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 3.13%/yr vs -0.31%/yr for FXC. At a correlation of -0.54, they often move in opposite directions. 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 5.03% return, which is significantly higher than FXC's -2.94% return. Over the past 10 years, UUP has outperformed FXC with an annualized return of 3.13%, while FXC has yielded a comparatively lower -0.31% annualized return.
UUP
- 1D
- 0.11%
- 1M
- 1.57%
- 6M
- 3.88%
- YTD
- 5.03%
- 1Y
- 7.86%
- 3Y*
- 5.13%
- 5Y*
- 5.86%
- 10Y*
- 3.13%
FXC
- 1D
- 0.08%
- 1M
- -1.23%
- 6M
- -1.60%
- YTD
- -2.94%
- 1Y
- -3.13%
- 3Y*
- -1.02%
- 5Y*
- -1.63%
- 10Y*
- -0.31%
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 | 5.03% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | -2.94% | 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 -0.67, 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 | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 -0.67 (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 | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.88 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | -0.63 | +2.88 |
| Martin ratioReturn relative to average drawdown | 6.19 | -1.42 | +7.61 |
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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 | -1.64% | -30.14% | +28.50% |
Average DrawdownAverage peak-to-trough decline | -8.88% | -19.96% | +11.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 2.28% | -0.95% |
Volatility
UUP vs. FXC - Volatility Comparison
Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 1.42% compared to Invesco CurrencyShares® Canadian Dollar Trust (FXC) at 1.18%. 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 | 1.42% | 1.18% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.33% | 3.22% | +1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.01% | 4.34% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 6.30% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.90% | 6.60% | +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 3.26%, more than FXC's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.23% | 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 | 3.26% | 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 -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.42%) compared to FXC (1.18%). In terms of maximum drawdown, UUP dropped -22.19% vs FXC's -35.39%.
On 10-year performance, UUP leads with 3.13% vs -0.31% for FXC. On fees, FXC is cheaper at 0.40% per year. On volatility, FXC has been the lower-risk option at 1.18%. 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 3.13% return vs -0.31%. 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 3.26%, compared with 0.23% 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 (1.37 vs -0.75), 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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