UDN vs. FXB
UDN (Invesco DB US Dollar Index Bearish Fund) and FXB (Invesco CurrencyShares® British Pound Sterling Trust) are both Currency funds from Invesco - UDN tracks the Deutsche Bank Short USD Currency Portfolio Index while FXB tracks the British Pound. Both are passively managed. Over the past 10 years, UDN returned -0.44%/yr vs 0.04%/yr for FXB. A 0.70 correlation means they provide meaningful diversification when combined. UDN charges 0.77%/yr vs 0.40%/yr for FXB.
Performance
UDN vs. FXB - Performance Comparison
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Returns By Period
In the year-to-date period, UDN achieves a -0.27% return, which is significantly lower than FXB's 0.73% return. Over the past 10 years, UDN has underperformed FXB with an annualized return of -0.44%, while FXB has yielded a comparatively higher 0.04% annualized return.
UDN
- 1D
- -0.03%
- 1M
- -0.82%
- YTD
- -0.27%
- 6M
- 0.84%
- 1Y
- 0.95%
- 3Y*
- 3.73%
- 5Y*
- -0.62%
- 10Y*
- -0.44%
FXB
- 1D
- 0.04%
- 1M
- -0.65%
- YTD
- 0.73%
- 6M
- 2.98%
- 1Y
- 1.58%
- 3Y*
- 5.52%
- 5Y*
- 0.93%
- 10Y*
- 0.04%
UDN vs. FXB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -0.27% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
FXB Invesco CurrencyShares® British Pound Sterling Trust | 0.73% | 10.37% | 1.35% | 8.58% | -10.45% | -1.54% | 2.87% | 3.87% | -5.75% | 9.10% |
Correlation
The correlation between UDN and FXB is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007 | 0.70 |
The correlation between UDN and FXB shifts across timeframes, from 0.70 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UDN vs. FXB — Risk / Return Rank
UDN
FXB
UDN vs. FXB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) and Invesco CurrencyShares® British Pound Sterling Trust (FXB). 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.
| UDN | FXB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.16 | 0.24 | -0.09 |
Sortino ratioReturn per unit of downside risk | 0.27 | 0.39 | -0.12 |
Omega ratioGain probability vs. loss probability | 1.03 | 1.05 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.48 | -0.10 |
Martin ratioReturn relative to average drawdown | 0.82 | 1.00 | -0.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UDN | FXB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 0.24 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | 0.11 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | 0.00 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.07 | -0.02 |
Drawdowns
UDN vs. FXB - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum FXB drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for UDN and FXB.
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Drawdown Indicators
| UDN | FXB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -48.99% | +7.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.54% | -4.53% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -8.44% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -22.50% | -24.83% | +2.33% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -29.30% | +3.58% |
Current DrawdownCurrent decline from peak | -27.46% | -29.31% | +1.85% |
Average DrawdownAverage peak-to-trough decline | -20.61% | -27.54% | +6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.16% | -0.06% |
Volatility
UDN vs. FXB - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.25%, while Invesco CurrencyShares® British Pound Sterling Trust (FXB) has a volatility of 1.77%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than FXB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDN | FXB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.77% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 4.83% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 6.56% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.42% | 8.48% | -1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 9.31% | -2.39% |
UDN vs. FXB - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than FXB's 0.40% expense ratio.
Dividends
UDN vs. FXB - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 2.94%, more than FXB's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXB Invesco CurrencyShares® British Pound Sterling Trust | 2.20% | 2.44% | 3.25% | 2.59% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UDN Invesco DB US Dollar Index Bearish Fund | 2.94% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
Frequently Asked Questions
UDN and FXB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXB has higher volatility (1.77%) compared to UDN (1.25%). In terms of maximum drawdown, UDN dropped -41.67% vs FXB's -48.99%.
On 10-year performance, FXB leads with 0.04% vs -0.44% for UDN. On fees, FXB is cheaper at 0.40% per year. On volatility, UDN has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXB has performed better with a 0.04% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXB is cheaper with a 0.40% expense ratio, compared with 0.77% for UDN.
UDN has the higher dividend yield at 2.94%, compared with 2.20% for FXB.
UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while FXB tracks British Pound. Their fees differ too: 0.77% for UDN and 0.40% for FXB.
FXB currently has the higher Sharpe Ratio (0.24 vs 0.16), 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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