UMMA vs. UUP

Last updated Jul 14, 2026

UMMA (Wahed Dow Jones Islamic World ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - UMMA is a Foreign Large Cap Equities fund actively managed by Wahed, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. UMMA is actively managed, while UUP is passively managed. Over the past 3 years, UMMA returned 18.38%/yr vs 5.86%/yr for UUP. At a correlation of -0.47, they often move in opposite directions. UMMA charges 0.65%/yr vs 0.75%/yr for UUP.

Performance

UMMA vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed Dow Jones Islamic World ETF (UMMA) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMMA achieves a 23.36% return, which is significantly higher than UUP's 5.44% return.

UMMA

• 1D: -3.41%
• 1M: -5.10%
• 6M: 16.03%
• YTD: 23.36%
• 1Y: 38.94%
• 3Y*: 18.38%
• 5Y*: —
• 10Y*: —

UUP

• 1D: 0.39%
• 1M: 1.97%
• 6M: 4.47%
• YTD: 5.44%
• 1Y: 8.28%
• 3Y*: 5.86%
• 5Y*: 5.89%
• 10Y*: 3.17%

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

UMMA vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UMMA Wahed Dow Jones Islamic World ETF	23.36%	26.65%	4.67%	18.84%	-21.31%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	3.63%	8.74%

Correlation

The correlation between UMMA and UUP is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Jan 7, 2022	-0.47

Return for Risk

UMMA vs. UUP — Risk / Return Rank

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

UMMA

UMMA Risk / Return Rank: 63
UMMA Sharpe Ratio Rank: 63
UMMA Sortino Ratio Rank: 58
UMMA Omega Ratio Rank: 62
UMMA Calmar Ratio Rank: 66
UMMA Martin Ratio Rank: 67

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

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.

UMMA vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed Dow Jones Islamic World ETF (UMMA) and Invesco DB US Dollar Index Bullish Fund (UUP). 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.

	UMMA	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.38	+0.27
Sortino ratio: Return per unit of downside risk	2.20	1.99	+0.22
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	2.62	2.28	+0.34
Martin ratio: Return relative to average drawdown	9.55	6.26	+3.29

UMMA vs. UUP - Sharpe Ratio Comparison

The current UMMA Sharpe Ratio is 1.65, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of UMMA and UUP, 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

UMMA vs. UUP - Drawdown Comparison

The maximum UMMA drawdown since its inception was -34.17%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for UMMA and UUP.

Drawdown Indicators

	UMMA	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-34.17%	-22.19%	-11.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-3.65%	-11.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-10.05%	-8.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-9.58%	-1.26%	-8.32%
Average Drawdown Average peak-to-trough decline	-9.68%	-8.88%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	1.33%	+2.76%

Volatility

UMMA vs. UUP - Volatility Comparison

Wahed Dow Jones Islamic World ETF (UMMA) has a higher volatility of 11.21% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that UMMA's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMMA	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.21%	1.45%	+9.76%
Volatility (6M) Calculated over the trailing 6-month period	21.35%	4.34%	+17.01%
Volatility (1Y) Calculated over the trailing 1-year period	23.72%	6.03%	+17.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	7.22%	+14.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	6.90%	+14.33%

UMMA vs. UUP - Expense Ratio Comparison

UMMA has a 0.65% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

UMMA vs. UUP - Dividend Comparison

UMMA's dividend yield for the trailing twelve months is around 0.99%, less than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMMA Wahed Dow Jones Islamic World ETF	0.99%	1.02%	0.91%	1.09%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%
UUP Invesco DB US Dollar Index Bullish Fund	3.25%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%

Frequently Asked Questions

Can I hold both UMMA and UUP in my portfolio?

UMMA and UUP have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMMA or UUP?

UMMA has higher volatility (11.21%) compared to UUP (1.45%). In terms of maximum drawdown, UMMA dropped -34.17% vs UUP's -22.19%.

Which ETF is better, UMMA or UUP?

On 3-year performance, UMMA leads with 18.38% vs 5.86% for UUP. On fees, UMMA is cheaper at 0.65% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMMA or UUP?

Over the 3-year period, UMMA has performed better with a 18.38% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMMA or UUP?

UMMA is cheaper with a 0.65% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, UMMA or UUP?

UUP has the higher dividend yield at 3.25%, compared with 0.99% for UMMA.

What is the main difference between UMMA and UUP?

UMMA is categorized as Foreign Large Cap Equities, while UUP is Currency. They also come from different issuers: Wahed and Invesco. Their fees differ too: 0.65% for UMMA and 0.75% for UUP.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (1.65 vs 1.38), 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.