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TLT vs. UUP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TLT vs. UUP

Last updated Jun 9, 2026

TLT (iShares 20+ Year Treasury Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year 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, TLT returned -1.85%/yr vs 3.19%/yr for UUP. At a correlation of -0.07, they often move in opposite directions. TLT charges 0.15%/yr vs 0.75%/yr for UUP.

Performance

TLT vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 20+ Year Treasury Bond ETF (TLT) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TLT achieves a -1.08% return, which is significantly lower than UUP's 3.70% return. Over the past 10 years, TLT has underperformed UUP with an annualized return of -1.85%, while UUP has yielded a comparatively higher 3.19% annualized return.

TLT

1D
-0.52%
1M
-1.31%
YTD
-1.08%
6M
-1.51%
1Y
3.67%
3Y*
-2.05%
5Y*
-6.70%
10Y*
-1.85%

UUP

1D
0.04%
1M
2.52%
YTD
3.70%
6M
3.08%
1Y
5.64%
3Y*
4.21%
5Y*
6.04%
10Y*
3.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TLT vs. UUP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TLT
iShares 20+ Year Treasury Bond ETF		-1.08%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%
UUP
Invesco DB US Dollar Index Bullish Fund		3.70%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%

Correlation

The correlation between TLT and UUP is -0.39, 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

-0.39

Correlation (3Y)
Calculated over the trailing 3-year period

-0.34

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 Mar 2, 2007

-0.07

Over the past year, the inverse relationship between TLT and UUP has strengthened: their correlation has moved from -0.07 to -0.39, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

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iShares 20+ Year Treasury Bond ETF

Invesco DB US Dollar Index Bullish Fund

Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV
Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F

Return for Risk

TLT vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TLT
TLT Risk / Return Rank: 1515
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1414
Omega Ratio Rank
TLT Calmar Ratio Rank: 1515
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
Martin Ratio Rank
UUP
UUP Risk / Return Rank: 2929
Overall Rank
UUP Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 2727
Sortino Ratio Rank
UUP Omega Ratio Rank: 2626
Omega Ratio Rank
UUP Calmar Ratio Rank: 3535
Calmar Ratio Rank
UUP Martin Ratio Rank: 3131
Martin Ratio Rank
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.

TLT vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.

TLTUUPDifference
Sharpe ratioReturn per unit of total volatility
0.38
0.93

-0.55

Sortino ratioReturn per unit of downside risk
0.62
1.34

-0.72

Omega ratioGain probability vs. loss probability

1.07

1.16

-0.10

Calmar ratioReturn relative to maximum drawdown

0.49

1.55

-1.07

Martin ratioReturn relative to average drawdown

1.19

4.13

-2.94

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TLT vs. UUP - Sharpe Ratio Comparison

The current TLT Sharpe Ratio is 0.38, which is lower than the UUP Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of TLT 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.

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Sharpe Ratios by Period

TLTUUPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.38

0.93

-0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.42

0.84

-1.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.12

0.46

-0.59

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.20

+0.05

Drawdowns

TLT vs. UUP - Drawdown Comparison

The maximum TLT drawdown since its inception was -48.35%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for TLT and UUP.

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Drawdown Indicators

TLTUUPDifference

Max Drawdown

Largest peak-to-trough decline

-48.35%

-22.19%

-26.16%

Max Drawdown (1Y)

Largest decline over 1 year

-7.58%

-3.65%

-3.93%

Max Drawdown (3Y)

Largest decline over 3 years

-19.18%

-10.05%

-9.13%

Max Drawdown (5Y)

Largest decline over 5 years

-43.70%

-10.37%

-33.33%

Max Drawdown (10Y)

Largest decline over 10 years

-48.35%

-14.24%

-34.11%

Current Drawdown

Current decline from peak

-40.92%

-2.89%

-38.03%

Average Drawdown

Average peak-to-trough decline

-13.83%

-8.91%

-4.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

1.37%

+1.71%

Volatility

TLT vs. UUP - Volatility Comparison

iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.65% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.23%. This indicates that TLT'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

TLTUUPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

1.23%

+1.42%

Volatility (6M)

Calculated over the trailing 6-month period

6.51%

4.25%

+2.26%

Volatility (1Y)

Calculated over the trailing 1-year period

9.60%

6.09%

+3.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.85%

7.22%

+8.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.91%

6.96%

+7.95%

TLT vs. UUP - Expense Ratio Comparison

TLT has a 0.15% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

TLT vs. UUP - Dividend Comparison

TLT's dividend yield for the trailing twelve months is around 4.63%, more than UUP's 3.31% yield.

PositionTTM20252024202320222021202020192018201720162015
TLT
iShares 20+ Year Treasury Bond ETF		4.63%4.43%4.30%3.38%2.67%1.50%1.50%2.27%2.63%2.43%2.60%2.61%
UUP
Invesco DB US Dollar Index Bullish Fund		3.31%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

TLT and UUP have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.65%) compared to UUP (1.23%). In terms of maximum drawdown, TLT dropped -48.35% vs UUP's -22.19%.

On 10-year performance, UUP leads with 3.19% vs -1.85% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, UUP has been the lower-risk option at 1.23%. 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 3.19% return vs -1.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.75% for UUP.

TLT has the higher dividend yield at 4.63%, compared with 3.31% for UUP.

TLT is categorized as Government Bonds, while UUP is Currency. TLT tracks ICE U.S. Treasury 20+ Year 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: 0.15% for TLT and 0.75% for UUP.

UUP currently has the higher Sharpe Ratio (0.93 vs 0.38), 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.

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