UUP vs. FOXY

Last updated Aug 4, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and FOXY (Simplify Currency Strategy ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while FOXY is a Leveraged Currency fund actively managed by Simplify. UUP is passively managed, while FOXY is actively managed. Over the past year, UUP returned 5.67% vs 16.52% for FOXY. Their 0.04 correlation means their historical movements had little consistent relationship. UUP charges 0.75%/yr vs 0.81%/yr for FOXY.

Performance

UUP vs. FOXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Simplify Currency Strategy ETF (FOXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 4.22% return, which is significantly lower than FOXY's 8.94% return.

UUP

• 1D: 0.00%
• 1M: -0.60%
• 6M: 4.37%
• YTD: 4.22%
• 1Y: 5.67%
• 3Y*: 4.61%
• 5Y*: 5.68%
• 10Y*: 3.09%
• ALL TIME*: 1.65%

FOXY

• 1D: -1.33%
• 1M: -4.59%
• 6M: 4.51%
• YTD: 8.94%
• 1Y: 16.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.11%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FOXY Simplify Currency Strategy ETF	$2.48M	$2.44M	$2.38M
UUP Invesco DB US Dollar Index Bullish Fund	$56.91M	$58.52M	$60.16M

UUP vs. FOXY - Yearly Performance Comparison

	2026 (YTD)	2025
UUP Invesco DB US Dollar Index Bullish Fund	4.22%	-5.69%
FOXY Simplify Currency Strategy ETF	8.94%	14.71%

Correlation

The correlation between UUP and FOXY is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.04

Return for Risk

UUP vs. FOXY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UUP

UUP Risk / Return Rank: 40
UUP Sharpe Ratio Rank: 39
UUP Sortino Ratio Rank: 37
UUP Omega Ratio Rank: 37
UUP Calmar Ratio Rank: 43
UUP Martin Ratio Rank: 44

FOXY

FOXY Risk / Return Rank: 73
FOXY Sharpe Ratio Rank: 69
FOXY Sortino Ratio Rank: 73
FOXY Omega Ratio Rank: 67
FOXY Calmar Ratio Rank: 84
FOXY Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UUP vs. FOXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Simplify Currency Strategy ETF (FOXY). 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	FOXY	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.64	-0.65
Sortino ratio: Return per unit of downside risk	1.41	2.41	-1.00
Omega ratio: Gain probability vs. loss probability	1.18	1.29	-0.12
Calmar ratio: Return relative to maximum drawdown	1.56	3.27	-1.71
Martin ratio: Return relative to average drawdown	4.91	9.36	-4.45

UUP vs. FOXY - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.99, which is lower than the FOXY Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of UUP and FOXY, 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. FOXY - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, which is greater than FOXY's maximum drawdown of -13.09%. Use the drawdown chart below to compare losses from any high point for UUP and FOXY.

Drawdown Indicators

	UUP	FOXY	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-13.09%	-9.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-5.08%	+1.43%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	—	—
Current Drawdown Current decline from peak	-2.41%	-4.97%	+2.56%
Average Drawdown Average peak-to-trough decline	-8.86%	-2.08%	-6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.77%	-0.61%

Volatility

UUP vs. FOXY - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.58%, while Simplify Currency Strategy ETF (FOXY) has a volatility of 2.96%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than FOXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	FOXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	2.96%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	4.00%	7.41%	-3.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.77%	10.15%	-4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	14.63%	-7.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	14.63%	-7.74%

UUP vs. FOXY - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is lower than FOXY's 0.81% expense ratio.

Dividends

UUP vs. FOXY - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.29%, less than FOXY's 8.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOXY Simplify Currency Strategy ETF	8.82%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UUP Invesco DB US Dollar Index Bullish Fund	3.29%	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 FOXY in my portfolio?

UUP and FOXY have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UUP or FOXY?

FOXY has higher volatility (2.96%) compared to UUP (1.58%). In terms of maximum drawdown, UUP dropped -22.19% vs FOXY's -13.09%.

Which ETF is better, UUP or FOXY?

On 1-year performance, FOXY leads with 16.52% vs 5.67% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UUP or FOXY?

Over the 1-year period, FOXY has performed better with a 16.52% return vs 5.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UUP or FOXY?

UUP is cheaper with a 0.75% expense ratio, compared with 0.81% for FOXY.

Which ETF pays a higher dividend yield, UUP or FOXY?

FOXY has the higher dividend yield at 8.82%, compared with 3.29% for UUP.

What is the main difference between UUP and FOXY?

UUP is categorized as Currency, while FOXY is Leveraged Currency. They also come from different issuers: Invesco and Simplify. Their fees differ too: 0.75% for UUP and 0.81% for FOXY.

Which has better risk-adjusted returns?

FOXY currently has the higher Sharpe Ratio (1.64 vs 0.99), 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.