PortfoliosLab logoPortfoliosLab logo

Documentation

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

UUP vs. CSPX.AS

Last updated Jun 9, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and CSPX.AS (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while CSPX.AS is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UUP returned 3.19%/yr vs 15.22%/yr for CSPX.AS. At a correlation of -0.21, they often move in opposite directions. UUP charges 0.75%/yr vs 0.07%/yr for CSPX.AS.

Performance

UUP vs. CSPX.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and iShares Core S&P 500 UCITS ETF (CSPX.AS). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

UUP is traded in USD, while CSPX.AS is traded in EUR. To make them comparable, the CSPX.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UUP achieves a 3.70% return, which is significantly lower than CSPX.AS's 10.24% return. Over the past 10 years, UUP has underperformed CSPX.AS with an annualized return of 3.19%, while CSPX.AS has yielded a comparatively higher 15.22% annualized 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%

CSPX.AS

1D
0.01%
1M
2.35%
YTD
10.24%
6M
10.64%
1Y
27.49%
3Y*
22.11%
5Y*
13.71%
10Y*
15.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. CSPX.AS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UUP
Invesco DB US Dollar Index Bullish Fund		3.70%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%
CSPX.AS
iShares Core S&P 500 UCITS ETF		10.24%17.97%25.59%26.14%-19.39%30.70%17.25%30.40%-5.01%22.28%

Correlation

The correlation between UUP and CSPX.AS is -0.32, 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

-0.32

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

-0.27

Correlation (5Y)
Calculated over the trailing 5-year period

-0.33

Correlation (10Y)
Calculated over the trailing 10-year period

-0.27

Correlation (All Time)
Calculated using the full available price history since May 6, 2014

-0.21

The correlation between UUP and CSPX.AS shifts across timeframes, from -0.33 (5 years) to -0.21 (all time), reflecting how their relationship changes across market environments.

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

iShares Core S&P 500 UCITS 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 CSPX.AS:
CSPX.AS vs. CSPX.LCSPX.AS vs. VUSA.LCSPX.AS vs. VOOCSPX.AS vs. SPYCSPX.AS vs. CNDX.ASCSPX.AS vs. VUSD.LCSPX.AS vs. SPYL.DE

Return for Risk

UUP vs. CSPX.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UUP
UUP Risk / Return Rank: 2929
Overall Rank
UUP Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 2727
Sortino Ratio Rank
UUP Omega Ratio Rank: 2626
Omega Ratio Rank
UUP Calmar Ratio Rank: 3535
Calmar Ratio Rank
UUP Martin Ratio Rank: 3131
Martin Ratio Rank
CSPX.AS
CSPX.AS Risk / Return Rank: 7070
Overall Rank
CSPX.AS Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CSPX.AS Sortino Ratio Rank: 6868
Sortino Ratio Rank
CSPX.AS Omega Ratio Rank: 7272
Omega Ratio Rank
CSPX.AS Calmar Ratio Rank: 7272
Calmar Ratio Rank
CSPX.AS Martin Ratio Rank: 7070
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. CSPX.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and iShares Core S&P 500 UCITS ETF (CSPX.AS). 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.

UUPCSPX.ASDifference
Sharpe ratioReturn per unit of total volatility
0.93
2.43

-1.50

Sortino ratioReturn per unit of downside risk
1.34
3.48

-2.13

Omega ratioGain probability vs. loss probability

1.16

1.43

-0.26

Calmar ratioReturn relative to maximum drawdown

1.55

3.21

-1.66

Martin ratioReturn relative to average drawdown

4.13

13.64

-9.51

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. CSPX.AS - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.93, which is lower than the CSPX.AS Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of UUP and CSPX.AS, 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

UUPCSPX.ASDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.93

2.43

-1.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.84

0.85

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.92

-0.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

0.85

-0.64

Drawdowns

UUP vs. CSPX.AS - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum CSPX.AS drawdown of -34.12%. Use the drawdown chart below to compare losses from any high point for UUP and CSPX.AS.

Loading charts...

Drawdown Indicators

UUPCSPX.ASDifference

Max Drawdown

Largest peak-to-trough decline

-22.19%

-34.12%

+11.93%

Max Drawdown (1Y)

Largest decline over 1 year

-3.65%

-8.56%

+4.91%

Max Drawdown (3Y)

Largest decline over 3 years

-10.05%

-19.52%

+9.47%

Max Drawdown (5Y)

Largest decline over 5 years

-10.37%

-24.42%

+14.05%

Max Drawdown (10Y)

Largest decline over 10 years

-14.24%

-34.12%

+19.88%

Current Drawdown

Current decline from peak

-2.89%

-0.57%

-2.32%

Average Drawdown

Average peak-to-trough decline

-8.91%

-4.11%

-4.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.37%

2.03%

-0.66%

Volatility

UUP vs. CSPX.AS - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while iShares Core S&P 500 UCITS ETF (CSPX.AS) has a volatility of 2.79%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than CSPX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

UUPCSPX.ASDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.23%

2.79%

-1.56%

Volatility (6M)

Calculated over the trailing 6-month period

4.25%

7.96%

-3.71%

Volatility (1Y)

Calculated over the trailing 1-year period

6.09%

11.30%

-5.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.22%

15.84%

-8.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.96%

16.30%

-9.34%

UUP vs. CSPX.AS - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than CSPX.AS's 0.07% expense ratio.

Dividends

UUP vs. CSPX.AS - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.31%, while CSPX.AS has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
CSPX.AS
iShares Core S&P 500 UCITS ETF		0.00%0.00%0.00%0.00%0.00%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

UUP and CSPX.AS have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.75% for UUP.

UUP is categorized as Currency, while CSPX.AS is S&P 500. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while CSPX.AS tracks S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for UUP and 0.07% for CSPX.AS.

Portfolio Optimizer

Find the right allocation for UUP and CSPX.AS

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