TBF vs. UUP
TBF (ProShares Short 20+ Year Treasury) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), 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, TBF returned 2.89%/yr vs 3.23%/yr for UUP. At a 0.08 correlation, their price movements are largely independent. TBF charges 0.94%/yr vs 0.75%/yr for UUP.
Performance
TBF vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 1.51% return, which is significantly lower than UUP's 5.25% return. Over the past 10 years, TBF has underperformed UUP with an annualized return of 2.89%, while UUP has yielded a comparatively higher 3.23% annualized return.
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
UUP
- 1D
- 0.32%
- 1M
- 2.45%
- YTD
- 5.25%
- 6M
- 5.61%
- 1Y
- 7.81%
- 3Y*
- 4.89%
- 5Y*
- 5.98%
- 10Y*
- 3.23%
TBF vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 1.51% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.25% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between TBF and UUP is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2009 | 0.08 |
Over the past year, TBF and UUP have become more correlated (0.37) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
TBF vs. UUP — Risk / Return Rank
TBF
UUP
TBF vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) 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.
| TBF | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.23 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 2.15 | -1.92 |
| Martin ratioReturn relative to average drawdown | 0.50 | 5.90 | -5.40 |
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Drawdowns
TBF vs. UUP - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for TBF and UUP.
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Drawdown Indicators
| TBF | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -22.19% | -48.21% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -3.65% | -3.58% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -10.05% | -7.74% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -10.37% | -7.42% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -14.24% | -24.15% |
Current DrawdownCurrent decline from peak | -43.88% | -1.44% | -42.44% |
Average DrawdownAverage peak-to-trough decline | -47.41% | -8.90% | -38.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 1.34% | +1.97% |
Volatility
TBF vs. UUP - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.20% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.35%. This indicates that TBF'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
| TBF | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.35% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 4.33% | +2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.29% | 6.07% | +3.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 7.22% | +8.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.50% | 6.91% | +7.59% |
TBF vs. UUP - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
TBF vs. UUP - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.86%, less than UUP's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% | 0.00% |
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
TBF and UUP have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBF has higher volatility (2.20%) compared to UUP (1.35%). In terms of maximum drawdown, TBF dropped -70.40% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.23% vs 2.89% for TBF. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.35%. 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 3.23% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.94% for TBF.
UUP has the higher dividend yield at 3.26%, compared with 2.86% for TBF.
TBF is categorized as Inverse Bonds, while UUP is Currency. TBF tracks U.S. Treasury 20+ Year Index (-100%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.94% for TBF and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.30 vs 0.18), 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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