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UUP vs. IEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UUP vs. IEFA

Last updated Jun 13, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and IEFA (iShares Core MSCI EAFE ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE IMI Index (Net). Both are passively managed. Over the past 10 years, UUP returned 3.13%/yr vs 9.90%/yr for IEFA. At a correlation of -0.38, they often move in opposite directions. UUP charges 0.75%/yr vs 0.07%/yr for IEFA.

Performance

UUP vs. IEFA - Performance Comparison

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

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Returns By Period

In the year-to-date period, UUP achieves a 3.40% return, which is significantly lower than IEFA's 9.51% return. Over the past 10 years, UUP has underperformed IEFA with an annualized return of 3.13%, while IEFA has yielded a comparatively higher 9.90% 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%

IEFA

1D
0.18%
1M
0.85%
YTD
9.51%
6M
11.08%
1Y
20.89%
3Y*
16.31%
5Y*
8.10%
10Y*
9.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. IEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IEFA
iShares Core MSCI EAFE ETF		9.51%32.08%3.26%17.95%-15.24%11.63%8.18%22.64%-14.14%26.57%

Correlation

The correlation between UUP and IEFA is -0.58, 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

-0.58

Correlation (3Y)
Calculated over the trailing 3-year period

-0.55

Correlation (5Y)
Calculated over the trailing 5-year period

-0.59

Correlation (10Y)
Calculated over the trailing 10-year period

-0.46

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

-0.38

The correlation between UUP and IEFA shifts across timeframes, from -0.59 (5 years) to -0.38 (all time), reflecting how their relationship changes across market environments.

UUP vs. IEFA - Sectors Allocation Comparison

Sectors
UUP
IEFA

Financial Services

97.4%
22.5%

Basic Materials

-

7.0%

Communication Services

-

4.4%

Consumer Cyclical

-

8.0%

Consumer Defensive

-

6.6%

Energy

-

3.8%

Healthcare

-

9.5%

Industrials

-

20.1%

Real Estate

-

3.0%

Technology

-

10.8%

Utilities

-

3.6%

Financial Services

UUP
97.4%
IEFA
22.5%

Basic Materials

UUP

-

IEFA
7.0%

Communication Services

UUP

-

IEFA
4.4%

Consumer Cyclical

UUP

-

IEFA
8.0%

Consumer Defensive

UUP

-

IEFA
6.6%

Energy

UUP

-

IEFA
3.8%

Healthcare

UUP

-

IEFA
9.5%

Industrials

UUP

-

IEFA
20.1%

Real Estate

UUP

-

IEFA
3.0%

Technology

UUP

-

IEFA
10.8%

Utilities

UUP

-

IEFA
3.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco DB US Dollar Index Bullish Fund

iShares Core MSCI EAFE ETF

Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F
Often compared with IEFA:
IEFA vs. VEAIEFA vs. VXUSIEFA vs. EFAIEFA vs. FSPSXIEFA vs. IEMGIEFA vs. XEF.TOIEFA vs. IXUS

Return for Risk

UUP vs. IEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UUP
UUP Risk / Return Rank: 3636
Overall Rank
UUP Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 3434
Sortino Ratio Rank
UUP Omega Ratio Rank: 3333
Omega Ratio Rank
UUP Calmar Ratio Rank: 4242
Calmar Ratio Rank
UUP Martin Ratio Rank: 3636
Martin Ratio Rank
IEFA
IEFA Risk / Return Rank: 4444
Overall Rank
IEFA Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
IEFA Sortino Ratio Rank: 4444
Sortino Ratio Rank
IEFA Omega Ratio Rank: 4343
Omega Ratio Rank
IEFA Calmar Ratio Rank: 4242
Calmar Ratio Rank
IEFA Martin Ratio Rank: 4848
Martin Ratio Rank
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. IEFA - 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 Core MSCI EAFE ETF (IEFA). 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.

UUPIEFADifference
Sharpe ratioReturn per unit of total volatility
1.11
1.35

-0.24

Sortino ratioReturn per unit of downside risk
1.60
1.97

-0.37

Omega ratioGain probability vs. loss probability

1.20

1.25

-0.05

Calmar ratioReturn relative to maximum drawdown

1.83

1.83

+0.01

Martin ratioReturn relative to average drawdown

4.89

6.93

-2.04

UUP vs. IEFA - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.11, which is comparable to the IEFA Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of UUP and IEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

UUP vs. IEFA - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum IEFA drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for UUP and IEFA.

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Drawdown Indicators

UUPIEFADifference

Max Drawdown

Largest peak-to-trough decline

-22.19%

-34.78%

+12.59%

Max Drawdown (1Y)

Largest decline over 1 year

-3.65%

-11.50%

+7.85%

Max Drawdown (3Y)

Largest decline over 3 years

-10.05%

-13.76%

+3.71%

Max Drawdown (5Y)

Largest decline over 5 years

-10.37%

-30.41%

+20.04%

Max Drawdown (10Y)

Largest decline over 10 years

-14.24%

-34.78%

+20.54%

Current Drawdown

Current decline from peak

-3.17%

-0.60%

-2.57%

Average Drawdown

Average peak-to-trough decline

-8.91%

-6.68%

-2.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.36%

3.03%

-1.67%

Volatility

UUP vs. IEFA - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.24%, while iShares Core MSCI EAFE ETF (IEFA) has a volatility of 5.50%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than IEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UUPIEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

1.24%

5.50%

-4.26%

Volatility (6M)

Calculated over the trailing 6-month period

4.23%

13.11%

-8.88%

Volatility (1Y)

Calculated over the trailing 1-year period

6.07%

15.54%

-9.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.22%

16.61%

-9.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.96%

17.31%

-10.35%

UUP vs. IEFA - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than IEFA's 0.07% expense ratio.

Dividends

UUP vs. IEFA - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.32%, more than IEFA's 3.24% yield.

PositionTTM20252024202320222021202020192018201720162015
IEFA
iShares Core MSCI EAFE ETF		3.24%3.55%3.47%3.20%2.70%3.32%1.90%3.18%3.46%2.57%2.96%2.63%
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

UUP and IEFA have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEFA has higher volatility (5.50%) compared to UUP (1.24%). In terms of maximum drawdown, UUP dropped -22.19% vs IEFA's -34.78%.

On 10-year performance, IEFA leads with 9.90% vs 3.13% for UUP. On fees, IEFA is cheaper at 0.07% per year. On volatility, UUP has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEFA has performed better with a 9.90% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEFA is cheaper with a 0.07% expense ratio, compared with 0.75% for UUP.

UUP has the higher dividend yield at 3.32%, compared with 3.24% for IEFA.

UUP is categorized as Currency, while IEFA is Foreign Large Cap Equities. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IEFA tracks MSCI EAFE IMI Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for UUP and 0.07% for IEFA.

IEFA currently has the higher Sharpe Ratio (1.35 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.

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