UUP vs. LQD
UUP (Invesco DB US Dollar Index Bullish Fund) and LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while LQD is a Corporate Bonds fund tracking the iBoxx $ Liquid Investment Grade Index. Both are passively managed. Over the past 10 years, UUP returned 3.13%/yr vs 2.54%/yr for LQD. At a correlation of -0.20, they often move in opposite directions. UUP charges 0.75%/yr vs 0.15%/yr for LQD.
Performance
UUP vs. LQD - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.40% return, which is significantly higher than LQD's 0.82% return. Over the past 10 years, UUP has outperformed LQD with an annualized return of 3.13%, while LQD has yielded a comparatively lower 2.54% 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%
LQD
- 1D
- -0.06%
- 1M
- 0.74%
- YTD
- 0.82%
- 6M
- 1.24%
- 1Y
- 5.16%
- 3Y*
- 5.30%
- 5Y*
- -0.21%
- 10Y*
- 2.54%
UUP vs. LQD - 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% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.82% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
Correlation
The correlation between UUP and LQD is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.20 |
Over the past year, the inverse relationship between UUP and LQD has strengthened: their correlation has moved from -0.20 to -0.48, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UUP vs. LQD — Risk / Return Rank
UUP
LQD
UUP vs. LQD - 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 iBoxx $ Investment Grade Corporate Bond ETF (LQD). 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 | LQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.17 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.55 | +0.28 |
| Martin ratioReturn relative to average drawdown | 4.89 | 4.37 | +0.52 |
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Drawdowns
UUP vs. LQD - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum LQD drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for UUP and LQD.
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Drawdown Indicators
| UUP | LQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -24.95% | +2.76% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -3.34% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -8.43% | -1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -24.95% | +14.58% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -24.95% | +10.71% |
Current DrawdownCurrent decline from peak | -3.17% | -3.37% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -3.99% | -4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 1.19% | +0.17% |
Volatility
UUP vs. LQD - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.24%, while iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) has a volatility of 1.78%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than LQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | LQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.24% | 1.78% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 4.02% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.07% | 5.37% | +0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 8.65% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 8.69% | -1.73% |
UUP vs. LQD - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than LQD's 0.15% expense ratio.
Dividends
UUP vs. LQD - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.32%, less than LQD's 4.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.55% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
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 LQD have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQD has higher volatility (1.78%) compared to UUP (1.24%). In terms of maximum drawdown, UUP dropped -22.19% vs LQD's -24.95%.
On 10-year performance, UUP leads with 3.13% vs 2.54% for LQD. On fees, LQD is cheaper at 0.15% 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, UUP has performed better with a 3.13% return vs 2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQD is cheaper with a 0.15% expense ratio, compared with 0.75% for UUP.
LQD has the higher dividend yield at 4.55%, compared with 3.32% for UUP.
UUP is categorized as Currency, while LQD is Corporate Bonds. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while LQD tracks iBoxx $ Liquid Investment Grade Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for UUP and 0.15% for LQD.
UUP currently has the higher Sharpe Ratio (1.11 vs 0.97), 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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