UUP vs. PFIX

Last updated Jun 14, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and PFIX (Simplify Interest Rate Hedge ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while PFIX is a Hedge Fund fund actively managed by Simplify. UUP is passively managed, while PFIX is actively managed. Over the past 5 years, UUP returned 5.89%/yr vs 17.43%/yr for PFIX. At a 0.23 correlation, their price movements are largely independent. UUP charges 0.75%/yr vs 0.50%/yr for PFIX.

Performance

UUP vs. PFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Simplify Interest Rate Hedge ETF (PFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 3.40% return, which is significantly higher than PFIX's -3.92% return.

UUP

• 1D: 0.00%
• 1M: 1.19%
• YTD: 3.40%
• 6M: 3.41%
• 1Y: 6.38%
• 3Y*: 4.21%
• 5Y*: 5.89%
• 10Y*: 3.13%

PFIX

• 1D: -1.32%
• 1M: -5.62%
• YTD: -3.92%
• 6M: -5.54%
• 1Y: -12.06%
• 3Y*: 15.02%
• 5Y*: 17.43%
• 10Y*: —

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

UUP vs. PFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UUP Invesco DB US Dollar Index Bullish Fund	3.40%	-4.99%	13.50%	3.63%	9.46%	5.60%
PFIX Simplify Interest Rate Hedge ETF	-3.92%	0.42%	35.94%	5.67%	92.05%	-24.98%

Correlation

The correlation between UUP and PFIX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 11, 2021	0.23

Return for Risk

UUP vs. PFIX — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 36
UUP Sharpe Ratio Rank: 35
UUP Sortino Ratio Rank: 34
UUP Omega Ratio Rank: 33
UUP Calmar Ratio Rank: 42
UUP Martin Ratio Rank: 36

PFIX

PFIX Risk / Return Rank: 6
PFIX Sharpe Ratio Rank: 6
PFIX Sortino Ratio Rank: 7
PFIX Omega Ratio Rank: 7
PFIX Calmar Ratio Rank: 6
PFIX Martin Ratio Rank: 7

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. PFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Simplify Interest Rate Hedge ETF (PFIX). 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	PFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	-0.34	+1.45
Sortino ratio: Return per unit of downside risk	1.60	-0.29	+1.89
Omega ratio: Gain probability vs. loss probability	1.20	0.97	+0.23
Calmar ratio: Return relative to maximum drawdown	1.83	-0.40	+2.23
Martin ratio: Return relative to average drawdown	4.89	-0.62	+5.50

UUP vs. PFIX - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.11, which is higher than the PFIX Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of UUP and PFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UUP vs. PFIX - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum PFIX drawdown of -36.17%. Use the drawdown chart below to compare losses from any high point for UUP and PFIX.

Drawdown Indicators

	UUP	PFIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-36.17%	+13.98%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-25.64%	+21.99%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-36.17%	+26.12%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-36.17%	+25.80%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	—	—
Current Drawdown Current decline from peak	-3.17%	-20.78%	+17.61%
Average Drawdown Average peak-to-trough decline	-8.91%	-17.13%	+8.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	16.52%	-15.16%

Volatility

UUP vs. PFIX - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.24%, while Simplify Interest Rate Hedge ETF (PFIX) has a volatility of 8.38%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than PFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	PFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	8.38%	-7.14%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	21.22%	-16.99%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	30.44%	-24.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	38.52%	-31.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	38.29%	-31.33%

UUP vs. PFIX - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than PFIX's 0.50% expense ratio.

Dividends

UUP vs. PFIX - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.32%, less than PFIX's 10.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFIX Simplify Interest Rate Hedge ETF	10.11%	9.92%	3.40%	87.92%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both UUP and PFIX in my portfolio?

UUP and PFIX have a correlation of 0.25, 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 PFIX?

PFIX has higher volatility (8.38%) compared to UUP (1.24%). In terms of maximum drawdown, UUP dropped -22.19% vs PFIX's -36.17%.

Which ETF is better, UUP or PFIX?

On 5-year performance, PFIX leads with 17.43% vs 5.89% for UUP. On fees, PFIX is cheaper at 0.50% 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.

Which ETF has performed better, UUP or PFIX?

Over the 5-year period, PFIX has performed better with a 17.43% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UUP or PFIX?

PFIX is cheaper with a 0.50% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, UUP or PFIX?

PFIX has the higher dividend yield at 10.11%, compared with 3.32% for UUP.

What is the main difference between UUP and PFIX?

UUP is categorized as Currency, while PFIX is Hedge Fund. They also come from different issuers: Invesco and Simplify. Their fees differ too: 0.75% for UUP and 0.50% for PFIX.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.11 vs -0.34), 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.