UUP vs. CDX
UUP (Invesco DB US Dollar Index Bullish Fund) and CDX (Simplify High Yield PLUS Credit Hedge ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while CDX is a High Yield Bonds fund actively managed by Simplify. UUP is passively managed, while CDX is actively managed. Over the past 3 years, UUP returned 4.21%/yr vs 7.84%/yr for CDX. At a correlation of -0.29, they often move in opposite directions. UUP charges 0.75%/yr vs 0.26%/yr for CDX.
Performance
UUP vs. CDX - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.40% return, which is significantly higher than CDX's -1.56% return.
UUP
- 1D
- 0.00%
- 1M
- 1.19%
- YTD
- 3.40%
- 6M
- 3.41%
- 1Y
- 6.38%
- 3Y*
- 4.21%
- 5Y*
- 5.89%
- 10Y*
- 3.13%
CDX
- 1D
- -0.09%
- 1M
- 0.33%
- YTD
- -1.56%
- 6M
- -1.47%
- 1Y
- -0.54%
- 3Y*
- 7.84%
- 5Y*
- —
- 10Y*
- —
UUP vs. CDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.40% | -4.99% | 13.50% | 3.63% | 8.78% |
CDX Simplify High Yield PLUS Credit Hedge ETF | -1.56% | 9.51% | 7.71% | 12.74% | -8.26% |
Correlation
The correlation between UUP and CDX is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | -0.29 |
The correlation between UUP and CDX shifts across timeframes, from -0.34 (1 year) to -0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UUP vs. CDX — Risk / Return Rank
UUP
CDX
UUP vs. CDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Simplify High Yield PLUS Credit Hedge ETF (CDX). 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 | CDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.98 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | -0.17 | +2.00 |
| Martin ratioReturn relative to average drawdown | 4.89 | -0.39 | +5.27 |
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Drawdowns
UUP vs. CDX - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, which is greater than CDX's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for UUP and CDX.
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Drawdown Indicators
| UUP | CDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -13.24% | -8.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -4.18% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -8.88% | -1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -3.17% | -6.57% | +3.40% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -4.35% | -4.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 1.85% | -0.49% |
Volatility
UUP vs. CDX - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.24%, while Simplify High Yield PLUS Credit Hedge ETF (CDX) has a volatility of 1.73%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than CDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | CDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.73% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 4.81% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.07% | 5.80% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 11.08% | -3.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 11.08% | -4.12% |
UUP vs. CDX - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than CDX's 0.26% expense ratio.
Dividends
UUP vs. CDX - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.32%, less than CDX's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CDX Simplify High Yield PLUS Credit Hedge ETF | 8.29% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.32% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
UUP and CDX have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (1.73%) compared to UUP (1.24%). In terms of maximum drawdown, UUP dropped -22.19% vs CDX's -13.24%.
On 3-year performance, CDX leads with 7.84% vs 4.21% for UUP. On fees, CDX is cheaper at 0.26% per year. On volatility, UUP has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CDX has performed better with a 7.84% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.26% expense ratio, compared with 0.75% for UUP.
CDX has the higher dividend yield at 8.29%, compared with 3.32% for UUP.
UUP is categorized as Currency, while CDX is High Yield Bonds. They also come from different issuers: Invesco and Simplify. Their fees differ too: 0.75% for UUP and 0.26% for CDX.
UUP currently has the higher Sharpe Ratio (1.11 vs -0.12), 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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