UDN vs. USDU
UDN (Invesco DB US Dollar Index Bearish Fund) and USDU (WisdomTree Bloomberg U.S. Dollar Bullish Fund) are both Currency funds. UDN is passively managed, while USDU is actively managed. Over the past 10 years, UDN returned -0.44%/yr vs 2.69%/yr for USDU. At a correlation of -0.83, they often move in opposite directions. UDN charges 0.77%/yr vs 0.51%/yr for USDU.
Performance
UDN vs. USDU - 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 USDU's 1.67% return. Over the past 10 years, UDN has underperformed USDU with an annualized return of -0.44%, while USDU has yielded a comparatively higher 2.69% 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%
USDU
- 1D
- -0.04%
- 1M
- 1.27%
- YTD
- 1.67%
- 6M
- 0.85%
- 1Y
- 4.56%
- 3Y*
- 4.45%
- 5Y*
- 5.37%
- 10Y*
- 2.69%
UDN vs. USDU - 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% |
USDU WisdomTree Bloomberg U.S. Dollar Bullish Fund | 1.67% | -3.14% | 14.56% | 3.10% | 7.67% | 4.07% | -5.43% | 1.54% | 5.40% | -7.44% |
Correlation
The correlation between UDN and USDU is -0.88, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2013 | -0.83 |
The correlation between UDN and USDU has been stable across timeframes, ranging from -0.88 to -0.83 - a consistent structural relationship.
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Return for Risk
UDN vs. USDU — Risk / Return Rank
UDN
USDU
UDN vs. USDU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bearish Fund (UDN) and WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU). 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 | USDU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.16 | 0.81 | -0.65 |
Sortino ratioReturn per unit of downside risk | 0.27 | 1.21 | -0.94 |
Omega ratioGain probability vs. loss probability | 1.03 | 1.15 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.04 | -0.67 |
Martin ratioReturn relative to average drawdown | 0.82 | 2.84 | -2.03 |
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 | USDU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 0.81 | -0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | 0.81 | -0.90 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.06 | 0.36 | -0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.43 | -0.52 |
Drawdowns
UDN vs. USDU - Drawdown Comparison
The maximum UDN drawdown since its inception was -41.67%, which is greater than USDU's maximum drawdown of -14.54%. Use the drawdown chart below to compare losses from any high point for UDN and USDU.
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Drawdown Indicators
| UDN | USDU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.67% | -14.54% | -27.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.54% | -3.64% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -8.59% | -7.73% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -22.50% | -9.28% | -13.22% |
Max Drawdown (10Y)Largest decline over 10 years | -25.72% | -14.54% | -11.18% |
Current DrawdownCurrent decline from peak | -27.46% | -2.47% | -24.99% |
Average DrawdownAverage peak-to-trough decline | -20.61% | -4.72% | -15.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 1.34% | +0.76% |
Volatility
UDN vs. USDU - Volatility Comparison
Invesco DB US Dollar Index Bearish Fund (UDN) and WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU) have volatilities of 1.25% and 1.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UDN | USDU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.24% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 4.31% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 5.70% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.42% | 6.63% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.92% | 7.46% | -0.54% |
UDN vs. USDU - Expense Ratio Comparison
UDN has a 0.77% expense ratio, which is higher than USDU's 0.51% expense ratio.
Dividends
UDN vs. USDU - Dividend Comparison
UDN's dividend yield for the trailing twelve months is around 2.94%, less than USDU's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USDU WisdomTree Bloomberg U.S. Dollar Bullish Fund | 3.77% | 3.83% | 3.97% | 6.99% | 7.83% | 0.00% | 0.69% | 3.06% | 0.88% | 0.00% | 0.00% | 6.48% |
Frequently Asked Questions
UDN and USDU have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UDN has higher volatility (1.25%) compared to USDU (1.24%). In terms of maximum drawdown, UDN dropped -41.67% vs USDU's -14.54%.
On 10-year performance, USDU leads with 2.69% vs -0.44% for UDN. On fees, USDU is cheaper at 0.51% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USDU has performed better with a 2.69% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USDU is cheaper with a 0.51% expense ratio, compared with 0.77% for UDN.
USDU has the higher dividend yield at 3.77%, compared with 2.94% for UDN.
They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.77% for UDN and 0.51% for USDU.
USDU currently has the higher Sharpe Ratio (0.81 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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