UUP vs. IGLN.L
UUP (Invesco DB US Dollar Index Bullish Fund) and IGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, UUP returned 3.19%/yr vs 12.87%/yr for IGLN.L. At a correlation of -0.35, they often move in opposite directions. UUP charges 0.75%/yr vs 0.12%/yr for IGLN.L.
Performance
UUP vs. IGLN.L - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.70% return, which is significantly higher than IGLN.L's 0.50% return. Over the past 10 years, UUP has underperformed IGLN.L with an annualized return of 3.19%, while IGLN.L has yielded a comparatively higher 12.87% 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%
IGLN.L
- 1D
- -0.32%
- 1M
- -8.04%
- YTD
- 0.50%
- 6M
- 3.23%
- 1Y
- 29.84%
- 3Y*
- 30.05%
- 5Y*
- 17.89%
- 10Y*
- 12.87%
UUP vs. IGLN.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% |
IGLN.L iShares Physical Gold ETC | 0.50% | 64.93% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.30% | -1.33% | 11.69% |
Correlation
The correlation between UUP and IGLN.L is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2011 | -0.35 |
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Return for Risk
UUP vs. IGLN.L — Risk / Return Rank
UUP
IGLN.L
UUP vs. IGLN.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 Physical Gold ETC (IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.23 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.63 | -0.07 |
| Martin ratioReturn relative to average drawdown | 4.13 | 4.30 | -0.17 |
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 | IGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.19 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 1.03 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.83 | -0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.44 | -0.23 |
Drawdowns
UUP vs. IGLN.L - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum IGLN.L drawdown of -45.25%. Use the drawdown chart below to compare losses from any high point for UUP and IGLN.L.
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Drawdown Indicators
| UUP | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -45.25% | +23.06% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -18.26% | +14.61% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -18.26% | +8.21% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -21.15% | +10.78% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -21.15% | +6.91% |
Current DrawdownCurrent decline from peak | -2.89% | -18.26% | +15.37% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -19.72% | +10.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 6.93% | -5.56% |
Volatility
UUP vs. IGLN.L - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while iShares Physical Gold ETC (IGLN.L) has a volatility of 6.10%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 6.10% | -4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 21.87% | -17.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.09% | 24.98% | -18.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 17.41% | -10.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 15.56% | -8.60% |
UUP vs. IGLN.L - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than IGLN.L's 0.12% expense ratio.
Dividends
UUP vs. IGLN.L - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.31%, while IGLN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IGLN.L iShares Physical Gold ETC | 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 | 3.31% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
UUP and IGLN.L have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLN.L is cheaper with a 0.12% expense ratio, compared with 0.75% for UUP.
UUP is categorized as Currency, while IGLN.L is Gold. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while IGLN.L tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for UUP and 0.12% for IGLN.L.
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