UUP vs. ^DXY

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB US Dollar Index Bullish Fund (UUP) and US Dollar Currency Index (^DXY).

UUP is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Long US Dollar Index (USDX) Futures Index. It was launched on Feb 20, 2007.

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.

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	2.77%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
^DXY US Dollar Currency Index	1.40%	-9.37%	7.06%	-2.11%	7.87%	6.71%	-6.69%	0.22%	4.40%	-9.87%

Returns By Period

In the year-to-date period, UUP achieves a 2.77% return, which is significantly higher than ^DXY's 1.40% return. Over the past 10 years, UUP has outperformed ^DXY with an annualized return of 3.09%, while ^DXY has yielded a comparatively lower 0.52% annualized return.

UUP

• 1D: -0.71%
• 1M: 2.58%
• YTD: 2.77%
• 6M: 4.43%
• 1Y: 0.66%
• 3Y*: 4.64%
• 5Y*: 5.20%
• 10Y*: 3.09%

^DXY

• 1D: -0.80%
• 1M: 2.14%
• YTD: 1.40%
• 6M: 1.97%
• 1Y: -4.33%
• 3Y*: -0.92%
• 5Y*: 1.42%
• 10Y*: 0.52%

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

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: 14
UUP Sharpe Ratio Rank: 15
UUP Sortino Ratio Rank: 13
UUP Omega Ratio Rank: 13
UUP Calmar Ratio Rank: 15
UUP Martin Ratio Rank: 14

^DXY

^DXY Risk / Return Rank: 2
^DXY Sharpe Ratio Rank: 1
^DXY Sortino Ratio Rank: 1
^DXY Omega Ratio Rank: 1
^DXY Calmar Ratio Rank: 2
^DXY Martin Ratio Rank: 7

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	0.09	-0.60	+0.69
Sortino ratio Return per unit of downside risk	0.17	-0.77	+0.94
Omega ratio Gain probability vs. loss probability	1.02	0.91	+0.11
Calmar ratio Return relative to maximum drawdown	0.13	-0.49	+0.61
Martin ratio Return relative to average drawdown	0.24	-0.75	+0.99
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 0.09, which is higher than the ^DXY Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of UUP and ^DXY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UUP	^DXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-0.60	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.20	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.08	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.08	+0.28

Correlation

The correlation between UUP and ^DXY is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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	-6.02%	-7.71%	+1.69%
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	-3.76%	-23.31%	+19.55%
Average Drawdown Average peak-to-trough decline	-8.96%	-28.18%	+19.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	4.24%	-1.04%

Volatility

UUP vs. ^DXY - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 2.10%, while US Dollar Currency Index (^DXY) has a volatility of 2.33%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky 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	2.10%	2.33%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	4.17%	4.01%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	7.07%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	7.00%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	6.53%	+0.46%