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UDN vs. XLG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UDN vs. XLG

Last updated Jun 3, 2026

UDN (Invesco DB US Dollar Index Bearish Fund) and XLG (Invesco S&P 500 Top 50 ETF) are both exchange-traded funds - UDN is a Currency fund tracking the Deutsche Bank Short USD Currency Portfolio Index, while XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index. Both are passively managed. Over the past 10 years, UDN returned -0.44%/yr vs 17.41%/yr for XLG. At a 0.18 correlation, their price movements are largely independent. UDN charges 0.77%/yr vs 0.20%/yr for XLG.

Performance

UDN vs. XLG - 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 S&P 500 Top 50 ETF (XLG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UDN achieves a -0.27% return, which is significantly lower than XLG's 8.82% return. Over the past 10 years, UDN has underperformed XLG with an annualized return of -0.44%, while XLG has yielded a comparatively higher 17.41% 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%

XLG

1D
-0.29%
1M
5.06%
YTD
8.82%
6M
8.60%
1Y
30.80%
3Y*
24.94%
5Y*
16.76%
10Y*
17.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UDN vs. XLG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XLG
Invesco S&P 500 Top 50 ETF		8.82%19.51%33.49%38.16%-24.29%30.77%24.15%32.04%-3.59%23.04%

Correlation

The correlation between UDN and XLG is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.15

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

0.18

Compare stocks, funds, or ETFs

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Invesco DB US Dollar Index Bearish Fund

Invesco S&P 500 Top 50 ETF

Often compared with UDN:
UDN vs. UUPUDN vs. FXEUDN vs. CEWUDN vs. VOOUDN vs. SPYUDN vs. BTC-USDUDN vs. IGOV
Often compared with XLG:
XLG vs. SPYXLG vs. QQQXLG vs. VOOXLG vs. XLKXLG vs. TOPTXLG vs. SPYGXLG vs. MGK

Return for Risk

UDN vs. XLG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UDN
UDN Risk / Return Rank: 1111
Overall Rank
UDN Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
UDN Sortino Ratio Rank: 1010
Sortino Ratio Rank
UDN Omega Ratio Rank: 1010
Omega Ratio Rank
UDN Calmar Ratio Rank: 1313
Calmar Ratio Rank
UDN Martin Ratio Rank: 1212
Martin Ratio Rank
XLG
XLG Risk / Return Rank: 6262
Overall Rank
XLG Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
XLG Sortino Ratio Rank: 6868
Sortino Ratio Rank
XLG Omega Ratio Rank: 6868
Omega Ratio Rank
XLG Calmar Ratio Rank: 5151
Calmar Ratio Rank
XLG Martin Ratio Rank: 5555
Martin Ratio Rank
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. XLG - 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 500 Top 50 ETF (XLG). 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.

UDNXLGDifference

Sharpe ratio

Return per unit of total volatility

0.16

2.33

-2.17

Sortino ratio

Return per unit of downside risk

0.27

3.14

-2.87

Omega ratio

Gain probability vs. loss probability

1.03

1.41

-0.38

Calmar ratio

Return relative to maximum drawdown

0.38

2.55

-2.18

Martin ratio

Return relative to average drawdown

0.82

9.60

-8.78

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. XLG - Sharpe Ratio Comparison

The current UDN Sharpe Ratio is 0.16, which is lower than the XLG Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of UDN and XLG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UDNXLGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.16

2.33

-2.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.08

0.90

-0.99

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.06

0.93

-0.99

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.09

0.63

-0.72

Drawdowns

UDN vs. XLG - Drawdown Comparison

The maximum UDN drawdown since its inception was -41.67%, smaller than the maximum XLG drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for UDN and XLG.

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Drawdown Indicators

UDNXLGDifference

Max Drawdown

Largest peak-to-trough decline

-41.67%

-52.39%

+10.72%

Max Drawdown (1Y)

Largest decline over 1 year

-4.54%

-12.41%

+7.87%

Max Drawdown (3Y)

Largest decline over 3 years

-8.59%

-20.70%

+12.11%

Max Drawdown (5Y)

Largest decline over 5 years

-22.50%

-28.02%

+5.52%

Max Drawdown (10Y)

Largest decline over 10 years

-25.72%

-30.46%

+4.74%

Current Drawdown

Current decline from peak

-27.46%

-0.29%

-27.17%

Average Drawdown

Average peak-to-trough decline

-20.61%

-7.64%

-12.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.10%

3.30%

-1.20%

Volatility

UDN vs. XLG - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bearish Fund (UDN) is 1.25%, while Invesco S&P 500 Top 50 ETF (XLG) has a volatility of 2.92%. This indicates that UDN experiences smaller price fluctuations and is considered to be less risky than XLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UDNXLGDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.25%

2.92%

-1.67%

Volatility (6M)

Calculated over the trailing 6-month period

4.23%

9.73%

-5.50%

Volatility (1Y)

Calculated over the trailing 1-year period

6.13%

13.28%

-7.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.42%

18.68%

-11.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.92%

18.84%

-11.92%

UDN vs. XLG - Expense Ratio Comparison

UDN has a 0.77% expense ratio, which is higher than XLG's 0.20% expense ratio.

Dividends

UDN vs. XLG - Dividend Comparison

UDN's dividend yield for the trailing twelve months is around 2.94%, more than XLG's 0.59% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XLG
Invesco S&P 500 Top 50 ETF		0.59%0.64%0.72%0.97%1.34%0.94%1.25%1.58%2.00%1.85%2.00%2.09%

Frequently Asked Questions

UDN and XLG have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XLG has higher volatility (2.92%) compared to UDN (1.25%). In terms of maximum drawdown, UDN dropped -41.67% vs XLG's -52.39%.

On 10-year performance, XLG leads with 17.41% vs -0.44% for UDN. On fees, XLG is cheaper at 0.20% 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, XLG has performed better with a 17.41% return vs -0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLG is cheaper with a 0.20% expense ratio, compared with 0.77% for UDN.

UDN has the higher dividend yield at 2.94%, compared with 0.59% for XLG.

UDN is categorized as Currency, while XLG is S&P 500. UDN tracks Deutsche Bank Short USD Currency Portfolio Index, while XLG tracks S&P 500 Top 50 Index. Their fees differ too: 0.77% for UDN and 0.20% for XLG.

XLG currently has the higher Sharpe Ratio (2.33 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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