UUP vs. DBMF
UUP (Invesco DB US Dollar Index Bullish Fund) and DBMF (iMGP DBi 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 DBMF is a Systematic Trend fund actively managed by iM Global Partners. UUP is passively managed, while DBMF is actively managed. Over the past 5 years, UUP returned 5.72%/yr vs 8.59%/yr for DBMF. At a 0.09 correlation, their price movements are largely independent. UUP charges 0.75%/yr vs 0.85%/yr for DBMF.
Performance
UUP vs. DBMF - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 5.03% return, which is significantly lower than DBMF's 11.26% return.
UUP
- 1D
- 0.21%
- 1M
- 0.32%
- 6M
- 3.50%
- YTD
- 5.03%
- 1Y
- 7.07%
- 3Y*
- 5.30%
- 5Y*
- 5.72%
- 10Y*
- 3.03%
- ALL TIME*
- 1.69%
DBMF
- 1D
- 0.23%
- 1M
- 0.57%
- 6M
- 8.74%
- YTD
- 11.26%
- 1Y
- 26.79%
- 3Y*
- 9.43%
- 5Y*
- 8.59%
- 10Y*
- —
- ALL TIME*
- 9.22%
UUP vs. DBMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 1.11% |
DBMF iMGP DBi Managed Futures Strategy ETF | 11.26% | 13.85% | 7.24% | -8.94% | 21.61% | 11.49% | 1.80% | 10.51% |
Correlation
The correlation between UUP and DBMF is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 8, 2019 | 0.09 |
The correlation between UUP and DBMF shifts across timeframes, from -0.14 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UUP vs. DBMF — Risk / Return Rank
UUP
DBMF
UUP vs. DBMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and iMGP DBi Managed Futures Strategy ETF (DBMF). 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 | DBMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.44 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 4.41 | -2.46 |
| Martin ratioReturn relative to average drawdown | 5.37 | 14.93 | -9.55 |
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Drawdowns
UUP vs. DBMF - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for UUP and DBMF.
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Drawdown Indicators
| UUP | DBMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -20.39% | -1.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -6.10% | +2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -15.60% | +5.55% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -20.39% | +10.02% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -1.64% | -1.03% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -8.87% | -6.50% | -2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 1.80% | -0.47% |
Volatility
UUP vs. DBMF - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.34%, while iMGP DBi Managed Futures Strategy ETF (DBMF) has a volatility of 2.69%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than DBMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | DBMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 2.69% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 4.38% | 10.05% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.02% | 12.63% | -6.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 12.45% | -5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.90% | 12.37% | -5.47% |
UUP vs. DBMF - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is lower than DBMF's 0.85% expense ratio.
Dividends
UUP vs. DBMF - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.26%, less than DBMF's 5.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 5.11% | 5.91% | 5.75% | 2.91% | 7.72% | 10.38% | 0.86% | 9.35% | 0.00% | 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 DBMF have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBMF has higher volatility (2.69%) compared to UUP (1.34%). In terms of maximum drawdown, UUP dropped -22.19% vs DBMF's -20.39%.
On 5-year performance, DBMF leads with 8.59% vs 5.72% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBMF has performed better with a 8.59% return vs 5.72%. 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 0.85% for DBMF.
DBMF has the higher dividend yield at 5.11%, compared with 3.26% for UUP.
UUP is categorized as Currency, while DBMF is Systematic Trend. They also come from different issuers: Invesco and iM Global Partners. Their fees differ too: 0.75% for UUP and 0.85% for DBMF.
DBMF currently has the higher Sharpe Ratio (2.13 vs 1.18), 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.
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