SPYQ vs. UUP

Last updated Jul 14, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPYQ is a Leveraged Equities fund actively managed by AXS, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. SPYQ is actively managed, while UUP is passively managed. Over the past year, SPYQ returned 34.69% vs 8.28% for UUP. At a correlation of -0.15, they often move in opposite directions. SPYQ charges 1.30%/yr vs 0.75%/yr for UUP.

Performance

SPYQ vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) 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, SPYQ achieves a 15.71% return, which is significantly higher than UUP's 5.44% return.

SPYQ

• 1D: -1.46%
• 1M: 1.91%
• 6M: 11.64%
• YTD: 15.71%
• 1Y: 34.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

SPYQ vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	15.71%	26.22%	4.73%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	9.11%

Correlation

The correlation between SPYQ and UUP is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.15

The correlation between SPYQ and UUP shifts across timeframes, from -0.32 (1 year) to -0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPYQ vs. UUP — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 51
SPYQ Sharpe Ratio Rank: 52
SPYQ Sortino Ratio Rank: 48
SPYQ Omega Ratio Rank: 49
SPYQ Calmar Ratio Rank: 47
SPYQ Martin Ratio Rank: 58

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

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.

SPYQ vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.38	+0.03
Sortino ratio: Return per unit of downside risk	1.95	1.99	-0.04
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.86	2.28	-0.42
Martin ratio: Return relative to average drawdown	7.96	6.26	+1.70

SPYQ vs. UUP - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 1.41, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SPYQ 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

SPYQ vs. UUP - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPYQ and UUP.

Drawdown Indicators

	SPYQ	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-22.19%	-13.69%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-3.65%	-15.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-2.62%	-1.26%	-1.36%
Average Drawdown Average peak-to-trough decline	-4.82%	-8.88%	+4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	1.33%	+3.04%

Volatility

SPYQ vs. UUP - Volatility Comparison

Tradr 2X Long SPY Quarterly ETF (SPYQ) has a higher volatility of 7.14% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that SPYQ'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

	SPYQ	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	1.45%	+5.69%
Volatility (6M) Calculated over the trailing 6-month period	19.51%	4.34%	+15.17%
Volatility (1Y) Calculated over the trailing 1-year period	24.68%	6.03%	+18.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.21%	7.22%	+26.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.21%	6.90%	+27.31%

SPYQ vs. UUP - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than UUP's 0.75% expense ratio.

Dividends

SPYQ vs. UUP - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.14%, less than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SPYQ and UUP in my portfolio?

SPYQ and UUP have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYQ or UUP?

SPYQ has higher volatility (7.14%) compared to UUP (1.45%). In terms of maximum drawdown, SPYQ dropped -35.88% vs UUP's -22.19%.

Which ETF is better, SPYQ or UUP?

On 1-year performance, SPYQ leads with 34.69% vs 8.28% for UUP. On fees, UUP is cheaper at 0.75% 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.

Which ETF has performed better, SPYQ or UUP?

Over the 1-year period, SPYQ has performed better with a 34.69% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or UUP?

UUP is cheaper with a 0.75% expense ratio, compared with 1.30% for SPYQ.

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

UUP has the higher dividend yield at 3.25%, compared with 0.14% for SPYQ.

What is the main difference between SPYQ and UUP?

SPYQ is categorized as Leveraged Equities, while UUP is Currency. They also come from different issuers: AXS and Invesco. Their fees differ too: 1.30% for SPYQ and 0.75% for UUP.

Which has better risk-adjusted returns?

SPYQ currently has the higher Sharpe Ratio (1.41 vs 1.38), 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.