TAIL vs. UUP
TAIL (Cambria Tail Risk ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - TAIL is a Volatility Hedged Equity fund actively managed by Cambria, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. TAIL is actively managed, while UUP is passively managed. Over the past 5 years, TAIL returned -8.76%/yr vs 5.72%/yr for UUP. At a correlation of -0.00, they often move in opposite directions. TAIL charges 0.59%/yr vs 0.75%/yr for UUP.
Performance
TAIL vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, TAIL achieves a -6.90% return, which is significantly lower than UUP's 5.03% return.
TAIL
- 1D
- -0.42%
- 1M
- -0.75%
- 6M
- -6.24%
- YTD
- -6.90%
- 1Y
- -8.28%
- 3Y*
- -5.06%
- 5Y*
- -8.76%
- 10Y*
- —
- ALL TIME*
- -7.17%
UUP
- 1D
- 0.21%
- 1M
- 0.32%
- 6M
- 3.50%
- YTD
- 5.03%
- 1Y
- 7.07%
- 3Y*
- 5.30%
- 5Y*
- 5.72%
- 10Y*
- 3.03%
- ALL TIME*
- 1.69%
TAIL vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TAIL Cambria Tail Risk ETF | -6.90% | 5.48% | -9.62% | -13.29% | -13.13% | -12.81% | 6.91% | -14.27% | 2.85% | -7.55% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -4.21% |
Correlation
The correlation between TAIL and UUP is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017 | -0.00 |
The correlation between TAIL and UUP shifts across timeframes, from -0.12 (3 years) to 0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TAIL vs. UUP — Risk / Return Rank
TAIL
UUP
TAIL vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cambria Tail Risk ETF (TAIL) 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.
| TAIL | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 1.95 | -2.64 |
| Martin ratioReturn relative to average drawdown | -1.45 | 5.37 | -6.82 |
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Drawdowns
TAIL vs. UUP - Drawdown Comparison
The maximum TAIL drawdown since its inception was -52.36%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for TAIL and UUP.
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Drawdown Indicators
| TAIL | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.36% | -22.19% | -30.17% |
Max Drawdown (1Y)Largest decline over 1 year | -12.02% | -3.65% | -8.37% |
Max Drawdown (3Y)Largest decline over 3 years | -21.60% | -10.05% | -11.55% |
Max Drawdown (5Y)Largest decline over 5 years | -37.86% | -10.37% | -27.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -51.93% | -1.64% | -50.29% |
Average DrawdownAverage peak-to-trough decline | -29.41% | -8.87% | -20.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.73% | 1.33% | +4.40% |
Volatility
TAIL vs. UUP - Volatility Comparison
Cambria Tail Risk ETF (TAIL) has a higher volatility of 2.06% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.34%. This indicates that TAIL'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
| TAIL | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | 1.34% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 4.38% | +2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.56% | 6.02% | +2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.88% | 7.22% | +7.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.86% | 6.90% | +7.96% |
TAIL vs. UUP - Expense Ratio Comparison
TAIL has a 0.59% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
TAIL vs. UUP - Dividend Comparison
TAIL's dividend yield for the trailing twelve months is around 2.95%, less than UUP's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TAIL Cambria Tail Risk ETF | 2.95% | 2.88% | 3.48% | 3.74% | 1.50% | 0.49% | 0.36% | 1.58% | 1.52% | 0.91% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.26% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
TAIL and UUP have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TAIL has higher volatility (2.06%) compared to UUP (1.34%). In terms of maximum drawdown, TAIL dropped -52.36% vs UUP's -22.19%.
On 5-year performance, UUP leads with 5.72% vs -8.76% for TAIL. On fees, TAIL is cheaper at 0.59% per year. On volatility, UUP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UUP has performed better with a 5.72% return vs -8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TAIL is cheaper with a 0.59% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.26%, compared with 2.95% for TAIL.
TAIL is categorized as Volatility Hedged Equity, while UUP is Currency. They also come from different issuers: Cambria and Invesco. Their fees differ too: 0.59% for TAIL and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.18 vs -0.97), 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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