UUP vs. BND
UUP (Invesco DB US Dollar Index Bullish Fund) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, UUP returned 3.19%/yr vs 1.53%/yr for BND. At a correlation of -0.17, they often move in opposite directions. UUP charges 0.75%/yr vs 0.03%/yr for BND.
Performance
UUP vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.70% return, which is significantly higher than BND's -0.07% return. Over the past 10 years, UUP has outperformed BND with an annualized return of 3.19%, while BND has yielded a comparatively lower 1.53% annualized return.
UUP
- 1D
- 0.04%
- 1M
- 2.52%
- YTD
- 3.70%
- 6M
- 3.08%
- 1Y
- 5.64%
- 3Y*
- 4.21%
- 5Y*
- 6.04%
- 10Y*
- 3.19%
BND
- 1D
- -0.03%
- 1M
- -0.67%
- YTD
- -0.07%
- 6M
- 0.23%
- 1Y
- 4.87%
- 3Y*
- 3.89%
- 5Y*
- -0.05%
- 10Y*
- 1.53%
UUP vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.70% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
BND Vanguard Total Bond Market ETF | -0.07% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between UUP and BND is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | -0.17 |
Over the past year, the inverse relationship between UUP and BND has strengthened: their correlation has moved from -0.17 to -0.48, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UUP vs. BND — Risk / Return Rank
UUP
BND
UUP vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.23 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.83 | -0.28 |
| Martin ratioReturn relative to average drawdown | 4.13 | 5.43 | -1.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UUP | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.32 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | -0.01 | +0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.28 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.58 | -0.38 |
Drawdowns
UUP vs. BND - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for UUP and BND.
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Drawdown Indicators
| UUP | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -18.58% | -3.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -2.68% | -0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -5.92% | -4.13% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -17.91% | +7.54% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -18.58% | +4.34% |
Current DrawdownCurrent decline from peak | -2.89% | -2.70% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -3.06% | -5.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 0.90% | +0.47% |
Volatility
UUP vs. BND - Volatility Comparison
Invesco DB US Dollar Index Bullish Fund (UUP) and Vanguard Total Bond Market ETF (BND) have volatilities of 1.23% and 1.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.20% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 2.69% | +1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.09% | 3.72% | +2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 6.02% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 5.53% | +1.43% |
UUP vs. BND - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
UUP vs. BND - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.31%, less than BND's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.98% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.31% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
UUP and BND have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.23%) compared to BND (1.20%). In terms of maximum drawdown, UUP dropped -22.19% vs BND's -18.58%.
On 10-year performance, UUP leads with 3.19% vs 1.53% for BND. On fees, BND is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.19% return vs 1.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.75% for UUP.
BND has the higher dividend yield at 3.98%, compared with 3.31% for UUP.
UUP is categorized as Currency, while BND is Total Bond Market. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.75% for UUP and 0.03% for BND.
BND currently has the higher Sharpe Ratio (1.32 vs 0.93), 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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