PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
UUP vs. BNDD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UUP vs. BNDD

Last updated Jun 5, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and BNDD (Quadratic Deflation ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while BNDD is a Government Bonds fund actively managed by KraneShares. UUP is passively managed, while BNDD is actively managed. Over the past 3 years, UUP returned 3.92%/yr vs -3.83%/yr for BNDD. At a correlation of -0.03, they often move in opposite directions. UUP charges 0.75%/yr vs 1.02%/yr for BNDD.

Performance

UUP vs. BNDD - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, UUP achieves a 3.00% return, which is significantly lower than BNDD's 4.38% return.

UUP

1D
-0.07%
1M
1.24%
YTD
3.00%
6M
2.42%
1Y
5.38%
3Y*
3.92%
5Y*
5.90%
10Y*
3.19%

BNDD

1D
0.06%
1M
0.95%
YTD
4.38%
6M
2.33%
1Y
2.37%
3Y*
-3.83%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. BNDD - Yearly Performance Comparison

2026 (YTD)20252024202320222021
UUP
Invesco DB US Dollar Index Bullish Fund		3.00%-4.99%13.50%3.63%9.46%2.48%
BNDD
Quadratic Deflation ETF		4.38%-8.17%-6.65%4.02%-17.48%5.54%

Correlation

The correlation between UUP and BNDD is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2021

-0.03

UUP vs. BNDD - Sectors Allocation Comparison

Sectors
UUP
BNDD

Financial Services

97.7%
77.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

UUP
97.7%
BNDD
77.7%

Basic Materials

UUP

-

BNDD

-

Communication Services

UUP

-

BNDD

-

Consumer Cyclical

UUP

-

BNDD

-

Consumer Defensive

UUP

-

BNDD

-

Energy

UUP

-

BNDD

-

Healthcare

UUP

-

BNDD

-

Industrials

UUP

-

BNDD

-

Real Estate

UUP

-

BNDD

-

Technology

UUP

-

BNDD

-

Utilities

UUP

-

BNDD

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB US Dollar Index Bullish Fund

Quadratic Deflation ETF

Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F
Often compared with BNDD:
BNDD vs. SPYBNDD vs. BNDBNDD vs. VGITBNDD vs. TLTBNDD vs. VTBNDD vs. XDTEBNDD vs. IEF

Return for Risk

UUP vs. BNDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UUP
UUP Risk / Return Rank: 2727
Overall Rank
UUP Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 2525
Sortino Ratio Rank
UUP Omega Ratio Rank: 2424
Omega Ratio Rank
UUP Calmar Ratio Rank: 3131
Calmar Ratio Rank
UUP Martin Ratio Rank: 2828
Martin Ratio Rank
BNDD
BNDD Risk / Return Rank: 1313
Overall Rank
BNDD Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
BNDD Sortino Ratio Rank: 1212
Sortino Ratio Rank
BNDD Omega Ratio Rank: 1212
Omega Ratio Rank
BNDD Calmar Ratio Rank: 1414
Calmar Ratio Rank
BNDD Martin Ratio Rank: 1313
Martin Ratio Rank
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. BNDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Quadratic Deflation ETF (BNDD). 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.

UUPBNDDDifference
Sharpe ratioReturn per unit of total volatility
0.89
0.23

+0.67

Sortino ratioReturn per unit of downside risk
1.29
0.39

+0.90

Omega ratioGain probability vs. loss probability

1.16

1.05

+0.11

Calmar ratioReturn relative to maximum drawdown

1.48

0.39

+1.09

Martin ratioReturn relative to average drawdown

3.93

0.84

+3.09

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. BNDD - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.89, which is higher than the BNDD Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of UUP and BNDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

UUPBNDDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.89

0.23

+0.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

-0.33

+0.53

Drawdowns

UUP vs. BNDD - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum BNDD drawdown of -30.87%. Use the drawdown chart below to compare losses from any high point for UUP and BNDD.

Loading charts...

Drawdown Indicators

UUPBNDDDifference

Max Drawdown

Largest peak-to-trough decline

-22.19%

-30.87%

+8.68%

Max Drawdown (1Y)

Largest decline over 1 year

-3.65%

-6.09%

+2.44%

Max Drawdown (3Y)

Largest decline over 3 years

-10.05%

-20.75%

+10.70%

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

-3.55%

-26.46%

+22.91%

Average Drawdown

Average peak-to-trough decline

-8.92%

-19.34%

+10.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.37%

2.83%

-1.46%

Volatility

UUP vs. BNDD - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.27%, while Quadratic Deflation ETF (BNDD) has a volatility of 2.17%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than BNDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

UUPBNDDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.27%

2.17%

-0.90%

Volatility (6M)

Calculated over the trailing 6-month period

4.24%

8.07%

-3.83%

Volatility (1Y)

Calculated over the trailing 1-year period

6.08%

10.59%

-4.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.22%

13.37%

-6.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.96%

13.37%

-6.41%

UUP vs. BNDD - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is lower than BNDD's 1.02% expense ratio.

Dividends

UUP vs. BNDD - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.33%, less than BNDD's 3.60% yield.

PositionTTM202520242023202220212020201920182017
BNDD
Quadratic Deflation ETF		3.60%3.82%3.85%4.30%43.17%1.04%0.00%0.00%0.00%0.00%
UUP
Invesco DB US Dollar Index Bullish Fund		3.33%3.43%4.48%6.44%0.89%0.00%0.00%2.03%1.08%0.10%

Frequently Asked Questions

UUP and BNDD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNDD has higher volatility (2.17%) compared to UUP (1.27%). In terms of maximum drawdown, UUP dropped -22.19% vs BNDD's -30.87%.

On 3-year performance, UUP leads with 3.92% vs -3.83% for BNDD. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, UUP has performed better with a 3.92% return vs -3.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UUP is cheaper with a 0.75% expense ratio, compared with 1.02% for BNDD.

BNDD has the higher dividend yield at 3.60%, compared with 3.33% for UUP.

UUP is categorized as Currency, while BNDD is Government Bonds. They also come from different issuers: Invesco and KraneShares. Their fees differ too: 0.75% for UUP and 1.02% for BNDD.

UUP currently has the higher Sharpe Ratio (0.89 vs 0.23), 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.

Portfolio Optimizer

Find the right allocation for UUP and BNDD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer