UUP vs. GSY

Last updated Jun 13, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and GSY (Invesco Ultra Short Duration ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while GSY is a Ultrashort Bond fund actively managed by Invesco. UUP is passively managed, while GSY is actively managed. Over the past 10 years, UUP returned 3.13%/yr vs 2.86%/yr for GSY. At a correlation of -0.10, they often move in opposite directions. UUP charges 0.75%/yr vs 0.22%/yr for GSY.

Performance

UUP vs. GSY - Performance Comparison

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

Returns By Period

In the year-to-date period, UUP achieves a 3.40% return, which is significantly higher than GSY's 1.72% return. Over the past 10 years, UUP has outperformed GSY with an annualized return of 3.13%, while GSY has yielded a comparatively lower 2.86% annualized return.

UUP

• 1D: 0.00%
• 1M: 1.60%
• YTD: 3.40%
• 6M: 3.41%
• 1Y: 6.66%
• 3Y*: 4.21%
• 5Y*: 5.89%
• 10Y*: 3.13%

GSY

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.72%
• 6M: 1.96%
• 1Y: 4.52%
• 3Y*: 5.48%
• 5Y*: 3.68%
• 10Y*: 2.86%

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

UUP vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	3.40%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
GSY Invesco Ultra Short Duration ETF	1.72%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between UUP and GSY is -0.33, 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	-0.33
Correlation (3Y) Calculated over the trailing 3-year period	-0.34
Correlation (5Y) Calculated over the trailing 5-year period	-0.32
Correlation (10Y) Calculated over the trailing 10-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008	-0.10

Over the past year, the inverse relationship between UUP and GSY has strengthened: their correlation has moved from -0.10 to -0.33, meaning they now move in opposite directions more often than their long-term average.

UUP vs. GSY - Sectors Allocation Comparison

Sectors	UUP	GSY
Financial Services	97.4%	28.5%
Basic Materials	-	1.5%
Communication Services	-	2.2%
Consumer Cyclical	-	4.2%
Consumer Defensive	-	2.5%
Energy	-	2.9%
Healthcare	-	2.9%
Industrials	-	2.4%
Real Estate	-	4.3%
Technology	-	4.6%
Utilities	-	1.8%

Return for Risk

UUP vs. GSY — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 36
UUP Sharpe Ratio Rank: 35
UUP Sortino Ratio Rank: 34
UUP Omega Ratio Rank: 33
UUP Calmar Ratio Rank: 42
UUP Martin Ratio Rank: 36

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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. GSY - 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 Ultra Short Duration ETF (GSY). 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	GSY	Difference
Sharpe ratio: Return per unit of total volatility	1.11	11.20	-10.09
Sortino ratio: Return per unit of downside risk	1.60	27.35	-25.75
Omega ratio: Gain probability vs. loss probability	1.20	6.54	-5.34
Calmar ratio: Return relative to maximum drawdown	1.83	75.72	-73.88
Martin ratio: Return relative to average drawdown	4.89	373.96	-369.07

UUP vs. GSY - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.11, which is lower than the GSY Sharpe Ratio of 11.20. The chart below compares the historical Sharpe Ratios of UUP and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UUP vs. GSY - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for UUP and GSY.

Drawdown Indicators

	UUP	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-12.14%	-10.05%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-0.06%	-3.59%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-0.18%	-9.87%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-1.48%	-8.89%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	-5.25%	-8.99%
Current Drawdown Current decline from peak	-3.17%	0.00%	-3.17%
Average Drawdown Average peak-to-trough decline	-8.91%	-2.38%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	0.01%	+1.35%

Volatility

UUP vs. GSY - Volatility Comparison

Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 1.24% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that UUP's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	0.15%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	0.31%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	0.40%	+5.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	0.58%	+6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	1.22%	+5.74%

UUP vs. GSY - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than GSY's 0.22% expense ratio.

Dividends

UUP vs. GSY - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.32%, less than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%
UUP Invesco DB US Dollar Index Bullish Fund	3.32%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UUP and GSY in my portfolio?

UUP and GSY have a correlation of -0.33, 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 GSY?

UUP has higher volatility (1.24%) compared to GSY (0.15%). In terms of maximum drawdown, UUP dropped -22.19% vs GSY's -12.14%.

Which ETF is better, UUP or GSY?

On 10-year performance, UUP leads with 3.13% vs 2.86% for GSY. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UUP or GSY?

Over the 10-year period, UUP has performed better with a 3.13% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UUP or GSY?

GSY is cheaper with a 0.22% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, UUP or GSY?

GSY has the higher dividend yield at 4.34%, compared with 3.32% for UUP.

What is the main difference between UUP and GSY?

UUP is categorized as Currency, while GSY is Ultrashort Bond. Their fees differ too: 0.75% for UUP and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.20 vs 1.11), 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.