UUP vs. SHNY
UUP (Invesco DB US Dollar Index Bullish Fund) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while SHNY is a Leveraged Commodities fund managed by BMO. Over the past 3 years, UUP returned 4.04%/yr vs 53.91%/yr for SHNY. At a correlation of -0.44, they often move in opposite directions. UUP charges 0.75%/yr vs 0.95%/yr for SHNY.
Performance
UUP vs. SHNY - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.66% return, which is significantly higher than SHNY's -21.88% 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%
SHNY
- 1D
- -10.99%
- 1M
- -25.58%
- YTD
- -21.88%
- 6M
- -17.79%
- 1Y
- 41.98%
- 3Y*
- 53.91%
- 5Y*
- —
- 10Y*
- —
UUP vs. SHNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.66% | -4.99% | 13.50% | 1.94% |
SHNY MicroSectors Gold 3X Leveraged ETN | -21.88% | 214.54% | 50.30% | 12.52% |
Correlation
The correlation between UUP and SHNY is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023 | -0.44 |
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Return for Risk
UUP vs. SHNY — Risk / Return Rank
UUP
SHNY
UUP vs. SHNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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 | SHNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.16 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 0.62 | +1.07 |
| Martin ratioReturn relative to average drawdown | 4.49 | 1.39 | +3.10 |
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 | SHNY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 0.46 | +0.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.93 | -0.73 |
Drawdowns
UUP vs. SHNY - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum SHNY drawdown of -58.90%. Use the drawdown chart below to compare losses from any high point for UUP and SHNY.
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Drawdown Indicators
| UUP | SHNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -58.90% | +36.71% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -58.90% | +55.25% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -58.90% | +48.85% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -2.93% | -58.90% | +55.97% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -15.04% | +6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 26.15% | -24.78% |
Volatility
UUP vs. SHNY - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.23%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 17.36%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | SHNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 17.36% | -16.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.26% | 71.84% | -67.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.10% | 79.57% | -73.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 58.63% | -51.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 58.63% | -51.67% |
UUP vs. SHNY - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is lower than SHNY's 0.95% expense ratio.
Dividends
UUP vs. SHNY - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.31%, while SHNY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SHNY MicroSectors Gold 3X Leveraged ETN | 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 SHNY have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHNY has higher volatility (17.36%) compared to UUP (1.23%). In terms of maximum drawdown, UUP dropped -22.19% vs SHNY's -58.90%.
On 3-year performance, SHNY leads with 53.91% vs 4.04% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SHNY has performed better with a 53.91% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.95% for SHNY.
UUP has the higher dividend yield at 3.31%, compared with 0.00% for SHNY.
UUP is categorized as Currency, while SHNY is Leveraged Commodities. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.75% for UUP and 0.95% for SHNY.
UUP currently has the higher Sharpe Ratio (1.01 vs 0.46), 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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