UUP vs. DLS
UUP (Invesco DB US Dollar Index Bullish Fund) and DLS (WisdomTree International SmallCap Dividend) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while DLS is a Foreign Small & Mid Cap Equities fund tracking the WisdomTree International SmallCap Dividend Index. Both are passively managed. Over the past 10 years, UUP returned 3.22%/yr vs 7.86%/yr for DLS. Their -0.45 correlation means they have often moved in opposite directions in the past. UUP charges 0.75%/yr vs 0.58%/yr for DLS.
Performance
UUP vs. DLS - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 4.22% return, which is significantly lower than DLS's 8.42% return. Over the past 10 years, UUP has underperformed DLS with an annualized return of 3.22%, while DLS has yielded a comparatively higher 7.86% annualized return.
UUP
- 1D
- 0.11%
- 1M
- -0.60%
- 6M
- 4.92%
- YTD
- 4.22%
- 1Y
- 5.67%
- 3Y*
- 4.54%
- 5Y*
- 5.70%
- 10Y*
- 3.22%
- ALL TIME*
- 1.65%
DLS
- 1D
- -0.16%
- 1M
- 1.24%
- 6M
- 3.30%
- YTD
- 8.42%
- 1Y
- 18.36%
- 3Y*
- 16.62%
- 5Y*
- 7.13%
- 10Y*
- 7.86%
- ALL TIME*
- 6.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.54M | $1.48M | $1.54M | |
| $55.14M | $58.68M | $59.16M |
UUP vs. DLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 4.22% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
DLS WisdomTree International SmallCap Dividend | 8.42% | 34.11% | 3.06% | 15.33% | -17.31% | 11.71% | -1.28% | 22.20% | -18.95% | 31.83% |
Correlation
The correlation between UUP and DLS is -0.60, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.60 |
Correlation (3Y) Balances recent behavior with more history. | -0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.45 |
The correlation between UUP and DLS shifts across timeframes, from -0.61 (5 years) to -0.45 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UUP vs. DLS — Risk / Return Rank
UUP
DLS
UUP vs. DLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and WisdomTree International SmallCap Dividend (DLS). 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 | DLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 1.69 | -0.48 |
| Martin ratioReturn relative to average drawdown | 3.83 | 5.71 | -1.88 |
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Drawdowns
UUP vs. DLS - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for UUP and DLS.
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Drawdown Indicators
| UUP | DLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -63.13% | +40.94% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -11.04% | +7.39% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -12.69% | +2.64% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -32.22% | +21.85% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -44.77% | +30.53% |
Current DrawdownCurrent decline from peak | -2.41% | -1.58% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -13.56% | +4.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 3.26% | -1.93% |
Volatility
UUP vs. DLS - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.65%, while WisdomTree International SmallCap Dividend (DLS) has a volatility of 4.23%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than DLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | DLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 4.23% | -2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 4.11% | 11.84% | -7.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.88% | 13.89% | -8.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.23% | 15.63% | -8.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.89% | 16.38% | -9.49% |
UUP vs. DLS - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than DLS's 0.58% expense ratio.
Dividends
UUP vs. DLS - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.29%, less than DLS's 3.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLS WisdomTree International SmallCap Dividend | 3.51% | 3.87% | 4.56% | 4.29% | 4.96% | 3.29% | 2.50% | 3.37% | 3.66% | 2.79% | 3.29% | 2.72% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.29% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
UUP and DLS have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DLS has higher volatility (4.23%) compared to UUP (1.65%). In terms of maximum drawdown, UUP dropped -22.19% vs DLS's -63.13%.
On 10-year performance, DLS leads with 7.86% vs 3.22% for UUP. On fees, DLS is cheaper at 0.58% per year. On volatility, UUP has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DLS has performed better with a 7.86% return vs 3.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DLS is cheaper with a 0.58% expense ratio, compared with 0.75% for UUP.
DLS has the higher dividend yield at 3.51%, compared with 3.29% for UUP.
UUP is categorized as Currency, while DLS is Foreign Small & Mid Cap Equities. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.75% for UUP and 0.58% for DLS.
DLS currently has the higher Sharpe Ratio (1.34 vs 0.75), 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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