UDN vs. FXC
UDN (Invesco DB US Dollar Index Bearish Fund) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both Currency funds from Invesco - UDN tracks the Deutsche Bank Short USD Currency Portfolio Index while FXC tracks the Canadian Dollar. Both are passively managed. Over the past 10 years, UDN returned -0.44%/yr vs -0.15%/yr for FXC. A 0.54 correlation means they provide meaningful diversification when combined. UDN charges 0.77%/yr vs 0.40%/yr for FXC.
Performance
UDN vs. FXC - Performance Comparison
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Returns By Period
In the year-to-date period, UDN achieves a -0.27% return, which is significantly higher than FXC's -0.74% return. Over the past 10 years, UDN has underperformed FXC with an annualized return of -0.44%, while FXC has yielded a comparatively higher -0.15% 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%
FXC
- 1D
- 0.01%
- 1M
- -1.76%
- YTD
- -0.74%
- 6M
- 1.05%
- 1Y
- -0.81%
- 3Y*
- 0.26%
- 5Y*
- -1.74%
- 10Y*
- -0.15%
UDN vs. FXC - 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% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -0.74% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
Correlation
The correlation between UDN and FXC is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007 | 0.54 |
The correlation between UDN and FXC shifts across timeframes, from 0.54 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UDN vs. FXC — Risk / Return Rank
UDN
FXC
UDN vs. FXC - 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® Canadian Dollar Trust (FXC). 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 | FXC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.16 | -0.18 | +0.34 |
Sortino ratioReturn per unit of downside risk | 0.27 | -0.24 | +0.51 |
Omega ratioGain probability vs. loss probability | 1.03 | 0.97 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.16 | +0.54 |
Martin ratioReturn relative to average drawdown | 0.82 | -0.32 | +1.13 |
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 | FXC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | -0.18 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.28 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | -0.02 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.05 | -0.04 |
Drawdowns
UDN vs. FXC - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, which is greater than FXC's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for UDN and FXC.
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Drawdown Indicators
| UDN | FXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -35.39% | -6.28% |
Max Drawdown (1Y)Largest decline over 1 year | -4.54% | -3.78% | -0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -7.34% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -22.50% | -13.53% | -8.97% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -15.46% | -10.26% |
Current DrawdownCurrent decline from peak | -27.46% | -28.56% | +1.10% |
Average DrawdownAverage peak-to-trough decline | -20.61% | -19.91% | -0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 1.98% | +0.12% |
Volatility
UDN vs. FXC - Volatility Comparison
Invesco DB US Dollar Index Bearish Fund (UDN) has a higher volatility of 1.25% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 0.69%. This indicates that UDN's price experiences larger fluctuations and is considered to be riskier than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDN | FXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.69% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 3.25% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 4.49% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.42% | 6.37% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 6.66% | +0.26% |
UDN vs. FXC - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than FXC's 0.40% expense ratio.
Dividends
UDN vs. FXC - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 2.94%, more than FXC's 0.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.26% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
UDN and FXC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UDN has higher volatility (1.25%) compared to FXC (0.69%). In terms of maximum drawdown, UDN dropped -41.67% vs FXC's -35.39%.
On 10-year performance, FXC leads with -0.15% vs -0.44% for UDN. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXC has performed better with a -0.15% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC 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 0.26% for FXC.
UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while FXC tracks Canadian Dollar. Their fees differ too: 0.77% for UDN and 0.40% for FXC.
UDN currently has the higher Sharpe Ratio (0.16 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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