UUP vs. CHFUSD=X
UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while CHFUSD=X (USD/CHF) is a currency. Over the past 10 years, UUP returned 3.09%/yr vs 1.93%/yr for CHFUSD=X. Their -0.76 correlation means they have often moved in opposite directions in the past.
Performance
UUP vs. CHFUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 4.22% return, which is significantly higher than CHFUSD=X's -2.18% return. Over the past 10 years, UUP has outperformed CHFUSD=X with an annualized return of 3.09%, while CHFUSD=X has yielded a comparatively lower 1.93% annualized return.
UUP
- 1D
- 0.00%
- 1M
- -0.60%
- 6M
- 4.37%
- YTD
- 4.22%
- 1Y
- 5.67%
- 3Y*
- 4.61%
- 5Y*
- 5.68%
- 10Y*
- 3.09%
- ALL TIME*
- 1.65%
CHFUSD=X
- 1D
- -0.15%
- 1M
- -0.83%
- 6M
- -3.76%
- YTD
- -2.18%
- 1Y
- -0.69%
- 3Y*
- 2.51%
- 5Y*
- 2.28%
- 10Y*
- 1.93%
- ALL TIME*
- 1.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
CHFUSD=X USD/CHF | $65.50K | $118.10K | $158.81K |
| $56.91M | $58.52M | $60.16M |
UUP vs. CHFUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 4.22% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
CHFUSD=X USD/CHF | -2.18% | 14.56% | -7.30% | 9.83% | -1.34% | -2.97% | 9.43% | 1.71% | -1.05% | 4.56% |
Correlation
The correlation between UUP and CHFUSD=X is -0.80, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.80 |
Correlation (3Y) Balances recent behavior with more history. | -0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.74 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2007 | -0.76 |
The correlation between UUP and CHFUSD=X has been stable across timeframes, ranging from -0.80 to -0.73 - a consistent structural relationship.
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Return for Risk
UUP vs. CHFUSD=X — Risk / Return Rank
UUP
CHFUSD=X
UUP vs. CHFUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and USD/CHF (CHFUSD=X). 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 | CHFUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.99 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | -0.08 | +1.64 |
| Martin ratioReturn relative to average drawdown | 4.91 | -0.18 | +5.09 |
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Drawdowns
UUP vs. CHFUSD=X - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum CHFUSD=X drawdown of -29.99%. Use the drawdown chart below to compare losses from any high point for UUP and CHFUSD=X.
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Drawdown Indicators
| UUP | CHFUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -29.99% | +7.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -7.06% | +3.41% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -8.69% | -1.36% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -10.45% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -13.35% | -0.89% |
Current DrawdownCurrent decline from peak | -2.41% | -10.96% | +8.55% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -18.73% | +9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 3.27% | -2.11% |
Volatility
UUP vs. CHFUSD=X - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.58%, while USD/CHF (CHFUSD=X) has a volatility of 2.03%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than CHFUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | CHFUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 2.03% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.00% | 4.52% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.77% | 6.72% | -0.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.23% | 7.91% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.89% | 7.34% | -0.45% |
Frequently Asked Questions
UUP and CHFUSD=X have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHFUSD=X has higher volatility (2.03%) compared to UUP (1.58%). In terms of maximum drawdown, UUP dropped -22.19% vs CHFUSD=X's -29.99%.
UUP currently has the higher Sharpe Ratio (0.99 vs -0.08), 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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