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UUP vs. EMBX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UUP vs. EMBX

Last updated Jun 4, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and EMBX (VanEck Emerging Markets Bond ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while EMBX is a Emerging Markets Bonds fund actively managed by VanEck. UUP is passively managed, while EMBX is actively managed. Over the past 10 years, UUP returned 3.20%/yr vs 5.10%/yr for EMBX. At a correlation of -0.37, they often move in opposite directions. UUP charges 0.75%/yr vs 0.76%/yr for EMBX.

Performance

UUP vs. EMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and VanEck Emerging Markets Bond ETF (EMBX). 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 3.07% return, which is significantly lower than EMBX's 3.49% return. Over the past 10 years, UUP has underperformed EMBX with an annualized return of 3.20%, while EMBX has yielded a comparatively higher 5.10% annualized return.

UUP

1D
0.36%
1M
1.38%
YTD
3.07%
6M
2.71%
1Y
5.00%
3Y*
3.89%
5Y*
5.92%
10Y*
3.20%

EMBX

1D
-0.40%
1M
0.90%
YTD
3.49%
6M
3.62%
1Y
15.18%
3Y*
10.16%
5Y*
3.88%
10Y*
5.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. EMBX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UUP
Invesco DB US Dollar Index Bullish Fund		3.07%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%
EMBX
VanEck Emerging Markets Bond ETF		3.49%18.80%3.09%9.34%-7.21%-4.30%11.57%13.10%-6.21%11.97%

Correlation

The correlation between UUP and EMBX is -0.64, 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

-0.64

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

-0.55

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

-0.51

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

-0.42

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2012

-0.37

Over the past year, the inverse relationship between UUP and EMBX has strengthened: their correlation has moved from -0.37 to -0.64, meaning they now move in opposite directions more often than their long-term average.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB US Dollar Index Bullish Fund

VanEck Emerging Markets Bond ETF

Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F
Often compared with EMBX:
EMBX vs. FEMBEMBX vs. EMLCEMBX vs. NEMDEMBX vs. PCYEMBX vs. VWOBEMBX vs. EMTLEMBX vs. EMB

Return for Risk

UUP vs. EMBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UUP
UUP Risk / Return Rank: 2424
Overall Rank
UUP Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 2222
Sortino Ratio Rank
UUP Omega Ratio Rank: 2121
Omega Ratio Rank
UUP Calmar Ratio Rank: 2828
Calmar Ratio Rank
UUP Martin Ratio Rank: 2626
Martin Ratio Rank
EMBX
EMBX Risk / Return Rank: 7777
Overall Rank
EMBX Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
EMBX Sortino Ratio Rank: 8787
Sortino Ratio Rank
EMBX Omega Ratio Rank: 8585
Omega Ratio Rank
EMBX Calmar Ratio Rank: 6060
Calmar Ratio Rank
EMBX Martin Ratio Rank: 6868
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. EMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and VanEck Emerging Markets Bond ETF (EMBX). 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.

UUPEMBXDifference
Sharpe ratioReturn per unit of total volatility
0.83
2.66

-1.84

Sortino ratioReturn per unit of downside risk
1.19
3.93

-2.74

Omega ratioGain probability vs. loss probability

1.15

1.52

-0.38

Calmar ratioReturn relative to maximum drawdown

1.38

2.96

-1.59

Martin ratioReturn relative to average drawdown

3.65

12.58

-8.93

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. EMBX - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.83, which is lower than the EMBX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of UUP and EMBX, 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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Sharpe Ratios by Period

UUPEMBXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.83

2.66

-1.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

0.64

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.77

-0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

0.52

-0.32

Drawdowns

UUP vs. EMBX - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum EMBX drawdown of -25.11%. Use the drawdown chart below to compare losses from any high point for UUP and EMBX.

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Drawdown Indicators

UUPEMBXDifference

Max Drawdown

Largest peak-to-trough decline

-22.19%

-25.11%

+2.92%

Max Drawdown (1Y)

Largest decline over 1 year

-3.65%

-5.14%

+1.49%

Max Drawdown (3Y)

Largest decline over 3 years

-10.05%

-7.41%

-2.64%

Max Drawdown (5Y)

Largest decline over 5 years

-10.37%

-24.07%

+13.70%

Max Drawdown (10Y)

Largest decline over 10 years

-14.24%

-25.11%

+10.87%

Current Drawdown

Current decline from peak

-3.48%

-0.62%

-2.86%

Average Drawdown

Average peak-to-trough decline

-8.92%

-7.08%

-1.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.37%

1.21%

+0.16%

Volatility

UUP vs. EMBX - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.26%, while VanEck Emerging Markets Bond ETF (EMBX) has a volatility of 1.73%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than EMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UUPEMBXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.26%

1.73%

-0.47%

Volatility (6M)

Calculated over the trailing 6-month period

4.24%

4.77%

-0.53%

Volatility (1Y)

Calculated over the trailing 1-year period

6.12%

5.72%

+0.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.22%

6.10%

+1.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.96%

6.65%

+0.31%

UUP vs. EMBX - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is lower than EMBX's 0.76% expense ratio.

Dividends

UUP vs. EMBX - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.33%, less than EMBX's 5.91% yield.

PositionTTM20252024202320222021202020192018201720162015
EMBX
VanEck Emerging Markets Bond ETF		5.91%6.95%8.20%5.49%8.21%5.50%6.56%7.89%7.25%7.66%3.94%6.84%
UUP
Invesco DB US Dollar Index Bullish Fund		3.33%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 EMBX have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EMBX has higher volatility (1.73%) compared to UUP (1.26%). In terms of maximum drawdown, UUP dropped -22.19% vs EMBX's -25.11%.

On 10-year performance, EMBX leads with 5.10% vs 3.20% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EMBX has performed better with a 5.10% return vs 3.20%. 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 0.76% for EMBX.

EMBX has the higher dividend yield at 5.91%, compared with 3.33% for UUP.

UUP is categorized as Currency, while EMBX is Emerging Markets Bonds. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.75% for UUP and 0.76% for EMBX.

EMBX currently has the higher Sharpe Ratio (2.66 vs 0.82), 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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