UDN vs. QQQ
UDN (Invesco DB US Dollar Index Bearish Fund) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, UDN returned -0.44%/yr vs 21.97%/yr for QQQ. At a 0.17 correlation, their price movements are largely independent. UDN charges 0.77%/yr vs 0.18%/yr for QQQ.
Performance
UDN vs. QQQ - 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 QQQ's 21.62% return. Over the past 10 years, UDN has underperformed QQQ with an annualized return of -0.44%, while QQQ has yielded a comparatively higher 21.97% 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%
QQQ
- 1D
- 0.46%
- 1M
- 10.68%
- YTD
- 21.62%
- 6M
- 20.27%
- 1Y
- 43.30%
- 3Y*
- 28.89%
- 5Y*
- 18.43%
- 10Y*
- 21.97%
UDN vs. QQQ - 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% |
QQQ Invesco QQQ ETF | 21.62% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between UDN and QQQ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
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 | 0.17 |
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Return for Risk
UDN vs. QQQ — Risk / Return Rank
UDN
QQQ
UDN vs. QQQ - 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 QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.16 | 2.73 | -2.57 |
Sortino ratioReturn per unit of downside risk | 0.27 | 3.55 | -3.27 |
Omega ratioGain probability vs. loss probability | 1.03 | 1.47 | -0.44 |
Calmar ratioReturn relative to maximum drawdown | 0.38 | 3.71 | -3.34 |
Martin ratioReturn relative to average drawdown | 0.82 | 14.30 | -13.48 |
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 | QQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 2.73 | -2.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | 0.83 | -0.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | 0.99 | -1.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.41 | -0.50 |
Drawdowns
UDN vs. QQQ - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for UDN and QQQ.
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Drawdown Indicators
| UDN | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -82.97% | +41.30% |
Max Drawdown (1Y)Largest decline over 1 year | -4.54% | -11.96% | +7.42% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -22.77% | +14.18% |
Max Drawdown (5Y)Largest decline over 5 years | -22.50% | -35.12% | +12.62% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -35.12% | +9.40% |
Current DrawdownCurrent decline from peak | -27.46% | 0.00% | -27.46% |
Average DrawdownAverage peak-to-trough decline | -20.61% | -32.79% | +12.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 3.11% | -1.01% |
Volatility
UDN vs. QQQ - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.25%, while Invesco QQQ ETF (QQQ) has a volatility of 4.48%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDN | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 4.48% | -3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 12.11% | -7.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 15.95% | -9.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.42% | 22.39% | -14.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 22.30% | -15.38% |
UDN vs. QQQ - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
UDN vs. QQQ - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 2.94%, more than QQQ's 0.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.38% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
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 QQQ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (4.48%) compared to UDN (1.25%). In terms of maximum drawdown, UDN dropped -41.67% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 21.97% vs -0.44% for UDN. On fees, QQQ is cheaper at 0.18% 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, QQQ has performed better with a 21.97% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.77% for UDN.
UDN has the higher dividend yield at 2.94%, compared with 0.38% for QQQ.
UDN is categorized as Currency, while QQQ is Nasdaq-100. UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.77% for UDN and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.73 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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