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UUP vs. SPY
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between UUP and SPY 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.


-0.50.00.51.0
Correlation: -0.2

Performance

UUP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

0.00%100.00%200.00%300.00%400.00%500.00%December2025FebruaryMarchAprilMay
29.03%
447.21%
UUP
SPY

Key characteristics

Sharpe Ratio

UUP:

-0.10

SPY:

0.72

Sortino Ratio

UUP:

-0.08

SPY:

1.13

Omega Ratio

UUP:

0.99

SPY:

1.17

Calmar Ratio

UUP:

-0.08

SPY:

0.76

Martin Ratio

UUP:

-0.23

SPY:

3.04

Ulcer Index

UUP:

3.08%

SPY:

4.72%

Daily Std Dev

UUP:

7.32%

SPY:

20.06%

Max Drawdown

UUP:

-22.19%

SPY:

-55.19%

Current Drawdown

UUP:

-7.77%

SPY:

-7.25%

Returns By Period

In the year-to-date period, UUP achieves a -6.42% return, which is significantly lower than SPY's -3.01% return. Over the past 10 years, UUP has underperformed SPY with an annualized return of 2.45%, while SPY has yielded a comparatively higher 12.45% annualized return.


UUP

YTD

-6.42%

1M

-3.23%

6M

-1.87%

1Y

0.15%

5Y*

2.87%

10Y*

2.45%

SPY

YTD

-3.01%

1M

0.40%

6M

-0.12%

1Y

13.65%

5Y*

16.65%

10Y*

12.45%

*Annualized

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UUP vs. SPY - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.


Expense ratio chart for UUP: current value is 0.75%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
UUP: 0.75%
Expense ratio chart for SPY: current value is 0.09%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SPY: 0.09%

Risk-Adjusted Performance

UUP vs. SPY — Risk-Adjusted Performance Rank

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

UUP
The Risk-Adjusted Performance Rank of UUP is 1414
Overall Rank
The Sharpe Ratio Rank of UUP is 1414
Sharpe Ratio Rank
The Sortino Ratio Rank of UUP is 1212
Sortino Ratio Rank
The Omega Ratio Rank of UUP is 1212
Omega Ratio Rank
The Calmar Ratio Rank of UUP is 1414
Calmar Ratio Rank
The Martin Ratio Rank of UUP is 1515
Martin Ratio Rank

SPY
The Risk-Adjusted Performance Rank of SPY is 7272
Overall Rank
The Sharpe Ratio Rank of SPY is 6969
Sharpe Ratio Rank
The Sortino Ratio Rank of SPY is 7171
Sortino Ratio Rank
The Omega Ratio Rank of SPY is 7373
Omega Ratio Rank
The Calmar Ratio Rank of SPY is 7676
Calmar Ratio Rank
The Martin Ratio Rank of SPY is 7373
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

UUP vs. SPY - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and SPDR S&P 500 ETF (SPY). 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.


The chart of Sharpe ratio for UUP, currently valued at -0.10, compared to the broader market-1.000.001.002.003.004.00
UUP: -0.10
SPY: 0.72
The chart of Sortino ratio for UUP, currently valued at -0.08, compared to the broader market-2.000.002.004.006.008.0010.00
UUP: -0.08
SPY: 1.13
The chart of Omega ratio for UUP, currently valued at 0.99, compared to the broader market0.501.001.502.002.50
UUP: 0.99
SPY: 1.17
The chart of Calmar ratio for UUP, currently valued at -0.08, compared to the broader market0.002.004.006.008.0010.0012.00
UUP: -0.08
SPY: 0.76
The chart of Martin ratio for UUP, currently valued at -0.23, compared to the broader market0.0020.0040.0060.00
UUP: -0.23
SPY: 3.04

The current UUP Sharpe Ratio is -0.10, which is lower than the SPY Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of UUP and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio0.001.002.003.00December2025FebruaryMarchAprilMay
-0.10
0.72
UUP
SPY

Dividends

UUP vs. SPY - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 4.78%, more than SPY's 1.26% yield.


TTM20242023202220212020201920182017201620152014
UUP
Invesco DB US Dollar Index Bullish Fund
4.78%4.48%6.45%0.89%0.00%0.00%2.03%1.08%0.10%0.00%0.00%0.00%
SPY
SPDR S&P 500 ETF
1.26%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%1.87%

Drawdowns

UUP vs. SPY - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UUP and SPY. For additional features, visit the drawdowns tool.


-20.00%-15.00%-10.00%-5.00%0.00%December2025FebruaryMarchAprilMay
-7.77%
-7.25%
UUP
SPY

Volatility

UUP vs. SPY - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 3.83%, while SPDR S&P 500 ETF (SPY) has a volatility of 15.07%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%5.00%10.00%15.00%December2025FebruaryMarchAprilMay
3.83%
15.07%
UUP
SPY