UUP vs. DBA
UUP (Invesco DB US Dollar Index Bullish Fund) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. Both are passively managed. Over the past 10 years, UUP returned 3.23%/yr vs 3.65%/yr for DBA. At a correlation of -0.23, they often move in opposite directions. UUP charges 0.75%/yr vs 0.88%/yr for DBA.
Performance
UUP vs. DBA - Performance Comparison
Loading charts...
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%
UUP vs. DBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UUP vs. DBA — Risk / Return Rank
UUP
DBA
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.
| UUP | DBA | Difference | |
|---|---|---|---|
| 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 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| UUP | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.44% | -26.62% | +25.18% |
Average DrawdownAverage peak-to-trough decline | -8.90% | -41.06% | +32.16% |
Ulcer IndexDepth 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.
Loading charts...
Volatility by Period
| UUP | DBA | Difference | |
|---|---|---|---|
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.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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.
Find the right allocation for UUP and DBA
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