UDN vs. FXC

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco DB US Dollar Index Bearish Fund (UDN) and Invesco CurrencyShares® Canadian Dollar Trust (FXC).

UDN and FXC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UDN is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Short USD Currency Portfolio Index. It was launched on Feb 20, 2007. FXC is a passively managed fund by Invesco that tracks the performance of the Canadian Dollar. It was launched on Jun 26, 2006. Both UDN and FXC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UDN vs. FXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bearish Fund (UDN) and Invesco CurrencyShares® Canadian Dollar Trust (FXC). The values are adjusted to include any dividend payments, if applicable.

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	-1.04%	12.37%	-4.53%	4.88%	-7.96%	-7.03%	6.20%	-0.97%	-5.02%	9.50%
FXC Invesco CurrencyShares® Canadian Dollar Trust	-1.16%	5.24%	-5.96%	4.35%	-6.44%	0.22%	1.92%	5.94%	-7.54%	6.72%

Returns By Period

In the year-to-date period, UDN achieves a -1.04% return, which is significantly higher than FXC's -1.16% return. Over the past 10 years, UDN has underperformed FXC with an annualized return of -0.46%, while FXC has yielded a comparatively higher -0.15% annualized return.

UDN

• 1D: 0.28%
• 1M: -0.99%
• YTD: -1.04%
• 6M: -1.26%
• 1Y: 6.00%
• 3Y*: 3.15%
• 5Y*: -0.27%
• 10Y*: -0.46%

FXC

• 1D: 0.14%
• 1M: -1.53%
• YTD: -1.16%
• 6M: 0.40%
• 1Y: 3.27%
• 3Y*: 0.47%
• 5Y*: -1.13%
• 10Y*: -0.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UDN vs. FXC - Expense Ratio Comparison

UDN has a 0.77% expense ratio, which is higher than FXC's 0.40% expense ratio.

UDN

Invesco DB US Dollar Index Bearish Fund

FXC

Invesco CurrencyShares® Canadian Dollar Trust

Return for Risk

UDN vs. FXC — Risk / Return Rank

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

UDN

UDN Risk / Return Rank: 40
UDN Sharpe Ratio Rank: 41
UDN Sortino Ratio Rank: 45
UDN Omega Ratio Rank: 34
UDN Calmar Ratio Rank: 47
UDN Martin Ratio Rank: 33

FXC

FXC Risk / Return Rank: 30
FXC Sharpe Ratio Rank: 30
FXC Sortino Ratio Rank: 32
FXC Omega Ratio Rank: 26
FXC Calmar Ratio Rank: 37
FXC Martin Ratio Rank: 26

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.

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 ratio Return per unit of total volatility	0.81	0.61	+0.21
Sortino ratio Return per unit of downside risk	1.29	0.99	+0.30
Omega ratio Gain probability vs. loss probability	1.15	1.11	+0.03
Calmar ratio Return relative to maximum drawdown	1.30	1.01	+0.28
Martin ratio Return relative to average drawdown	3.10	2.08	+1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDN vs. FXC - Sharpe Ratio Comparison

The current UDN Sharpe Ratio is 0.81, which is higher than the FXC Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of UDN and FXC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UDN	FXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.61	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	-0.18	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	-0.02	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	-0.05	-0.04

Correlation

The correlation between UDN and FXC is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

UDN vs. FXC - Dividend Comparison

UDN's dividend yield for the trailing twelve months is around 2.97%, more than FXC's 0.33% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDN Invesco DB US Dollar Index Bearish Fund	2.97%	2.94%	5.33%	5.21%	0.69%	0.00%	0.00%	1.38%	1.26%	0.11%	0.00%	0.00%
FXC Invesco CurrencyShares® Canadian Dollar Trust	0.33%	0.55%	2.23%	2.01%	0.31%	0.00%	0.19%	0.75%	0.42%	0.02%	0.00%	0.02%

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.

Drawdown Indicators

	UDN	FXC	Difference
Max Drawdown Largest 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 (5Y) Largest decline over 5 years	-22.75%	-13.86%	-8.89%
Max Drawdown (10Y) Largest decline over 10 years	-25.72%	-15.46%	-10.26%
Current Drawdown Current decline from peak	-28.02%	-28.86%	+0.84%
Average Drawdown Average peak-to-trough decline	-20.55%	-19.85%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.84%	+0.06%

Volatility

UDN vs. FXC - Volatility Comparison

Invesco DB US Dollar Index Bearish Fund (UDN) has a higher volatility of 2.08% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 1.30%. 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.

Volatility by Period

	UDN	FXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	1.30%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	3.31%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	5.45%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.43%	6.43%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	6.76%	+0.19%