UUP vs. BTC-USD
UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, UUP returned 3.22%/yr vs 56.48%/yr for BTC-USD. At a correlation of -0.07, they often move in opposite directions.
Performance
UUP vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.48% return, which is significantly higher than BTC-USD's -24.33% return. Over the past 10 years, UUP has underperformed BTC-USD with an annualized return of 3.22%, while BTC-USD has yielded a comparatively higher 56.48% annualized return.
UUP
- 1D
- 0.07%
- 1M
- 0.72%
- YTD
- 3.48%
- 6M
- 3.56%
- 1Y
- 6.46%
- 3Y*
- 4.54%
- 5Y*
- 5.73%
- 10Y*
- 3.22%
BTC-USD
- 1D
- 0.77%
- 1M
- -15.23%
- YTD
- -24.33%
- 6M
- -23.38%
- 1Y
- -37.30%
- 3Y*
- 35.99%
- 5Y*
- 11.54%
- 10Y*
- 56.48%
UUP vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.48% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
BTC-USD Bitcoin | -24.33% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between UUP and BTC-USD is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2012 | -0.07 |
The correlation between UUP and BTC-USD shifts across timeframes, from -0.17 (5 years) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UUP vs. BTC-USD — Risk / Return Rank
UUP
BTC-USD
UUP vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.95 | ||
| Sortino ratioReturn per unit of downside risk | +2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.88 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | -0.73 | +2.51 |
| Martin ratioReturn relative to average drawdown | 4.74 | -1.26 | +6.00 |
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Drawdowns
UUP vs. BTC-USD - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for UUP and BTC-USD.
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Drawdown Indicators
| UUP | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -85.30% | +63.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -51.21% | +47.56% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -51.21% | +41.16% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -76.67% | +66.30% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -83.80% | +69.56% |
Current DrawdownCurrent decline from peak | -3.10% | -46.91% | +43.81% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -42.38% | +33.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 34.75% | -33.38% |
Volatility
UUP vs. BTC-USD - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.19%, while Bitcoin (BTC-USD) has a volatility of 12.14%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 12.14% | -10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 34.59% | -30.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.03% | 35.62% | -29.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 44.55% | -37.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 56.55% | -49.59% |
Frequently Asked Questions
UUP and BTC-USD have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (12.14%) compared to UUP (1.19%). In terms of maximum drawdown, UUP dropped -22.19% vs BTC-USD's -85.30%.
UUP currently has the higher Sharpe Ratio (1.08 vs -0.87), 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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