36%	+0.61%

Volatility

SPY vs. UUP - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 4.34% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.24%. This indicates that SPY'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

	SPY	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	1.24%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	4.23%	+5.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	6.07%	+6.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	7.22%	+9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	6.96%	+11.00%

SPY vs. UUP - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

SPY vs. UUP - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than UUP's 3.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
UUP Invesco DB US Dollar Index Bullish Fund	3.32%	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 SPY and UUP in my portfolio?

SPY and UUP have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or UUP?

SPY has higher volatility (4.34%) compared to UUP (1.24%). In terms of maximum drawdown, SPY dropped -55.19% vs UUP's -22.19%.

Which ETF is better, SPY or UUP?

On 10-year performance, SPY leads with 15.42% vs 3.13% for UUP. On fees, SPY is cheaper at 0.09% per year. On volatility, UUP has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or UUP?

Over the 10-year period, SPY has performed better with a 15.42% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or UUP?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for UUP.

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

UUP has the higher dividend yield at 3.32%, compared with 1.00% for SPY.

What is the main difference between SPY and UUP?

SPY is categorized as S&P 500, while UUP is Currency. SPY tracks S&P 500 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 SPY and 0.75% for UUP.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.98 vs 1.11), 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.