UDN vs. IDMO
UDN (Invesco DB US Dollar Index Bearish Fund) and IDMO (Invesco S&P International Developed Momentum ETF) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while IDMO is a Momentum fund tracking the S&P Momentum Developed ex U.S. & South Korea LargeMidCap Index. Both are passively managed. Over the past 10 years, UDN returned -0.29%/yr vs 12.47%/yr for IDMO. At a 0.29 correlation, their price movements are largely independent. UDN charges 0.77%/yr vs 0.25%/yr for IDMO.
Performance
UDN vs. IDMO - Performance Comparison
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Returns By Period
In the year-to-date period, UDN achieves a -1.59% return, which is significantly lower than IDMO's 8.27% return. Over the past 10 years, UDN has underperformed IDMO with an annualized return of -0.29%, while IDMO has yielded a comparatively higher 12.47% annualized return.
UDN
- 1D
- -0.22%
- 1M
- -1.02%
- 6M
- -0.52%
- YTD
- -1.59%
- 1Y
- -0.81%
- 3Y*
- 1.74%
- 5Y*
- -0.35%
- 10Y*
- -0.29%
IDMO
- 1D
- -1.59%
- 1M
- -2.15%
- 6M
- 5.42%
- YTD
- 8.27%
- 1Y
- 21.68%
- 3Y*
- 24.84%
- 5Y*
- 15.50%
- 10Y*
- 12.47%
UDN vs. IDMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | -1.59% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
IDMO Invesco S&P International Developed Momentum ETF | 8.27% | 42.17% | 12.79% | 20.16% | -12.03% | 14.31% | 22.01% | 26.09% | -16.66% | 29.21% |
Correlation
The correlation between UDN and IDMO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2012 | 0.29 |
Over the past year, UDN and IDMO have become more correlated (0.50) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
UDN vs. IDMO — Risk / Return Rank
UDN
IDMO
UDN vs. IDMO - 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 S&P International Developed Momentum ETF (IDMO). 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.
| UDN | IDMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.22 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 1.77 | -1.93 |
| Martin ratioReturn relative to average drawdown | -0.32 | 6.94 | -7.26 |
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Drawdowns
UDN vs. IDMO - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, which is greater than IDMO's maximum drawdown of -39.38%. Use the drawdown chart below to compare losses from any high point for UDN and IDMO.
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Drawdown Indicators
| UDN | IDMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -39.38% | -2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.13% | -12.31% | +7.18% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -12.65% | +4.06% |
Max Drawdown (5Y)Largest decline over 5 years | -20.71% | -27.07% | +6.36% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -31.34% | +5.62% |
Current DrawdownCurrent decline from peak | -28.41% | -3.93% | -24.48% |
Average DrawdownAverage peak-to-trough decline | -20.65% | -9.70% | -10.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 3.13% | -0.62% |
Volatility
UDN vs. IDMO - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.50%, while Invesco S&P International Developed Momentum ETF (IDMO) has a volatility of 5.93%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than IDMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDN | IDMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 5.93% | -4.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.39% | 16.86% | -12.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.01% | 18.53% | -12.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.41% | 18.14% | -10.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.85% | 17.89% | -11.04% |
UDN vs. IDMO - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than IDMO's 0.25% expense ratio.
Dividends
UDN vs. IDMO - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 2.98%, less than IDMO's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDMO Invesco S&P International Developed Momentum ETF | 3.69% | 3.71% | 2.24% | 2.89% | 3.66% | 1.81% | 1.63% | 2.78% | 3.27% | 3.08% | 2.18% | 2.52% |
UDN Invesco DB US Dollar Index Bearish Fund | 2.98% | 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 IDMO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IDMO has higher volatility (5.93%) compared to UDN (1.50%). In terms of maximum drawdown, UDN dropped -41.67% vs IDMO's -39.38%.
On 10-year performance, IDMO leads with 12.47% vs -0.29% for UDN. On fees, IDMO is cheaper at 0.25% per year. On volatility, UDN has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IDMO has performed better with a 12.47% return vs -0.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IDMO is cheaper with a 0.25% expense ratio, compared with 0.77% for UDN.
IDMO has the higher dividend yield at 3.69%, compared with 2.98% for UDN.
UDN is categorized as Currency, while IDMO is Momentum. UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while IDMO tracks S&P Momentum Developed ex U.S. & South Korea LargeMidCap Index. Their fees differ too: 0.77% for UDN and 0.25% for IDMO.
IDMO currently has the higher Sharpe Ratio (1.18 vs -0.14), 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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