UUP vs. FXY
UUP (Invesco DB US Dollar Index Bullish Fund) and FXY (Invesco CurrencyShares® Japanese Yen Trust) are both Currency funds from Invesco - UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index while FXY tracks the Japanese Yen. Both are passively managed. Over the past 10 years, UUP returned 3.20%/yr vs -4.97%/yr for FXY. At a correlation of -0.46, they often move in opposite directions. UUP charges 0.75%/yr vs 0.40%/yr for FXY.
Performance
UUP vs. FXY - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 4.92% return, which is significantly higher than FXY's -3.20% return. Over the past 10 years, UUP has outperformed FXY with an annualized return of 3.20%, while FXY has yielded a comparatively lower -4.97% annualized return.
UUP
- 1D
- 0.21%
- 1M
- 2.12%
- YTD
- 4.92%
- 6M
- 4.92%
- 1Y
- 7.04%
- 3Y*
- 4.78%
- 5Y*
- 5.90%
- 10Y*
- 3.20%
FXY
- 1D
- -0.11%
- 1M
- -1.58%
- YTD
- -3.20%
- 6M
- -3.04%
- 1Y
- -9.89%
- 3Y*
- -4.26%
- 5Y*
- -7.71%
- 10Y*
- -4.97%
UUP vs. FXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 4.92% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.20% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Correlation
The correlation between UUP and FXY is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.46 |
Over the past year, the inverse relationship between UUP and FXY has strengthened: their correlation has moved from -0.46 to -0.75, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UUP vs. FXY — Risk / Return Rank
UUP
FXY
UUP vs. FXY - 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® Japanese Yen Trust (FXY). 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 | FXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.38 | ||
| Sortino ratioReturn per unit of downside risk | +3.48 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.81 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | -0.87 | +2.80 |
| Martin ratioReturn relative to average drawdown | 5.26 | -1.33 | +6.58 |
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Drawdowns
UUP vs. FXY - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum FXY drawdown of -56.35%. Use the drawdown chart below to compare losses from any high point for UUP and FXY.
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Drawdown Indicators
| UUP | FXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -56.35% | +34.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -11.45% | +7.80% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -15.73% | +5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -34.19% | +23.82% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -41.27% | +27.03% |
Current DrawdownCurrent decline from peak | -1.75% | -56.35% | +54.60% |
Average DrawdownAverage peak-to-trough decline | -8.90% | -27.80% | +18.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 7.47% | -6.11% |
Volatility
UUP vs. FXY - Volatility Comparison
Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 1.34% compared to Invesco CurrencyShares® Japanese Yen Trust (FXY) at 0.78%. This indicates that UUP's price experiences larger fluctuations and is considered to be riskier than FXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | FXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.78% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 4.32% | 5.61% | -1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 8.20% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 10.24% | -3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 9.30% | -2.34% |
UUP vs. FXY - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than FXY's 0.40% expense ratio.
Dividends
UUP vs. FXY - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.27%, while FXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXY Invesco CurrencyShares® Japanese Yen Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.27% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
UUP and FXY have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.34%) compared to FXY (0.78%). In terms of maximum drawdown, UUP dropped -22.19% vs FXY's -56.35%.
On 10-year performance, UUP leads with 3.20% vs -4.97% for FXY. On fees, FXY is cheaper at 0.40% per year. On volatility, FXY has been the lower-risk option at 0.78%. 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 -4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXY is cheaper with a 0.40% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.27%, compared with 0.00% for FXY.
UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while FXY tracks Japanese Yen. Their fees differ too: 0.75% for UUP and 0.40% for FXY.
UUP currently has the higher Sharpe Ratio (1.17 vs -1.21), 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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