UUP vs. FXE
UUP (Invesco DB US Dollar Index Bullish Fund) and FXE (Invesco CurrencyShares® Euro Currency Trust) are both Currency funds from Invesco - UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index while FXE tracks the Euro. Both are passively managed. Over the past 10 years, UUP returned 3.23%/yr vs 0.23%/yr for FXE. At a correlation of -0.95, they often move in opposite directions. UUP charges 0.75%/yr vs 0.40%/yr for FXE.
Performance
UUP vs. FXE - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 5.25% return, which is significantly higher than FXE's -2.81% return. Over the past 10 years, UUP has outperformed FXE with an annualized return of 3.23%, while FXE has yielded a comparatively lower 0.23% annualized return.
UUP
- 1D
- 0.32%
- 1M
- 2.45%
- YTD
- 5.25%
- 6M
- 5.61%
- 1Y
- 7.81%
- 3Y*
- 4.89%
- 5Y*
- 5.98%
- 10Y*
- 3.23%
FXE
- 1D
- -0.38%
- 1M
- -1.87%
- YTD
- -2.81%
- 6M
- -3.08%
- 1Y
- -1.02%
- 3Y*
- 3.01%
- 5Y*
- -0.19%
- 10Y*
- 0.23%
UUP vs. FXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 5.25% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
FXE Invesco CurrencyShares® Euro Currency Trust | -2.81% | 14.52% | -4.18% | 4.87% | -6.57% | -7.83% | 7.94% | -2.90% | -5.30% | 13.05% |
Correlation
The correlation between UUP and FXE is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.95 |
The correlation between UUP and FXE has been stable across timeframes, ranging from -0.97 to -0.95 - a consistent structural relationship.
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Return for Risk
UUP vs. FXE — Risk / Return Rank
UUP
FXE
UUP vs. FXE - 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® Euro Currency Trust (FXE). 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 | FXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.98 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | -0.20 | +2.35 |
| Martin ratioReturn relative to average drawdown | 5.90 | -0.45 | +6.35 |
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Drawdowns
UUP vs. FXE - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum FXE drawdown of -43.33%. Use the drawdown chart below to compare losses from any high point for UUP and FXE.
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Drawdown Indicators
| UUP | FXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -43.33% | +21.14% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -5.17% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -8.12% | -1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -20.61% | +10.24% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -26.46% | +12.22% |
Current DrawdownCurrent decline from peak | -1.44% | -29.31% | +27.87% |
Average DrawdownAverage peak-to-trough decline | -8.90% | -22.32% | +13.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 2.28% | -0.94% |
Volatility
UUP vs. FXE - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.35%, while Invesco CurrencyShares® Euro Currency Trust (FXE) has a volatility of 1.55%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than FXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | FXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.55% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.33% | 4.41% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.07% | 6.24% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 7.66% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.91% | 7.27% | -0.36% |
UUP vs. FXE - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than FXE's 0.40% expense ratio.
Dividends
UUP vs. FXE - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.26%, more than FXE's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXE Invesco CurrencyShares® Euro Currency Trust | 0.74% | 0.94% | 2.28% | 1.49% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
UUP and FXE have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXE has higher volatility (1.55%) compared to UUP (1.35%). In terms of maximum drawdown, UUP dropped -22.19% vs FXE's -43.33%.
On 10-year performance, UUP leads with 3.23% vs 0.23% for FXE. On fees, FXE is cheaper at 0.40% per year. On volatility, UUP has been the lower-risk option at 1.35%. 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 3.23% return vs 0.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXE 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 0.74% for FXE.
UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while FXE tracks Euro. Their fees differ too: 0.75% for UUP and 0.40% for FXE.
UUP currently has the higher Sharpe Ratio (1.30 vs -0.17), 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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