UUP vs. GC=F

Last updated Jun 3, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while GC=F (Gold) is an asset. Over the past 10 years, UUP returned 3.16%/yr vs 13.80%/yr for GC=F. At a correlation of -0.37, they often move in opposite directions.

Performance

UUP vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Gold (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 2.70% return, which is significantly lower than GC=F's 4.48% return. Over the past 10 years, UUP has underperformed GC=F with an annualized return of 3.16%, while GC=F has yielded a comparatively higher 13.80% annualized return.

UUP

• 1D: 0.00%
• 1M: 1.28%
• YTD: 2.70%
• 6M: 1.84%
• 1Y: 5.31%
• 3Y*: 3.76%
• 5Y*: 5.76%
• 10Y*: 3.16%

GC=F

• 1D: 0.98%
• 1M: -2.39%
• YTD: 4.48%
• 6M: 7.94%
• 1Y: 34.08%
• 3Y*: 32.28%
• 5Y*: 19.29%
• 10Y*: 13.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	2.70%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
GC=F Gold	4.48%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Correlation

The correlation between UUP and GC=F is -0.37, 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	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (5Y) Calculated over the trailing 5-year period	-0.40
Correlation (10Y) Calculated over the trailing 10-year period	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007	-0.37

Return for Risk

UUP vs. GC=F — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UUP

UUP Risk / Return Rank: 24
UUP Sharpe Ratio Rank: 25
UUP Sortino Ratio Rank: 24
UUP Omega Ratio Rank: 23
UUP Calmar Ratio Rank: 26
UUP Martin Ratio Rank: 25

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 48
GC=F Sortino Ratio Rank: 48
GC=F Omega Ratio Rank: 45
GC=F Calmar Ratio Rank: 61
GC=F Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UUP vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Gold (GC=F). 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	GC=F	Difference
Sharpe ratio Return per unit of total volatility	0.87	1.25	-0.37
Sortino ratio Return per unit of downside risk	1.26	1.63	-0.37
Omega ratio Gain probability vs. loss probability	1.15	1.25	-0.10
Calmar ratio Return relative to maximum drawdown	1.26	2.03	-0.78
Martin ratio Return relative to average drawdown	3.34	5.15	-1.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UUP vs. GC=F - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.87, which is lower than the GC=F Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of UUP and GC=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UUP	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.25	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	1.05	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.84	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.62	-0.43

Drawdowns

UUP vs. GC=F - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum GC=F drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for UUP and GC=F.

Drawdown Indicators

	UUP	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-44.36%	+22.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-17.73%	+14.08%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-17.73%	+7.68%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-20.43%	+10.06%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	-20.87%	+6.63%
Current Drawdown Current decline from peak	-3.83%	-15.03%	+11.20%
Average Drawdown Average peak-to-trough decline	-8.92%	-13.03%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	7.01%	-5.64%

Volatility

UUP vs. GC=F - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.24%, while Gold (GC=F) has a volatility of 5.37%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	5.37%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	23.05%	-18.82%
Volatility (1Y) Calculated over the trailing 1-year period	6.15%	26.56%	-20.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	18.21%	-10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	16.44%	-9.48%

Frequently Asked Questions

Can I hold both UUP and GC=F in my portfolio?

UUP and GC=F have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UUP or GC=F?

GC=F has higher volatility (5.37%) compared to UUP (1.24%). In terms of maximum drawdown, UUP dropped -22.19% vs GC=F's -44.36%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (1.25 vs 0.87), 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.