UUP vs. FXY
Compare and contrast key facts about Invesco DB US Dollar Index Bullish Fund (UUP) and Invesco CurrencyShares® Japanese Yen Trust (FXY).
UUP and FXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UUP is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Long US Dollar Index (USDX) Futures Index. It was launched on Feb 20, 2007. FXY is a passively managed fund by Invesco that tracks the performance of the Japanese Yen. It was launched on Feb 12, 2007. Both UUP and FXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UUP vs. FXY - Performance Comparison
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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 | 2.77% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -1.35% | 0.09% | -10.93% | -7.44% | -12.75% | -10.90% | 4.61% | 0.37% | 2.31% | 3.17% |
Returns By Period
In the year-to-date period, UUP achieves a 2.77% return, which is significantly higher than FXY's -1.35% return. Over the past 10 years, UUP has outperformed FXY with an annualized return of 3.09%, while FXY has yielded a comparatively lower -3.96% annualized return.
UUP
- 1D
- -0.71%
- 1M
- 2.58%
- YTD
- 2.77%
- 6M
- 4.43%
- 1Y
- 0.66%
- 3Y*
- 4.64%
- 5Y*
- 5.20%
- 10Y*
- 3.09%
FXY
- 1D
- 0.64%
- 1M
- -1.61%
- YTD
- -1.35%
- 6M
- -6.96%
- 1Y
- -5.89%
- 3Y*
- -6.20%
- 5Y*
- -7.45%
- 10Y*
- -3.96%
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UUP vs. FXY - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than FXY's 0.40% expense ratio.
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.
| UUP | FXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.09 | -0.58 | +0.67 |
Sortino ratioReturn per unit of downside risk | 0.17 | -0.78 | +0.95 |
Omega ratioGain probability vs. loss probability | 1.02 | 0.91 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 0.13 | -0.48 | +0.61 |
Martin ratioReturn relative to average drawdown | 0.24 | -0.80 | +1.04 |
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 | FXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | -0.58 | +0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | -0.73 | +1.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | -0.42 | +0.86 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | -0.18 | +0.38 |
Correlation
The correlation between UUP and FXY is -0.46. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
UUP vs. FXY - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.34%, while FXY has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.34% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
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% |
Drawdowns
UUP vs. FXY - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum FXY drawdown of -56.03%. 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% | -56.03% | +33.84% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -12.45% | +6.43% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -34.49% | +24.12% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -40.84% | +26.60% |
Current DrawdownCurrent decline from peak | -3.76% | -55.51% | +51.75% |
Average DrawdownAverage peak-to-trough decline | -8.96% | -27.48% | +18.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 7.46% | -4.26% |
Volatility
UUP vs. FXY - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 2.10%, while Invesco CurrencyShares® Japanese Yen Trust (FXY) has a volatility of 2.33%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky 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 | 2.10% | 2.33% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.17% | 6.09% | -1.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.41% | 10.25% | -2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 10.20% | -2.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.99% | 9.47% | -2.48% |