UUP vs. FXC
UUP (Invesco DB US Dollar Index Bullish Fund) and FXC (Invesco CurrencyShares® Canadian Dollar Trust) are both Currency funds from Invesco - UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index while FXC tracks the Canadian Dollar. Both are passively managed. Over the past 10 years, UUP returned 3.09%/yr vs -0.13%/yr for FXC. Their -0.54 correlation means they have often moved in opposite directions in the past. UUP charges 0.75%/yr vs 0.40%/yr for FXC.
Performance
UUP vs. FXC - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 4.22% return, which is significantly higher than FXC's -2.22% return. Over the past 10 years, UUP has outperformed FXC with an annualized return of 3.09%, while FXC has yielded a comparatively lower -0.13% annualized 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%
FXC
- 1D
- -0.27%
- 1M
- 0.78%
- 6M
- -2.63%
- YTD
- -2.22%
- 1Y
- -1.70%
- 3Y*
- -0.47%
- 5Y*
- -1.31%
- 10Y*
- -0.13%
- ALL TIME*
- -0.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.83M | $2.70M | $1.69M | |
| $56.91M | $58.52M | $60.16M |
UUP vs. FXC - 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% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -2.22% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
Correlation
The correlation between UUP and FXC is -0.64, 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. | -0.64 |
Correlation (3Y) Balances recent behavior with more history. | -0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.54 |
The correlation between UUP and FXC shifts across timeframes, from -0.64 (1 year) to -0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UUP vs. FXC — Risk / Return Rank
UUP
FXC
UUP vs. FXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Invesco CurrencyShares® Canadian Dollar Trust (FXC). 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 | FXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.94 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | -0.33 | +1.89 |
| Martin ratioReturn relative to average drawdown | 4.91 | -0.77 | +5.67 |
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Drawdowns
UUP vs. FXC - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum FXC drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for UUP and FXC.
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Drawdown Indicators
| UUP | FXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -35.39% | +13.20% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -5.14% | +1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -7.34% | -2.71% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -11.65% | +1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -15.46% | +1.22% |
Current DrawdownCurrent decline from peak | -2.41% | -29.63% | +27.22% |
Average DrawdownAverage peak-to-trough decline | -8.86% | -19.99% | +11.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 2.22% | -1.06% |
Volatility
UUP vs. FXC - Volatility Comparison
Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 1.58% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 1.13%. This indicates that UUP's price experiences larger fluctuations and is considered to be riskier than FXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | FXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 1.13% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 4.00% | 2.84% | +1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.77% | 4.30% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.23% | 6.26% | +0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.89% | 6.59% | +0.30% |
UUP vs. FXC - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than FXC's 0.40% expense ratio.
Dividends
UUP vs. FXC - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.29%, more than FXC's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.20% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
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 FXC 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.
UUP has higher volatility (1.58%) compared to FXC (1.13%). In terms of maximum drawdown, UUP dropped -22.19% vs FXC's -35.39%.
On 10-year performance, UUP leads with 3.09% vs -0.13% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 1.13%. 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 3.09% return vs -0.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXC is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.29%, compared with 0.20% for FXC.
UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while FXC tracks Canadian Dollar. Their fees differ too: 0.75% for UUP and 0.40% for FXC.
UUP currently has the higher Sharpe Ratio (0.99 vs -0.40), 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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