UUP vs. CTA

Last updated Jun 7, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while CTA is a Systematic Trend fund actively managed by Simplify. UUP is passively managed, while CTA is actively managed. Over the past 3 years, UUP returned 4.04%/yr vs 10.84%/yr for CTA. At a 0.21 correlation, their price movements are largely independent. UUP charges 0.75%/yr vs 0.78%/yr for CTA.

Performance

UUP vs. CTA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Simplify Managed Futures Strategy ETF (CTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 3.66% return, which is significantly lower than CTA's 9.07% return.

UUP

• 1D: 0.65%
• 1M: 2.49%
• YTD: 3.66%
• 6M: 3.19%
• 1Y: 5.60%
• 3Y*: 4.04%
• 5Y*: 6.04%
• 10Y*: 3.28%

CTA

• 1D: -1.49%
• 1M: -5.00%
• YTD: 9.07%
• 6M: 12.10%
• 1Y: 9.47%
• 3Y*: 10.84%
• 5Y*: —
• 10Y*: —

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

UUP vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UUP Invesco DB US Dollar Index Bullish Fund	3.66%	-4.99%	13.50%	3.63%	5.87%
CTA Simplify Managed Futures Strategy ETF	9.07%	0.88%	24.15%	-2.23%	9.55%

Correlation

The correlation between UUP and CTA is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	0.21

The correlation between UUP and CTA shifts across timeframes, from 0.10 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

UUP vs. CTA - Sectors Allocation Comparison

Sectors	UUP	CTA
Financial Services	97.4%	-49.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UUP vs. CTA — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 30
UUP Sharpe Ratio Rank: 29
UUP Sortino Ratio Rank: 28
UUP Omega Ratio Rank: 27
UUP Calmar Ratio Rank: 36
UUP Martin Ratio Rank: 31

CTA

CTA Risk / Return Rank: 20
CTA Sharpe Ratio Rank: 18
CTA Sortino Ratio Rank: 17
CTA Omega Ratio Rank: 19
CTA Calmar Ratio Rank: 22
CTA Martin Ratio Rank: 22

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. CTA - 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 Managed Futures Strategy ETF (CTA). 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	CTA	Difference
Sharpe ratio: Return per unit of total volatility	1.01	0.55	+0.46
Sortino ratio: Return per unit of downside risk	1.46	0.84	+0.62
Omega ratio: Gain probability vs. loss probability	1.18	1.11	+0.07
Calmar ratio: Return relative to maximum drawdown	1.69	1.01	+0.69
Martin ratio: Return relative to average drawdown	4.49	2.58	+1.91
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. CTA - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.01, which is higher than the CTA Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of UUP and CTA, 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	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.55	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.57	-0.36

Drawdowns

UUP vs. CTA - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, which is greater than CTA's maximum drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for UUP and CTA.

Drawdown Indicators

	UUP	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-18.07%	-4.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-11.00%	+7.35%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-11.23%	+1.18%
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	-2.93%	-10.51%	+7.58%
Average Drawdown Average peak-to-trough decline	-8.91%	-5.68%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	4.28%	-2.91%

Volatility

UUP vs. CTA - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 6.69%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	6.69%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	17.42%	-13.16%
Volatility (1Y) Calculated over the trailing 1-year period	6.10%	20.23%	-14.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	16.60%	-9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	16.60%	-9.64%

UUP vs. CTA - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is lower than CTA's 0.78% expense ratio.

Dividends

UUP vs. CTA - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.31%, less than CTA's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CTA Simplify Managed Futures Strategy ETF	4.99%	3.19%	4.80%	7.78%	6.58%	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 CTA in my portfolio?

UUP and CTA have a correlation of 0.10, 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 CTA?

CTA has higher volatility (6.69%) compared to UUP (1.23%). In terms of maximum drawdown, UUP dropped -22.19% vs CTA's -18.07%.

Which ETF is better, UUP or CTA?

On 3-year performance, CTA leads with 10.84% vs 4.04% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UUP or CTA?

Over the 3-year period, CTA has performed better with a 10.84% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UUP or CTA?

UUP is cheaper with a 0.75% expense ratio, compared with 0.78% for CTA.

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

CTA has the higher dividend yield at 4.99%, compared with 3.31% for UUP.

What is the main difference between UUP and CTA?

UUP is categorized as Currency, while CTA is Systematic Trend. They also come from different issuers: Invesco and Simplify. Their fees differ too: 0.75% for UUP and 0.78% for CTA.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.01 vs 0.55), 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.