UUP vs. IBTM.L
UUP (Invesco DB US Dollar Index Bullish Fund) and IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, UUP returned 3.19%/yr vs 0.71%/yr for IBTM.L. At a correlation of -0.21, they often move in opposite directions. UUP charges 0.75%/yr vs 0.07%/yr for IBTM.L.
Performance
UUP vs. IBTM.L - Performance Comparison
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Different Trading Currencies
UUP is traded in USD, while IBTM.L is traded in GBP. To make them comparable, the IBTM.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, UUP achieves a 3.70% return, which is significantly higher than IBTM.L's -1.33% return. Over the past 10 years, UUP has outperformed IBTM.L with an annualized return of 3.19%, while IBTM.L has yielded a comparatively lower 0.71% annualized return.
UUP
- 1D
- 0.04%
- 1M
- 2.52%
- YTD
- 3.70%
- 6M
- 3.08%
- 1Y
- 5.64%
- 3Y*
- 4.21%
- 5Y*
- 6.04%
- 10Y*
- 3.19%
IBTM.L
- 1D
- 0.23%
- 1M
- -1.12%
- YTD
- -1.33%
- 6M
- -0.69%
- 1Y
- 3.94%
- 3Y*
- 2.61%
- 5Y*
- -1.15%
- 10Y*
- 0.71%
UUP vs. IBTM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.70% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -1.33% | 8.50% | -0.23% | 2.90% | -14.92% | -2.66% | 9.27% | 9.73% | 0.47% | 2.43% |
Correlation
The correlation between UUP and IBTM.L is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2007 | -0.21 |
Over the past year, the inverse relationship between UUP and IBTM.L has strengthened: their correlation has moved from -0.21 to -0.46, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UUP vs. IBTM.L — Risk / Return Rank
UUP
IBTM.L
UUP vs. IBTM.L - 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 USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L). 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 | IBTM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.12 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 0.94 | +0.61 |
| Martin ratioReturn relative to average drawdown | 4.13 | 2.78 | +1.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UUP | IBTM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 0.69 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | -0.14 | +0.98 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.09 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.02 | +0.18 |
Drawdowns
UUP vs. IBTM.L - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum IBTM.L drawdown of -53.26%. Use the drawdown chart below to compare losses from any high point for UUP and IBTM.L.
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Drawdown Indicators
| UUP | IBTM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -53.26% | +31.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -4.18% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -7.61% | -2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -21.13% | +10.76% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -23.64% | +9.40% |
Current DrawdownCurrent decline from peak | -2.89% | -21.09% | +18.20% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -29.36% | +20.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 1.41% | -0.04% |
Volatility
UUP vs. IBTM.L - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) has a volatility of 1.91%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than IBTM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | IBTM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.91% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 4.14% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.09% | 5.71% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 8.51% | -1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 7.83% | -0.87% |
UUP vs. IBTM.L - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than IBTM.L's 0.07% expense ratio.
Dividends
UUP vs. IBTM.L - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.31%, less than IBTM.L's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.31% | 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
UUP and IBTM.L have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.75% for UUP.
UUP is categorized as Currency, while IBTM.L is Government Bonds. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for UUP and 0.07% for IBTM.L.
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