TIP vs. UUP
TIP (iShares TIPS Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond 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, TIP returned 2.33%/yr vs 3.17%/yr for UUP. At a correlation of -0.20, they often move in opposite directions. TIP charges 0.18%/yr vs 0.75%/yr for UUP.
Performance
TIP vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, TIP achieves a 0.80% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, TIP has underperformed UUP with an annualized return of 2.33%, while UUP has yielded a comparatively higher 3.17% annualized return.
TIP
- 1D
- -0.20%
- 1M
- -0.59%
- 6M
- 0.55%
- YTD
- 0.80%
- 1Y
- 3.09%
- 3Y*
- 3.62%
- 5Y*
- 0.52%
- 10Y*
- 2.33%
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%
TIP vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 0.80% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between TIP and UUP is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.20 |
The correlation between TIP and UUP shifts across timeframes, from -0.40 (1 year) to -0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. UUP — Risk / Return Rank
TIP
UUP
TIP vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.25 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.28 | -0.71 |
| Martin ratioReturn relative to average drawdown | 4.50 | 6.26 | -1.76 |
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Drawdowns
TIP vs. UUP - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for TIP and UUP.
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Drawdown Indicators
| TIP | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -22.19% | +7.62% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -3.65% | +1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.50% | -10.05% | +5.55% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -10.37% | -4.14% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -14.24% | -0.27% |
Current DrawdownCurrent decline from peak | -1.05% | -1.26% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -3.42% | -8.88% | +5.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 1.33% | -0.64% |
Volatility
TIP vs. UUP - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 1.26%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky 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
| TIP | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.45% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 4.34% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.48% | 6.03% | -2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.20% | 7.22% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 6.90% | -1.17% |
TIP vs. UUP - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
TIP vs. UUP - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 4.45%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 4.45% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TIP and UUP have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to TIP (1.26%). In terms of maximum drawdown, TIP dropped -14.57% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs 2.33% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.26%. 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 3.17% return vs 2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.75% for UUP.
TIP has the higher dividend yield at 4.45%, compared with 3.25% for UUP.
TIP is categorized as Inflation-Protected Bonds, while UUP is Currency. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.18% for TIP and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.89), 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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