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 3.11%/yr vs -4.66%/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 4.85% return, which is significantly higher than FXY's -3.78% return. Over the past 10 years, UUP has outperformed FXY with an annualized return of 3.11%, while FXY has yielded a comparatively lower -4.66% annualized return.
UUP
- 1D
- 0.32%
- 1M
- 1.47%
- 6M
- 3.32%
- YTD
- 4.85%
- 1Y
- 7.20%
- 3Y*
- 5.70%
- 5Y*
- 5.69%
- 10Y*
- 3.11%
FXY
- 1D
- -0.14%
- 1M
- -1.29%
- 6M
- -2.61%
- YTD
- -3.78%
- 1Y
- -9.38%
- 3Y*
- -5.60%
- 5Y*
- -7.98%
- 10Y*
- -4.66%
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 | 4.85% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
FXY Invesco CurrencyShares® Japanese Yen Trust | -3.78% | 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 -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
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 -0.72, 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 | 1.22 | 0.81 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | -0.92 | +2.90 |
| Martin ratioReturn relative to average drawdown | 5.43 | -1.47 | +6.91 |
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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 -56.62%. 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% | -56.62% | +34.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -10.21% | +6.56% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -15.73% | +5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -34.61% | +24.24% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -41.64% | +27.40% |
Current DrawdownCurrent decline from peak | -1.82% | -56.61% | +54.79% |
Average DrawdownAverage peak-to-trough decline | -8.87% | -27.90% | +19.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 6.37% | -5.04% |
Volatility
UUP vs. FXY - Volatility Comparison
Invesco DB US Dollar Index Bullish Fund (UUP) and Invesco CurrencyShares® Japanese Yen Trust (FXY) have volatilities of 1.59% and 1.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 1.59% | 1.52% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.39% | 5.47% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.03% | 8.04% | -2.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 10.23% | -3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.90% | 9.17% | -2.27% |
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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.59%) compared to FXY (1.52%). In terms of maximum drawdown, UUP dropped -22.19% vs FXY's -56.62%.
On 10-year performance, UUP leads with 3.11% vs -4.66% for FXY. On fees, FXY is cheaper at 0.40% per year. Their volatility is very similar. 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 3.11% return vs -4.66%. 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 (1.20 vs -1.18), 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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