UUP vs. GC=F

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco DB US Dollar Index Bullish Fund (UUP) and Gold (GC=F).

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.

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.

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	2.59%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
GC=F Gold	10.61%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Returns By Period

In the year-to-date period, UUP achieves a 2.59% return, which is significantly lower than GC=F's 10.61% return. Over the past 10 years, UUP has underperformed GC=F with an annualized return of 3.07%, while GC=F has yielded a comparatively higher 14.62% annualized return.

UUP

• 1D: -0.18%
• 1M: 1.46%
• YTD: 2.59%
• 6M: 4.28%
• 1Y: 0.37%
• 3Y*: 4.58%
• 5Y*: 5.16%
• 10Y*: 3.07%

GC=F

• 1D: 2.95%
• 1M: -9.63%
• YTD: 10.61%
• 6M: 23.71%
• 1Y: 53.41%
• 3Y*: 34.44%
• 5Y*: 22.61%
• 10Y*: 14.62%

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

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: 12
UUP Sharpe Ratio Rank: 13
UUP Sortino Ratio Rank: 11
UUP Omega Ratio Rank: 11
UUP Calmar Ratio Rank: 14
UUP Martin Ratio Rank: 13

GC=F

GC=F Risk / Return Rank: 91
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 94
GC=F Calmar Ratio Rank: 71
GC=F Martin Ratio Rank: 92

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	0.05	1.85	-1.80
Sortino ratio Return per unit of downside risk	0.12	2.26	-2.14
Omega ratio Gain probability vs. loss probability	1.01	1.34	-0.33
Calmar ratio Return relative to maximum drawdown	0.08	2.74	-2.66
Martin ratio Return relative to average drawdown	0.15	10.15	-10.00
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 0.05, which is lower than the GC=F Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of UUP and GC=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UUP	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	1.85	-1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	1.25	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.89	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.64	-0.44

Correlation

The correlation between UUP and GC=F is -0.37. 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.

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	-5.62%	-17.73%	+12.11%
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	-3.93%	-10.04%	+6.11%
Average Drawdown Average peak-to-trough decline	-8.96%	-13.03%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	4.78%	-1.58%

Volatility

UUP vs. GC=F - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 2.07%, while Gold (GC=F) has a volatility of 11.29%. 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	2.07%	11.29%	-9.22%
Volatility (6M) Calculated over the trailing 6-month period	4.17%	24.59%	-20.42%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	27.77%	-20.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	17.96%	-10.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	16.36%	-9.37%