UUP vs. ^DXY

Last updated Jun 3, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while ^DXY (US Dollar Currency Index) is an index. Over the past 10 years, UUP returned 3.16%/yr vs 0.54%/yr for ^DXY. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

UUP vs. ^DXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and US Dollar Currency Index (^DXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 2.70% return, which is significantly higher than ^DXY's 0.93% return. Over the past 10 years, UUP has outperformed ^DXY with an annualized return of 3.16%, while ^DXY has yielded a comparatively lower 0.54% annualized return.

UUP

• 1D: 0.00%
• 1M: 1.28%
• YTD: 2.70%
• 6M: 1.84%
• 1Y: 5.31%
• 3Y*: 3.76%
• 5Y*: 5.76%
• 10Y*: 3.16%

^DXY

• 1D: 0.04%
• 1M: 1.10%
• YTD: 0.93%
• 6M: -0.12%
• 1Y: 0.54%
• 3Y*: -1.55%
• 5Y*: 1.86%
• 10Y*: 0.54%

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

UUP vs. ^DXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	2.70%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
^DXY US Dollar Currency Index	0.93%	-9.37%	7.06%	-2.11%	7.87%	6.71%	-6.69%	0.22%	4.40%	-9.87%

Correlation

The correlation between UUP and ^DXY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	0.94

The correlation between UUP and ^DXY has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

UUP vs. ^DXY — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 24
UUP Sharpe Ratio Rank: 25
UUP Sortino Ratio Rank: 24
UUP Omega Ratio Rank: 23
UUP Calmar Ratio Rank: 26
UUP Martin Ratio Rank: 25

^DXY

^DXY Risk / Return Rank: 13
^DXY Sharpe Ratio Rank: 13
^DXY Sortino Ratio Rank: 10
^DXY Omega Ratio Rank: 10
^DXY Calmar Ratio Rank: 17
^DXY Martin Ratio Rank: 17

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.

UUP vs. ^DXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and US Dollar Currency Index (^DXY). 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.

	UUP	^DXY	Difference
Sharpe ratio Return per unit of total volatility	0.87	0.09	+0.78
Sortino ratio Return per unit of downside risk	1.26	0.17	+1.10
Omega ratio Gain probability vs. loss probability	1.15	1.02	+0.13
Calmar ratio Return relative to maximum drawdown	1.26	0.15	+1.10
Martin ratio Return relative to average drawdown	3.34	0.35	+2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UUP vs. ^DXY - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.87, which is higher than the ^DXY Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of UUP and ^DXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UUP	^DXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	0.09	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.26	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.08	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.08	+0.27

Drawdowns

UUP vs. ^DXY - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum ^DXY drawdown of -45.13%. Use the drawdown chart below to compare losses from any high point for UUP and ^DXY.

Drawdown Indicators

	UUP	^DXY	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-45.13%	+22.94%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-4.00%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-12.49%	+2.44%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-15.68%	+5.31%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	-15.68%	+1.44%
Current Drawdown Current decline from peak	-3.83%	-23.66%	+19.83%
Average Drawdown Average peak-to-trough decline	-8.92%	-28.17%	+19.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	1.75%	-0.38%

Volatility

UUP vs. ^DXY - Volatility Comparison

Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 1.24% compared to US Dollar Currency Index (^DXY) at 1.02%. This indicates that UUP's price experiences larger fluctuations and is considered to be riskier than ^DXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	^DXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.02%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	3.89%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	6.15%	5.75%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	6.98%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	6.49%	+0.47%

Frequently Asked Questions

Can I hold both UUP and ^DXY in my portfolio?

With a correlation of 0.95, UUP and ^DXY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UUP or ^DXY?

UUP has higher volatility (1.24%) compared to ^DXY (1.02%). In terms of maximum drawdown, UUP dropped -22.19% vs ^DXY's -45.13%.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (0.87 vs 0.09), 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.