UUP vs. MURGY

Last updated Jun 9, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while MURGY (Muenchener Rueckver Ges) is a stock. Over the past 10 years, UUP returned 3.19%/yr vs 16.33%/yr for MURGY. At a correlation of -0.40, they often move in opposite directions.

Performance

UUP vs. MURGY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Muenchener Rueckver Ges (MURGY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 3.70% return, which is significantly higher than MURGY's -18.36% return. Over the past 10 years, UUP has underperformed MURGY with an annualized return of 3.19%, while MURGY has yielded a comparatively higher 16.33% 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%

MURGY

• 1D: -0.13%
• 1M: -12.87%
• YTD: -18.36%
• 6M: -13.37%
• 1Y: -18.42%
• 3Y*: 18.28%
• 5Y*: 17.42%
• 10Y*: 16.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UUP vs. MURGY - 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%
MURGY Muenchener Rueckver Ges	-18.36%	36.01%	23.53%	34.32%	14.50%	2.58%	4.34%	38.79%	4.17%	28.67%

Correlation

The correlation between UUP and MURGY is -0.39, 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	-0.39
Correlation (3Y) Calculated over the trailing 3-year period	-0.39
Correlation (5Y) Calculated over the trailing 5-year period	-0.43
Correlation (10Y) Calculated over the trailing 10-year period	-0.35
Correlation (All Time) Calculated using the full available price history since Oct 28, 2008	-0.40

Return for Risk

UUP vs. MURGY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UUP

UUP Risk / Return Rank: 29
UUP Sharpe Ratio Rank: 28
UUP Sortino Ratio Rank: 27
UUP Omega Ratio Rank: 26
UUP Calmar Ratio Rank: 35
UUP Martin Ratio Rank: 31

MURGY

MURGY Risk / Return Rank: 10
MURGY Sharpe Ratio Rank: 9
MURGY Sortino Ratio Rank: 11
MURGY Omega Ratio Rank: 12
MURGY Calmar Ratio Rank: 14
MURGY Martin Ratio Rank: 3

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. MURGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Muenchener Rueckver Ges (MURGY). 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	MURGY	Difference
Sharpe ratio: Return per unit of total volatility	0.93	-0.82	+1.76
Sortino ratio: Return per unit of downside risk	1.34	-1.03	+2.37
Omega ratio: Gain probability vs. loss probability	1.16	0.88	+0.29
Calmar ratio: Return relative to maximum drawdown	1.55	-0.73	+2.29
Martin ratio: Return relative to average drawdown	4.13	-1.65	+5.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UUP vs. MURGY - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.93, which is higher than the MURGY Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of UUP and MURGY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UUP	MURGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	-0.82	+1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.72	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.63	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.50	-0.30

Drawdowns

UUP vs. MURGY - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum MURGY drawdown of -48.01%. Use the drawdown chart below to compare losses from any high point for UUP and MURGY.

Drawdown Indicators

	UUP	MURGY	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-48.01%	+25.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-25.23%	+21.58%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-25.23%	+15.18%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-29.54%	+19.17%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	-48.01%	+33.77%
Current Drawdown Current decline from peak	-2.89%	-23.90%	+21.01%
Average Drawdown Average peak-to-trough decline	-8.91%	-8.70%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	11.19%	-9.82%

Volatility

UUP vs. MURGY - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while Muenchener Rueckver Ges (MURGY) has a volatility of 8.59%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than MURGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	MURGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	8.59%	-7.36%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	16.93%	-12.68%
Volatility (1Y) Calculated over the trailing 1-year period	6.09%	22.48%	-16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	24.47%	-17.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	25.96%	-19.00%

Dividends

UUP vs. MURGY - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.31%, less than MURGY's 5.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MURGY Muenchener Rueckver Ges	5.39%	3.31%	3.21%	2.98%	3.73%	2.68%	2.50%	2.44%	3.39%	10.17%	9.45%	4.25%
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

Can I hold both UUP and MURGY in my portfolio?

UUP and MURGY have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UUP or MURGY?

MURGY has higher volatility (8.59%) compared to UUP (1.23%). In terms of maximum drawdown, UUP dropped -22.19% vs MURGY's -48.01%.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (0.93 vs -0.82), 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.