UDN vs. KO

Last updated Jun 3, 2026

UDN (Invesco DB US Dollar Index Bearish Fund) is Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while KO (The Coca-Cola Company) is a stock. Over the past 10 years, UDN returned -0.44%/yr vs 9.07%/yr for KO. At a 0.16 correlation, their price movements are largely independent.

Performance

UDN vs. KO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bearish Fund (UDN) and The Coca-Cola Company (KO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDN achieves a -0.27% return, which is significantly lower than KO's 12.93% return. Over the past 10 years, UDN has underperformed KO with an annualized return of -0.44%, while KO has yielded a comparatively higher 9.07% 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%

KO

• 1D: -0.29%
• 1M: -0.22%
• YTD: 12.93%
• 6M: 11.72%
• 1Y: 12.06%
• 3Y*: 11.92%
• 5Y*: 10.34%
• 10Y*: 9.07%

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

UDN vs. KO - 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%
KO The Coca-Cola Company	12.93%	15.60%	8.88%	-4.43%	10.61%	11.37%	2.47%	20.60%	6.77%	14.38%

Correlation

The correlation between UDN and KO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	0.16

The correlation between UDN and KO shifts across timeframes, from 0.08 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

UDN vs. KO — Risk / Return Rank

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

UDN

UDN Risk / Return Rank: 11
UDN Sharpe Ratio Rank: 11
UDN Sortino Ratio Rank: 10
UDN Omega Ratio Rank: 10
UDN Calmar Ratio Rank: 13
UDN Martin Ratio Rank: 12

KO

KO Risk / Return Rank: 63
KO Sharpe Ratio Rank: 65
KO Sortino Ratio Rank: 60
KO Omega Ratio Rank: 55
KO Calmar Ratio Rank: 68
KO Martin Ratio Rank: 66

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. KO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) and The Coca-Cola Company (KO). 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	KO	Difference
Sharpe ratio Return per unit of total volatility	0.16	0.76	-0.61
Sortino ratio Return per unit of downside risk	0.27	1.27	-1.00
Omega ratio Gain probability vs. loss probability	1.03	1.14	-0.11
Calmar ratio Return relative to maximum drawdown	0.38	1.51	-1.13
Martin ratio Return relative to average drawdown	0.82	2.98	-2.16
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. KO - Sharpe Ratio Comparison

The current UDN Sharpe Ratio is 0.16, which is lower than the KO Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of UDN and KO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UDN	KO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.76	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.65	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.06	0.50	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.53	-0.62

Drawdowns

UDN vs. KO - Drawdown Comparison

The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum KO drawdown of -68.23%. Use the drawdown chart below to compare losses from any high point for UDN and KO.

Drawdown Indicators

	UDN	KO	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-68.23%	+26.56%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-7.89%	+3.35%
Max Drawdown (3Y) Largest decline over 3 years	-8.59%	-16.26%	+7.67%
Max Drawdown (5Y) Largest decline over 5 years	-22.50%	-17.27%	-5.23%
Max Drawdown (10Y) Largest decline over 10 years	-25.72%	-36.99%	+11.27%
Current Drawdown Current decline from peak	-27.46%	-4.28%	-23.18%
Average Drawdown Average peak-to-trough decline	-20.61%	-16.09%	-4.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	4.00%	-1.90%

Volatility

UDN vs. KO - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.25%, while The Coca-Cola Company (KO) has a volatility of 4.17%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than KO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDN	KO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	4.17%	-2.92%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	11.83%	-7.60%
Volatility (1Y) Calculated over the trailing 1-year period	6.13%	15.85%	-9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.42%	16.00%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.92%	18.16%	-11.24%

Dividends

UDN vs. KO - Dividend Comparison

UDN's dividend yield for the trailing twelve months is around 2.94%, more than KO's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KO The Coca-Cola Company	2.63%	2.92%	3.12%	3.12%	2.77%	2.84%	2.99%	2.89%	3.29%	3.23%	3.38%	3.07%
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

Can I hold both UDN and KO in my portfolio?

UDN and KO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDN or KO?

KO has higher volatility (4.17%) compared to UDN (1.25%). In terms of maximum drawdown, UDN dropped -41.67% vs KO's -68.23%.

Which has better risk-adjusted returns?

KO currently has the higher Sharpe Ratio (0.76 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.