UUP vs. EUO
UUP (Invesco DB US Dollar Index Bullish Fund) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, UUP returned 3.19%/yr vs 2.38%/yr for EUO. Their correlation of 0.95 suggests significant overlap in exposure. UUP charges 0.75%/yr vs 0.99%/yr for EUO.
Performance
UUP vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.70% return, which is significantly lower than EUO's 5.79% return. Over the past 10 years, UUP has outperformed EUO with an annualized return of 3.19%, while EUO has yielded a comparatively lower 2.38% annualized return.
UUP
- 1D
- 0.04%
- 1M
- 2.52%
- YTD
- 3.70%
- 6M
- 3.08%
- 1Y
- 5.64%
- 3Y*
- 4.21%
- 5Y*
- 6.04%
- 10Y*
- 3.19%
EUO
- 1D
- -0.20%
- 1M
- 4.68%
- YTD
- 5.79%
- 6M
- 4.10%
- 1Y
- 2.43%
- 3Y*
- 0.08%
- 5Y*
- 5.80%
- 10Y*
- 2.38%
UUP vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.70% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
EUO ProShares UltraShort Euro | 5.79% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between UUP and EUO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.95 |
The correlation between UUP and EUO has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
UUP vs. EUO — Risk / Return Rank
UUP
EUO
UUP vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and ProShares UltraShort Euro (EUO). 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.
| UUP | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.04 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 0.30 | +1.25 |
| Martin ratioReturn relative to average drawdown | 4.13 | 0.67 | +3.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UUP | EUO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 0.19 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.37 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.16 | +0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.06 | +0.15 |
Drawdowns
UUP vs. EUO - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum EUO drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for UUP and EUO.
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Drawdown Indicators
| UUP | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -38.58% | +16.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -8.05% | +4.40% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -24.46% | +14.41% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -25.28% | +14.91% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -29.61% | +15.37% |
Current DrawdownCurrent decline from peak | -2.89% | -17.46% | +14.57% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -18.50% | +9.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 3.71% | -2.34% |
Volatility
UUP vs. EUO - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while ProShares UltraShort Euro (EUO) has a volatility of 2.76%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 2.76% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 8.81% | -4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.09% | 12.68% | -6.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 15.57% | -8.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 14.88% | -7.92% |
UUP vs. EUO - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is lower than EUO's 0.99% expense ratio.
Dividends
UUP vs. EUO - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.31%, while EUO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.31% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
With a correlation of 0.95, UUP and EUO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
EUO has higher volatility (2.76%) compared to UUP (1.23%). In terms of maximum drawdown, UUP dropped -22.19% vs EUO's -38.58%.
On 10-year performance, UUP leads with 3.19% vs 2.38% for EUO. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.19% return vs 2.38%. 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 0.99% for EUO.
UUP has the higher dividend yield at 3.31%, compared with 0.00% for EUO.
UUP is categorized as Currency, while EUO is Leveraged Currency. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while EUO tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.75% for UUP and 0.99% for EUO.
UUP currently has the higher Sharpe Ratio (0.93 vs 0.19), 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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