UUP vs. FGQD.L

Last updated Jun 16, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and FGQD.L (Fidelity Global Quality Income ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while FGQD.L is a Global Equities fund tracking the Fidelity Global Quality Income index. Both are passively managed. Over the past 5 years, UUP returned 5.73%/yr vs 10.91%/yr for FGQD.L. At a correlation of -0.36, they often move in opposite directions. UUP charges 0.75%/yr vs 0.40%/yr for FGQD.L.

Performance

UUP vs. FGQD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Fidelity Global Quality Income ETF (FGQD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UUP is traded in USD, while FGQD.L is traded in GBp. To make them comparable, the FGQD.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UUP achieves a 3.48% return, which is significantly lower than FGQD.L's 10.39% return.

UUP

• 1D: 0.07%
• 1M: 0.72%
• YTD: 3.48%
• 6M: 3.56%
• 1Y: 6.46%
• 3Y*: 4.54%
• 5Y*: 5.73%
• 10Y*: 3.22%

FGQD.L

• 1D: 1.06%
• 1M: 3.43%
• YTD: 10.39%
• 6M: 11.19%
• 1Y: 26.09%
• 3Y*: 16.86%
• 5Y*: 10.91%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. FGQD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	3.48%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-6.56%
FGQD.L Fidelity Global Quality Income ETF	10.39%	20.61%	11.33%	17.39%	-10.91%	22.66%	9.68%	28.80%	-7.79%	-7.56%

Correlation

The correlation between UUP and FGQD.L is -0.39, 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	-0.39
Correlation (3Y) Calculated over the trailing 3-year period	-0.38
Correlation (5Y) Calculated over the trailing 5-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 27, 2017	-0.36

Return for Risk

UUP vs. FGQD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UUP

UUP Risk / Return Rank: 34
UUP Sharpe Ratio Rank: 33
UUP Sortino Ratio Rank: 31
UUP Omega Ratio Rank: 30
UUP Calmar Ratio Rank: 39
UUP Martin Ratio Rank: 34

FGQD.L

FGQD.L Risk / Return Rank: 88
FGQD.L Sharpe Ratio Rank: 91
FGQD.L Sortino Ratio Rank: 91
FGQD.L Omega Ratio Rank: 90
FGQD.L Calmar Ratio Rank: 79
FGQD.L Martin Ratio Rank: 87

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. FGQD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Fidelity Global Quality Income ETF (FGQD.L). 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	FGQD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.32	-1.24
Sortino ratio: Return per unit of downside risk	1.55	3.45	-1.90
Omega ratio: Gain probability vs. loss probability	1.19	1.41	-0.22
Calmar ratio: Return relative to maximum drawdown	1.78	2.87	-1.10
Martin ratio: Return relative to average drawdown	4.74	12.99	-8.25

UUP vs. FGQD.L - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.08, which is lower than the FGQD.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of UUP and FGQD.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UUP vs. FGQD.L - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum FGQD.L drawdown of -34.58%. Use the drawdown chart below to compare losses from any high point for UUP and FGQD.L.

Drawdown Indicators

	UUP	FGQD.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-34.58%	+12.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-9.04%	+5.39%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-15.59%	+5.54%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-22.77%	+12.40%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	—	—
Current Drawdown Current decline from peak	-3.10%	0.00%	-3.10%
Average Drawdown Average peak-to-trough decline	-8.91%	-5.63%	-3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	2.00%	-0.63%

Volatility

UUP vs. FGQD.L - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.19%, while Fidelity Global Quality Income ETF (FGQD.L) has a volatility of 3.51%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than FGQD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	FGQD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	3.51%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	8.89%	-4.68%
Volatility (1Y) Calculated over the trailing 1-year period	6.03%	11.24%	-5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	14.30%	-7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	16.78%	-9.82%

UUP vs. FGQD.L - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than FGQD.L's 0.40% expense ratio.

Dividends

UUP vs. FGQD.L - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.31%, more than FGQD.L's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGQD.L Fidelity Global Quality Income ETF	1.80%	1.86%	2.31%	2.78%	2.70%	2.46%	2.60%	2.44%	2.70%	1.10%
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

Can I hold both UUP and FGQD.L in my portfolio?

UUP and FGQD.L have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UUP or FGQD.L?

On fees, FGQD.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UUP or FGQD.L?

FGQD.L is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.

What is the main difference between UUP and FGQD.L?

UUP is categorized as Currency, while FGQD.L is Global Equities. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while FGQD.L tracks Fidelity Global Quality Income index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.75% for UUP and 0.40% for FGQD.L.