TBG vs. UUP

Last updated Jul 14, 2026

TBG (TBG Dividend Focus ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - TBG is a Large Cap Value Equities fund actively managed by EA Series Trust, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. TBG is actively managed, while UUP is passively managed. Over the past year, TBG returned 16.56% vs 8.28% for UUP. At a correlation of -0.16, they often move in opposite directions. TBG charges 0.59%/yr vs 0.75%/yr for UUP.

Performance

TBG vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TBG Dividend Focus ETF (TBG) 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, TBG achieves a 13.26% return, which is significantly higher than UUP's 5.44% return.

TBG

• 1D: 0.65%
• 1M: 0.35%
• 6M: 10.90%
• YTD: 13.26%
• 1Y: 16.56%
• 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)

TBG vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBG TBG Dividend Focus ETF	13.26%	7.50%	20.58%	9.55%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	-2.77%

Correlation

The correlation between TBG and UUP is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	-0.16

Return for Risk

TBG vs. UUP — Risk / Return Rank

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

TBG

TBG Risk / Return Rank: 65
TBG Sharpe Ratio Rank: 66
TBG Sortino Ratio Rank: 69
TBG Omega Ratio Rank: 60
TBG Calmar Ratio Rank: 68
TBG Martin Ratio Rank: 60

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.

TBG vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TBG Dividend Focus ETF (TBG) 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.

	TBG	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.38	+0.32
Sortino ratio: Return per unit of downside risk	2.50	1.99	+0.51
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	2.71	2.28	+0.43
Martin ratio: Return relative to average drawdown	8.27	6.26	+2.01

TBG vs. UUP - Sharpe Ratio Comparison

The current TBG Sharpe Ratio is 1.70, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of TBG 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

TBG vs. UUP - Drawdown Comparison

The maximum TBG drawdown since its inception was -14.76%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for TBG and UUP.

Drawdown Indicators

	TBG	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-14.76%	-22.19%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.13%	-3.65%	-2.48%
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	-0.77%	-1.26%	+0.49%
Average Drawdown Average peak-to-trough decline	-2.06%	-8.88%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.33%	+0.68%

Volatility

TBG vs. UUP - Volatility Comparison

TBG Dividend Focus ETF (TBG) has a higher volatility of 3.62% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that TBG'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

	TBG	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	1.45%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	7.19%	4.34%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	9.79%	6.03%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.20%	7.22%	+4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.20%	6.90%	+5.30%

TBG vs. UUP - Expense Ratio Comparison

TBG has a 0.59% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

TBG vs. UUP - Dividend Comparison

TBG's dividend yield for the trailing twelve months is around 2.65%, less than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBG TBG Dividend Focus ETF	2.65%	2.80%	2.33%	0.48%	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 TBG and UUP in my portfolio?

TBG and UUP have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBG or UUP?

TBG has higher volatility (3.62%) compared to UUP (1.45%). In terms of maximum drawdown, TBG dropped -14.76% vs UUP's -22.19%.

Which ETF is better, TBG or UUP?

On 1-year performance, TBG leads with 16.56% vs 8.28% for UUP. On fees, TBG is cheaper at 0.59% 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, TBG or UUP?

Over the 1-year period, TBG has performed better with a 16.56% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBG or UUP?

TBG is cheaper with a 0.59% expense ratio, compared with 0.75% for UUP.

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

UUP has the higher dividend yield at 3.25%, compared with 2.65% for TBG.

What is the main difference between TBG and UUP?

TBG is categorized as Large Cap Value Equities, while UUP is Currency. They also come from different issuers: EA Series Trust and Invesco. Their fees differ too: 0.59% for TBG and 0.75% for UUP.

Which has better risk-adjusted returns?

TBG currently has the higher Sharpe Ratio (1.70 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.