UUP vs. SPHQ
Compare and contrast key facts about Invesco DB US Dollar Index Bullish Fund (UUP) and Invesco S&P 500 Quality ETF (SPHQ).
UUP and SPHQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UUP is a passively managed fund by Invesco that tracks the performance of the Deutsche Bank Long US Dollar Index (USDX) Futures Index. It was launched on Feb 20, 2007. SPHQ is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality Index. It was launched on Dec 6, 2005. Both UUP and SPHQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UUP vs. SPHQ - Performance Comparison
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UUP vs. SPHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 2.77% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
SPHQ Invesco S&P 500 Quality ETF | 0.57% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 17.36% | 33.64% | -7.10% | 19.10% |
Returns By Period
In the year-to-date period, UUP achieves a 2.77% return, which is significantly higher than SPHQ's 0.57% return. Over the past 10 years, UUP has underperformed SPHQ with an annualized return of 3.09%, while SPHQ has yielded a comparatively higher 13.53% annualized return.
UUP
- 1D
- -0.71%
- 1M
- 2.58%
- YTD
- 2.77%
- 6M
- 4.43%
- 1Y
- 0.66%
- 3Y*
- 4.64%
- 5Y*
- 5.20%
- 10Y*
- 3.09%
SPHQ
- 1D
- 2.36%
- 1M
- -6.75%
- YTD
- 0.57%
- 6M
- 3.29%
- 1Y
- 14.73%
- 3Y*
- 18.19%
- 5Y*
- 12.50%
- 10Y*
- 13.53%
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UUP vs. SPHQ - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than SPHQ's 0.15% expense ratio.
Return for Risk
UUP vs. SPHQ — Risk / Return Rank
UUP
SPHQ
UUP vs. SPHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Invesco S&P 500 Quality ETF (SPHQ). 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 | SPHQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.09 | 0.86 | -0.78 |
Sortino ratioReturn per unit of downside risk | 0.17 | 1.34 | -1.17 |
Omega ratioGain probability vs. loss probability | 1.02 | 1.18 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | 0.13 | 1.46 | -1.33 |
Martin ratioReturn relative to average drawdown | 0.24 | 6.45 | -6.21 |
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 | SPHQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | 0.86 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.77 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.76 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.50 | -0.30 |
Correlation
The correlation between UUP and SPHQ is -0.19. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
UUP vs. SPHQ - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.34%, more than SPHQ's 1.19% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.34% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
SPHQ Invesco S&P 500 Quality ETF | 1.19% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Drawdowns
UUP vs. SPHQ - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for UUP and SPHQ.
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Drawdown Indicators
| UUP | SPHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -57.83% | +35.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -10.84% | +4.82% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -25.04% | +14.67% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -31.60% | +17.36% |
Current DrawdownCurrent decline from peak | -3.76% | -6.75% | +2.99% |
Average DrawdownAverage peak-to-trough decline | -8.96% | -10.78% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 2.45% | +0.75% |
Volatility
UUP vs. SPHQ - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 2.10%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 5.40%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | SPHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | 5.40% | -3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 4.17% | 9.64% | -5.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.41% | 17.13% | -9.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 16.40% | -9.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.99% | 17.81% | -10.82% |