UUP vs. SZK
UUP (Invesco DB US Dollar Index Bullish Fund) and SZK (ProShares UltraShort Consumer Goods) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (-200%). Both are passively managed. Over the past 10 years, UUP returned 3.19%/yr vs -15.99%/yr for SZK. At a 0.19 correlation, their price movements are largely independent. UUP charges 0.75%/yr vs 0.95%/yr for SZK.
Performance
UUP vs. SZK - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 3.00% return, which is significantly higher than SZK's -10.17% return. Over the past 10 years, UUP has outperformed SZK with an annualized return of 3.19%, while SZK has yielded a comparatively lower -15.99% annualized return.
UUP
- 1D
- -0.07%
- 1M
- 1.24%
- YTD
- 3.00%
- 6M
- 2.42%
- 1Y
- 5.38%
- 3Y*
- 3.92%
- 5Y*
- 5.90%
- 10Y*
- 3.19%
SZK
- 1D
- 0.31%
- 1M
- 5.43%
- YTD
- -10.17%
- 6M
- -9.09%
- 1Y
- 1.57%
- 3Y*
- -4.63%
- 5Y*
- -3.38%
- 10Y*
- -15.99%
UUP vs. SZK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.00% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
SZK ProShares UltraShort Consumer Goods | -10.17% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -39.43% | 33.62% | -27.22% |
Correlation
The correlation between UUP and SZK is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2007 | 0.19 |
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Return for Risk
UUP vs. SZK — Risk / Return Rank
UUP
SZK
UUP vs. SZK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and ProShares UltraShort Consumer Goods (SZK). 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 | SZK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.03 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 0.05 | +1.43 |
| Martin ratioReturn relative to average drawdown | 3.93 | 0.12 | +3.81 |
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 | SZK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.89 | 0.06 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | -0.11 | +0.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | -0.48 | +0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | -0.59 | +0.78 |
Drawdowns
UUP vs. SZK - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum SZK drawdown of -99.40%. Use the drawdown chart below to compare losses from any high point for UUP and SZK.
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Drawdown Indicators
| UUP | SZK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -99.40% | +77.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -29.26% | +25.61% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -41.81% | +31.76% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -41.81% | +31.44% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -86.78% | +72.54% |
Current DrawdownCurrent decline from peak | -3.55% | -99.24% | +95.69% |
Average DrawdownAverage peak-to-trough decline | -8.92% | -82.00% | +73.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 12.90% | -11.53% |
Volatility
UUP vs. SZK - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.27%, while ProShares UltraShort Consumer Goods (SZK) has a volatility of 7.93%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than SZK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | SZK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 7.93% | -6.66% |
Volatility (6M)Calculated over the trailing 6-month period | 4.24% | 19.97% | -15.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 25.19% | -19.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 31.44% | -24.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 33.60% | -26.64% |
UUP vs. SZK - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is lower than SZK's 0.95% expense ratio.
Dividends
UUP vs. SZK - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.33%, more than SZK's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | 2.64% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% | 0.00% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.33% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
UUP and SZK have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SZK has higher volatility (7.93%) compared to UUP (1.27%). In terms of maximum drawdown, UUP dropped -22.19% vs SZK's -99.40%.
On 10-year performance, UUP leads with 3.19% vs -15.99% for SZK. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.19% return vs -15.99%. 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 SZK.
UUP has the higher dividend yield at 3.33%, compared with 2.64% for SZK.
UUP is categorized as Currency, while SZK is Leveraged Equities. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while SZK tracks Dow Jones U.S. Consumer Goods Index (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.75% for UUP and 0.95% for SZK.
UUP currently has the higher Sharpe Ratio (0.89 vs 0.06), 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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