UUP vs. IBIT
UUP (Invesco DB US Dollar Index Bullish Fund) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, UUP returned 7.07% vs -44.68% for IBIT. At a correlation of -0.17, they often move in opposite directions. UUP charges 0.75%/yr vs 0.25%/yr for IBIT.
Performance
UUP vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 5.03% return, which is significantly higher than IBIT's -25.70% return.
UUP
- 1D
- 0.21%
- 1M
- 0.32%
- 6M
- 3.50%
- YTD
- 5.03%
- 1Y
- 7.07%
- 3Y*
- 5.30%
- 5Y*
- 5.72%
- 10Y*
- 3.03%
- ALL TIME*
- 1.69%
IBIT
- 1D
- 1.49%
- 1M
- 3.57%
- 6M
- -31.99%
- YTD
- -25.70%
- 1Y
- -44.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.65%
UUP vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 12.22% |
IBIT iShares Bitcoin Trust ETF | -25.70% | -6.41% | 89.87% |
Correlation
The correlation between UUP and IBIT is -0.20, 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 | -0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.17 |
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Return for Risk
UUP vs. IBIT — Risk / Return Rank
UUP
IBIT
UUP vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.19 | ||
| Sortino ratioReturn per unit of downside risk | +3.20 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.83 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | -0.84 | +2.79 |
| Martin ratioReturn relative to average drawdown | 5.37 | -1.34 | +6.71 |
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Drawdowns
UUP vs. IBIT - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for UUP and IBIT.
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Drawdown Indicators
| UUP | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -53.30% | +31.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -53.30% | +49.65% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -1.64% | -48.25% | +46.61% |
Average DrawdownAverage peak-to-trough decline | -8.87% | -17.81% | +8.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 33.42% | -32.09% |
Volatility
UUP vs. IBIT - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.34%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 10.67%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 10.67% | -9.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.38% | 34.60% | -30.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.02% | 44.40% | -38.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 49.85% | -42.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.90% | 49.85% | -42.95% |
UUP vs. IBIT - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
UUP vs. IBIT - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.26%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 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 | 3.26% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
UUP and IBIT have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (10.67%) compared to UUP (1.34%). In terms of maximum drawdown, UUP dropped -22.19% vs IBIT's -53.30%.
On 1-year performance, UUP leads with 7.07% vs -44.68% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, UUP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UUP has performed better with a 7.07% return vs -44.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.26%, compared with 0.00% for IBIT.
UUP is categorized as Currency, while IBIT is Cryptocurrency. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for UUP and 0.25% for IBIT.
UUP currently has the higher Sharpe Ratio (1.18 vs -1.01), 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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