UUP vs. PGTYX

Last updated Jun 7, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and PGTYX (Putnam Global Technology Fund) are both funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while PGTYX is a Technology Equities fund managed by Putnam. Over the past 10 years, UUP returned 3.28%/yr vs 25.84%/yr for PGTYX. At a correlation of -0.22, they often move in opposite directions. UUP charges 0.75%/yr vs 0.62%/yr for PGTYX.

Performance

UUP vs. PGTYX - Performance Comparison

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

Returns By Period

In the year-to-date period, UUP achieves a 3.66% return, which is significantly lower than PGTYX's 40.83% return. Over the past 10 years, UUP has underperformed PGTYX with an annualized return of 3.28%, while PGTYX has yielded a comparatively higher 25.84% annualized return.

UUP

• 1D: 0.65%
• 1M: 2.49%
• YTD: 3.66%
• 6M: 3.19%
• 1Y: 5.60%
• 3Y*: 4.04%
• 5Y*: 6.04%
• 10Y*: 3.28%

PGTYX

• 1D: -0.79%
• 1M: 13.61%
• YTD: 40.83%
• 6M: 39.59%
• 1Y: 69.20%
• 3Y*: 36.64%
• 5Y*: 19.50%
• 10Y*: 25.84%

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

UUP vs. PGTYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	3.66%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
PGTYX Putnam Global Technology Fund	40.83%	23.31%	27.88%	53.82%	-32.30%	11.72%	70.92%	47.50%	-6.72%	47.05%

Correlation

The correlation between UUP and PGTYX is -0.21, 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	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (5Y) Calculated over the trailing 5-year period	-0.24
Correlation (10Y) Calculated over the trailing 10-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Dec 22, 2008	-0.22

Return for Risk

UUP vs. PGTYX — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 30
UUP Sharpe Ratio Rank: 29
UUP Sortino Ratio Rank: 28
UUP Omega Ratio Rank: 27
UUP Calmar Ratio Rank: 36
UUP Martin Ratio Rank: 31

PGTYX

PGTYX Risk / Return Rank: 88
PGTYX Sharpe Ratio Rank: 94
PGTYX Sortino Ratio Rank: 82
PGTYX Omega Ratio Rank: 80
PGTYX Calmar Ratio Rank: 94
PGTYX Martin Ratio Rank: 89

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. PGTYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Putnam Global Technology Fund (PGTYX). 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	PGTYX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	3.20	-2.19
Sortino ratio: Return per unit of downside risk	1.46	3.86	-2.41
Omega ratio: Gain probability vs. loss probability	1.18	1.51	-0.34
Calmar ratio: Return relative to maximum drawdown	1.69	5.22	-3.53
Martin ratio: Return relative to average drawdown	4.49	16.64	-12.15
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. PGTYX - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.01, which is lower than the PGTYX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of UUP and PGTYX, 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	PGTYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	3.20	-2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.78	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	1.07	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.96	-0.76

Drawdowns

UUP vs. PGTYX - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum PGTYX drawdown of -42.09%. Use the drawdown chart below to compare losses from any high point for UUP and PGTYX.

Drawdown Indicators

	UUP	PGTYX	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-42.09%	+19.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-13.58%	+9.93%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-28.36%	+18.31%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-42.09%	+31.72%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	-42.09%	+27.85%
Current Drawdown Current decline from peak	-2.93%	-2.40%	-0.53%
Average Drawdown Average peak-to-trough decline	-8.91%	-6.61%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	4.25%	-2.88%

Volatility

UUP vs. PGTYX - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while Putnam Global Technology Fund (PGTYX) has a volatility of 8.29%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than PGTYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	PGTYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	8.29%	-7.06%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	17.84%	-13.58%
Volatility (1Y) Calculated over the trailing 1-year period	6.10%	22.14%	-16.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	24.98%	-17.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	24.11%	-17.15%

UUP vs. PGTYX - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than PGTYX's 0.62% expense ratio.

Dividends

UUP vs. PGTYX - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.31%, less than PGTYX's 7.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGTYX Putnam Global Technology Fund	7.69%	10.83%	6.40%	0.57%	1.71%	21.15%	13.60%	2.63%	9.44%	6.75%	1.01%	4.56%
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 PGTYX in my portfolio?

UUP and PGTYX have a correlation of -0.21, 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 PGTYX?

PGTYX has higher volatility (8.29%) compared to UUP (1.23%). In terms of maximum drawdown, UUP dropped -22.19% vs PGTYX's -42.09%.

Which has better risk-adjusted returns?

PGTYX currently has the higher Sharpe Ratio (3.20 vs 1.01), 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.