UDN vs. SOXQ

Last updated Jun 24, 2026

UDN (Invesco DB US Dollar Index Bearish Fund) and SOXQ (Invesco PHLX Semiconductor ETF) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while SOXQ is a Semiconductors fund tracking the PHLX Semiconductor Sector Index. Both are passively managed. Over the past 5 years, UDN returned -0.72%/yr vs 34.04%/yr for SOXQ. At a 0.22 correlation, their price movements are largely independent. UDN charges 0.77%/yr vs 0.19%/yr for SOXQ.

Performance

UDN vs. SOXQ - 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 PHLX Semiconductor ETF (SOXQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDN achieves a -2.36% return, which is significantly lower than SOXQ's 90.62% return.

UDN

• 1D: -0.34%
• 1M: -2.04%
• YTD: -2.36%
• 6M: -2.68%
• 1Y: -1.37%
• 3Y*: 2.64%
• 5Y*: -0.72%
• 10Y*: -0.45%

SOXQ

• 1D: -7.82%
• 1M: 10.55%
• YTD: 90.62%
• 6M: 87.99%
• 1Y: 158.27%
• 3Y*: 57.61%
• 5Y*: 34.04%
• 10Y*: —

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

UDN vs. SOXQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UDN Invesco DB US Dollar Index Bearish Fund	-2.36%	12.37%	-4.53%	4.88%	-7.96%	-6.52%
SOXQ Invesco PHLX Semiconductor ETF	90.62%	43.11%	20.16%	66.74%	-35.59%	25.19%

Correlation

The correlation between UDN and SOXQ is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021	0.22

Return for Risk

UDN vs. SOXQ — Risk / Return Rank

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

UDN

UDN Risk / Return Rank: 6
UDN Sharpe Ratio Rank: 7
UDN Sortino Ratio Rank: 6
UDN Omega Ratio Rank: 6
UDN Calmar Ratio Rank: 6
UDN Martin Ratio Rank: 6

SOXQ

SOXQ Risk / Return Rank: 94
SOXQ Sharpe Ratio Rank: 96
SOXQ Sortino Ratio Rank: 90
SOXQ Omega Ratio Rank: 92
SOXQ Calmar Ratio Rank: 97
SOXQ Martin Ratio Rank: 96

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. SOXQ - 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 PHLX Semiconductor ETF (SOXQ). 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	SOXQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	4.11	-4.33
Sortino ratio: Return per unit of downside risk	-0.29	4.02	-4.31
Omega ratio: Gain probability vs. loss probability	0.97	1.58	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.28	10.22	-10.50
Martin ratio: Return relative to average drawdown	-0.60	36.68	-37.28

UDN vs. SOXQ - Sharpe Ratio Comparison

The current UDN Sharpe Ratio is -0.23, which is lower than the SOXQ Sharpe Ratio of 4.11. The chart below compares the historical Sharpe Ratios of UDN and SOXQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UDN vs. SOXQ - Drawdown Comparison

The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum SOXQ drawdown of -46.01%. Use the drawdown chart below to compare losses from any high point for UDN and SOXQ.

Drawdown Indicators

	UDN	SOXQ	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-46.01%	+4.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.91%	-15.59%	+10.68%
Max Drawdown (3Y) Largest decline over 3 years	-8.59%	-39.36%	+30.77%
Max Drawdown (5Y) Largest decline over 5 years	-20.82%	-46.01%	+25.19%
Max Drawdown (10Y) Largest decline over 10 years	-25.72%	—	—
Current Drawdown Current decline from peak	-28.97%	-7.82%	-21.15%
Average Drawdown Average peak-to-trough decline	-20.63%	-12.87%	-7.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	4.33%	-2.05%

Volatility

UDN vs. SOXQ - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.37%, while Invesco PHLX Semiconductor ETF (SOXQ) has a volatility of 22.04%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than SOXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDN	SOXQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	22.04%	-20.67%
Volatility (6M) Calculated over the trailing 6-month period	4.34%	32.49%	-28.15%
Volatility (1Y) Calculated over the trailing 1-year period	6.05%	38.78%	-32.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.41%	37.34%	-29.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.86%	37.24%	-30.38%

UDN vs. SOXQ - Expense Ratio Comparison

UDN has a 0.77% expense ratio, which is higher than SOXQ's 0.19% expense ratio.

Dividends

UDN vs. SOXQ - Dividend Comparison

UDN's dividend yield for the trailing twelve months is around 3.01%, more than SOXQ's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOXQ Invesco PHLX Semiconductor ETF	0.27%	0.50%	0.68%	0.87%	1.36%	0.72%	0.00%	0.00%	0.00%	0.00%
UDN Invesco DB US Dollar Index Bearish Fund	3.01%	2.94%	5.33%	5.21%	0.69%	0.00%	0.00%	1.38%	1.26%	0.11%

Frequently Asked Questions

Can I hold both UDN and SOXQ in my portfolio?

UDN and SOXQ have a correlation of 0.17, 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 SOXQ?

SOXQ has higher volatility (22.04%) compared to UDN (1.37%). In terms of maximum drawdown, UDN dropped -41.67% vs SOXQ's -46.01%.

Which ETF is better, UDN or SOXQ?

On 5-year performance, SOXQ leads with 34.04% vs -0.72% for UDN. On fees, SOXQ is cheaper at 0.19% per year. On volatility, UDN has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDN or SOXQ?

Over the 5-year period, SOXQ has performed better with a 34.04% return vs -0.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDN or SOXQ?

SOXQ is cheaper with a 0.19% expense ratio, compared with 0.77% for UDN.

Which ETF pays a higher dividend yield, UDN or SOXQ?

UDN has the higher dividend yield at 3.01%, compared with 0.27% for SOXQ.

What is the main difference between UDN and SOXQ?

UDN is categorized as Currency, while SOXQ is Semiconductors. UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while SOXQ tracks PHLX Semiconductor Sector Index. Their fees differ too: 0.77% for UDN and 0.19% for SOXQ.

Which has better risk-adjusted returns?

SOXQ currently has the higher Sharpe Ratio (4.11 vs -0.23), 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.