UUP vs. FXF
UUP (Invesco DB US Dollar Index Bullish Fund) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both Currency funds from Invesco - UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index while FXF tracks the Swiss Franc. Both are passively managed. Over the past 10 years, UUP returned 3.20%/yr vs 1.25%/yr for FXF. At a correlation of -0.79, they often move in opposite directions. UUP charges 0.75%/yr vs 0.40%/yr for FXF.
Performance
UUP vs. FXF - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.07% return, which is significantly higher than FXF's -0.20% return. Over the past 10 years, UUP has outperformed FXF with an annualized return of 3.20%, while FXF has yielded a comparatively lower 1.25% annualized return.
UUP
- 1D
- 0.36%
- 1M
- 1.38%
- YTD
- 3.07%
- 6M
- 2.71%
- 1Y
- 5.00%
- 3Y*
- 3.89%
- 5Y*
- 5.92%
- 10Y*
- 3.20%
FXF
- 1D
- -0.62%
- 1M
- -1.07%
- YTD
- -0.20%
- 6M
- 0.70%
- 1Y
- 3.46%
- 3Y*
- 4.38%
- 5Y*
- 2.01%
- 10Y*
- 1.25%
UUP vs. FXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.07% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.20% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between UUP and FXF is -0.88, 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 | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007 | -0.79 |
The correlation between UUP and FXF has been stable across timeframes, ranging from -0.88 to -0.79 - a consistent structural relationship.
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Return for Risk
UUP vs. FXF — Risk / Return Rank
UUP
FXF
UUP vs. FXF - 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® Swiss Franc Trust (FXF). 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.
| UUP | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.09 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.72 | +0.65 |
| Martin ratioReturn relative to average drawdown | 3.65 | 1.62 | +2.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UUP | FXF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 0.47 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.24 | +0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.17 | +0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.17 | +0.03 |
Drawdowns
UUP vs. FXF - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum FXF drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for UUP and FXF.
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Drawdown Indicators
| UUP | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -35.58% | +13.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -4.82% | +1.17% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -8.52% | -1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -13.03% | +2.66% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -15.04% | +0.80% |
Current DrawdownCurrent decline from peak | -3.48% | -18.53% | +15.05% |
Average DrawdownAverage peak-to-trough decline | -8.92% | -20.84% | +11.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 2.15% | -0.78% |
Volatility
UUP vs. FXF - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.26%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.69%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.69% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 5.56% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.12% | 7.51% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 8.32% | -1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 7.57% | -0.61% |
UUP vs. FXF - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than FXF's 0.40% expense ratio.
Dividends
UUP vs. FXF - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.33%, while FXF has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.33% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
UUP and FXF have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXF has higher volatility (1.69%) compared to UUP (1.26%). In terms of maximum drawdown, UUP dropped -22.19% vs FXF's -35.58%.
On 10-year performance, UUP leads with 3.20% vs 1.25% for FXF. On fees, FXF is cheaper at 0.40% per year. On volatility, UUP has been the lower-risk option at 1.26%. 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 3.20% return vs 1.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.33%, compared with 0.00% for FXF.
UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while FXF tracks Swiss Franc. Their fees differ too: 0.75% for UUP and 0.40% for FXF.
UUP currently has the higher Sharpe Ratio (0.82 vs 0.47), 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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