UUP vs. CSHI

Last updated Jun 9, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while CSHI is a Ultrashort Bond fund actively managed by Neos. UUP is passively managed, while CSHI is actively managed. Over the past 3 years, UUP returned 4.21%/yr vs 5.40%/yr for CSHI. At a correlation of -0.09, they often move in opposite directions. UUP charges 0.75%/yr vs 0.38%/yr for CSHI.

Performance

UUP vs. CSHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 3.70% return, which is significantly higher than CSHI's 2.22% 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%

CSHI

• 1D: 0.12%
• 1M: 0.23%
• YTD: 2.22%
• 6M: 2.51%
• 1Y: 5.13%
• 3Y*: 5.40%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UUP Invesco DB US Dollar Index Bullish Fund	3.70%	-4.99%	13.50%	3.63%	-3.69%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	2.22%	5.05%	5.66%	6.21%	1.46%

Correlation

The correlation between UUP and CSHI is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	-0.09

The correlation between UUP and CSHI shifts across timeframes, from -0.13 (1 year) to -0.02 (3 years), reflecting how their relationship changes across market environments.

UUP vs. CSHI - Sectors Allocation Comparison

Sectors	UUP	CSHI
Financial Services	97.4%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.3%

Return for Risk

UUP vs. CSHI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UUP

UUP Risk / Return Rank: 29
UUP Sharpe Ratio Rank: 28
UUP Sortino Ratio Rank: 27
UUP Omega Ratio Rank: 26
UUP Calmar Ratio Rank: 35
UUP Martin Ratio Rank: 31

CSHI

CSHI Risk / Return Rank: 99
CSHI Sharpe Ratio Rank: 99
CSHI Sortino Ratio Rank: 99
CSHI Omega Ratio Rank: 99
CSHI Calmar Ratio Rank: 99
CSHI Martin Ratio Rank: 99

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. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). 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	CSHI	Difference
Sharpe ratio: Return per unit of total volatility	0.93	5.80	-4.87
Sortino ratio: Return per unit of downside risk	1.34	10.51	-9.17
Omega ratio: Gain probability vs. loss probability	1.16	2.61	-1.44
Calmar ratio: Return relative to maximum drawdown	1.55	25.71	-24.16
Martin ratio: Return relative to average drawdown	4.13	141.38	-137.25
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. CSHI - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.93, which is lower than the CSHI Sharpe Ratio of 5.80. The chart below compares the historical Sharpe Ratios of UUP and CSHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UUP	CSHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	5.80	-4.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	—	—
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	4.15	-3.94

Drawdowns

UUP vs. CSHI - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, which is greater than CSHI's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for UUP and CSHI.

Drawdown Indicators

	UUP	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-1.69%	-20.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-0.20%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-1.69%	-8.36%
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	-2.89%	-0.08%	-2.81%
Average Drawdown Average peak-to-trough decline	-8.91%	-0.03%	-8.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	0.04%	+1.33%

Volatility

UUP vs. CSHI - Volatility Comparison

Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 1.23% compared to NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) at 0.27%. This indicates that UUP's price experiences larger fluctuations and is considered to be riskier than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.27%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	0.57%	+3.68%
Volatility (1Y) Calculated over the trailing 1-year period	6.09%	0.89%	+5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	1.33%	+5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	1.33%	+5.63%

UUP vs. CSHI - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than CSHI's 0.38% expense ratio.

Dividends

UUP vs. CSHI - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.31%, less than CSHI's 4.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF	4.91%	5.11%	5.72%	6.15%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both UUP and CSHI in my portfolio?

UUP and CSHI have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UUP or CSHI?

UUP has higher volatility (1.23%) compared to CSHI (0.27%). In terms of maximum drawdown, UUP dropped -22.19% vs CSHI's -1.69%.

Which ETF is better, UUP or CSHI?

On 3-year performance, CSHI leads with 5.40% vs 4.21% for UUP. On fees, CSHI is cheaper at 0.38% per year. On volatility, CSHI has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UUP or CSHI?

Over the 3-year period, CSHI has performed better with a 5.40% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UUP or CSHI?

CSHI is cheaper with a 0.38% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, UUP or CSHI?

CSHI has the higher dividend yield at 4.91%, compared with 3.31% for UUP.

What is the main difference between UUP and CSHI?

UUP is categorized as Currency, while CSHI is Ultrashort Bond. They also come from different issuers: Invesco and Neos. Their fees differ too: 0.75% for UUP and 0.38% for CSHI.

Which has better risk-adjusted returns?

CSHI currently has the higher Sharpe Ratio (5.80 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.