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 3.23%/yr vs 0.98%/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
Loading charts...
Returns By Period
In the year-to-date period, UUP achieves a 5.25% return, which is significantly higher than FXF's -2.44% return. Over the past 10 years, UUP has outperformed FXF with an annualized return of 3.23%, while FXF has yielded a comparatively lower 0.98% 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%
FXF
- 1D
- -0.13%
- 1M
- -3.13%
- YTD
- -2.44%
- 6M
- -2.94%
- 1Y
- -0.35%
- 3Y*
- 3.15%
- 5Y*
- 2.00%
- 10Y*
- 0.98%
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 | 5.25% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.44% | 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 1, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.00 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | -0.06 | +2.21 |
| Martin ratioReturn relative to average drawdown | 5.90 | -0.14 | +6.04 |
Loading charts...
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.
Loading charts...
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% | -6.12% | +2.47% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -8.52% | -1.53% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -11.99% | +1.62% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -15.04% | +0.80% |
Current DrawdownCurrent decline from peak | -1.44% | -20.36% | +18.92% |
Average DrawdownAverage peak-to-trough decline | -8.90% | -20.83% | +11.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.34% | 2.41% | -1.07% |
Volatility
UUP vs. FXF - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.35%, while Invesco CurrencyShares® Swiss Franc Trust (FXF) has a volatility of 1.97%. 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.
Loading charts...
Volatility by Period
| UUP | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 1.97% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.33% | 5.65% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.07% | 7.48% | -1.41% |
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 | 6.91% | 7.57% | -0.66% |
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 3.26%, 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 | 3.26% | 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 (1.97%) compared to UUP (1.35%). In terms of maximum drawdown, UUP dropped -22.19% vs FXF's -35.58%.
On 10-year performance, UUP leads with 3.23% vs 0.98% for FXF. On fees, FXF 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 0.98%. 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 3.26%, 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 (1.30 vs -0.05), 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.
Find the right allocation for UUP and FXF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer