UUP vs. ^DXY

Last updated Jul 14, 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. 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

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%

^DXY

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*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	5.44%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
^DXY US Dollar Currency Index	1.13%	-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 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.95
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 1, 2007	0.94

The correlation between UUP and ^DXY has been stable across timeframes, ranging from 0.91 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: 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

^DXY

^DXY Risk / Return Rank: 17
^DXY Sharpe Ratio Rank: 18
^DXY Sortino Ratio Rank: 15
^DXY Omega Ratio Rank: 15
^DXY Calmar Ratio Rank: 19
^DXY Martin Ratio Rank: 19

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.

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.

	UUP	^DXY	Difference
Sharpe ratio: Return per unit of total volatility	1.38	—	—
Sortino ratio: Return per unit of downside risk	1.99	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.28	—	—
Martin ratio: Return relative to average drawdown	6.26	—	—

Drawdowns

Drawdown Indicators

	UUP	^DXY	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	—	—
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	-1.26%	—	—
Average Drawdown Average peak-to-trough decline	-8.88%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	—	—

Volatility

Volatility by Period

	UUP	^DXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.03%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.90%	—	—

Frequently Asked Questions

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

With a correlation of 0.91, 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.