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UUP vs. DBA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

UUP vs. DBA - Performance Comparison

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

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Returns By Period

In the year-to-date period, UUP achieves a 5.25% return, which is significantly higher than DBA's 4.23% return. Over the past 10 years, UUP has underperformed DBA with an annualized return of 3.23%, while DBA has yielded a comparatively higher 3.65% annualized return.


UUP

1D
0.32%
1M
2.45%
YTD
5.25%
6M
5.61%
1Y
7.81%
3Y*
4.89%
5Y*
5.98%
10Y*
3.23%

DBA

1D
-0.19%
1M
-3.48%
YTD
4.23%
6M
4.40%
1Y
4.08%
3Y*
11.69%
5Y*
11.06%
10Y*
3.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. DBA - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
UUP
Invesco DB US Dollar Index Bullish Fund
5.25%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%
DBA
Invesco DB Agriculture Fund
4.23%-0.56%33.45%7.64%2.53%22.37%-2.54%-0.71%-8.74%-6.06%

Correlation

The correlation between UUP and DBA is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.06

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

-0.09

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

-0.13

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

-0.14

Correlation (All Time)
Calculated using the full available price history since Mar 1, 2007

-0.23

The correlation between UUP and DBA shifts across timeframes, from -0.23 (all time) to -0.06 (1 year), reflecting how their relationship changes across market environments.

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Return for Risk

UUP vs. DBA — Risk / Return Rank

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

UUP
UUP Risk / Return Rank: 3939
Overall Rank
UUP Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 3737
Sortino Ratio Rank
UUP Omega Ratio Rank: 3636
Omega Ratio Rank
UUP Calmar Ratio Rank: 4545
Calmar Ratio Rank
UUP Martin Ratio Rank: 3939
Martin Ratio Rank

DBA
DBA Risk / Return Rank: 1313
Overall Rank
DBA Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
DBA Sortino Ratio Rank: 1313
Sortino Ratio Rank
DBA Omega Ratio Rank: 1313
Omega Ratio Rank
DBA Calmar Ratio Rank: 1414
Calmar Ratio Rank
DBA Martin Ratio Rank: 1313
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. DBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Invesco DB Agriculture Fund (DBA). 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.


UUPDBADifference
Sharpe ratioReturn per unit of total volatility

+0.91

Sortino ratioReturn per unit of downside risk

+1.25

Omega ratioGain probability vs. loss probability

1.23

1.07

+0.16

Calmar ratioReturn relative to maximum drawdown

2.15

0.47

+1.68

Martin ratioReturn relative to average drawdown

5.90

1.03

+4.86

UUP vs. DBA - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.30, which is higher than the DBA Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of UUP and DBA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Drawdowns

UUP vs. DBA - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for UUP and DBA.


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Drawdown Indicators


UUPDBADifference

Max Drawdown

Largest peak-to-trough decline

-22.19%

-67.97%

+45.78%

Max Drawdown (1Y)

Largest decline over 1 year

-3.65%

-8.67%

+5.02%

Max Drawdown (3Y)

Largest decline over 3 years

-10.05%

-12.36%

+2.31%

Max Drawdown (5Y)

Largest decline over 5 years

-10.37%

-15.94%

+5.57%

Max Drawdown (10Y)

Largest decline over 10 years

-14.24%

-39.12%

+24.88%

Current Drawdown

Current decline from peak

-1.44%

-26.62%

+25.18%

Average Drawdown

Average peak-to-trough decline

-8.90%

-41.06%

+32.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.34%

3.98%

-2.64%

Volatility

UUP vs. DBA - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.35%, while Invesco DB Agriculture Fund (DBA) has a volatility of 2.62%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


UUPDBADifference

Volatility (1M)

Calculated over the trailing 1-month period

1.35%

2.62%

-1.27%

Volatility (6M)

Calculated over the trailing 6-month period

4.33%

6.65%

-2.32%

Volatility (1Y)

Calculated over the trailing 1-year period

6.07%

10.58%

-4.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.22%

13.93%

-6.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.91%

13.05%

-6.14%

UUP vs. DBA - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is lower than DBA's 0.88% expense ratio.


Dividends

UUP vs. DBA - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.26%, less than DBA's 3.43% yield.


PositionTTM202520242023202220212020201920182017
DBA
Invesco DB Agriculture Fund
3.43%3.58%4.08%4.63%0.48%0.00%0.00%1.55%1.06%0.00%
UUP
Invesco DB US Dollar Index Bullish Fund
3.26%3.43%4.48%6.44%0.89%0.00%0.00%2.03%1.08%0.10%

Frequently Asked Questions


UUP and DBA have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DBA has higher volatility (2.62%) compared to UUP (1.35%). In terms of maximum drawdown, UUP dropped -22.19% vs DBA's -67.97%.

On 10-year performance, DBA leads with 3.65% vs 3.23% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBA has performed better with a 3.65% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UUP is cheaper with a 0.75% expense ratio, compared with 0.88% for DBA.

DBA has the higher dividend yield at 3.43%, compared with 3.26% for UUP.

UUP is categorized as Currency, while DBA is Agricultural Commodities. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while DBA tracks DBIQ Diversified Agriculture Index Excess Return. Their fees differ too: 0.75% for UUP and 0.88% for DBA.

UUP currently has the higher Sharpe Ratio (1.30 vs 0.39), 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.

Portfolio Optimizer

Find the right allocation for UUP and DBA

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