UUP vs. SZK

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco DB US Dollar Index Bullish Fund (UUP) and ProShares UltraShort Consumer Goods (SZK).

UUP and SZK 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. SZK is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Consumer Goods Index (-200%). It was launched on Jan 30, 2007. Both UUP and SZK 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. SZK - Performance Comparison

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

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	2.77%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
SZK ProShares UltraShort Consumer Goods	-10.72%	3.37%	-11.33%	-3.10%	47.20%	-37.78%	-58.24%	-39.43%	33.62%	-27.22%

Returns By Period

In the year-to-date period, UUP achieves a 2.77% return, which is significantly higher than SZK's -10.72% return. Over the past 10 years, UUP has outperformed SZK with an annualized return of 3.09%, while SZK has yielded a comparatively lower -16.30% 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%

SZK

• 1D: -0.16%
• 1M: 19.41%
• YTD: -10.72%
• 6M: -8.65%
• 1Y: -0.37%
• 3Y*: -3.12%
• 5Y*: -4.80%
• 10Y*: -16.30%

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

UUP vs. SZK - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is lower than SZK's 0.95% expense ratio.

SZK

ProShares UltraShort Consumer Goods

UUP

Invesco DB US Dollar Index Bullish Fund

Return for Risk

UUP vs. SZK — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 14
UUP Sharpe Ratio Rank: 15
UUP Sortino Ratio Rank: 13
UUP Omega Ratio Rank: 13
UUP Calmar Ratio Rank: 15
UUP Martin Ratio Rank: 14

SZK

SZK Risk / Return Rank: 11
SZK Sharpe Ratio Rank: 11
SZK Sortino Ratio Rank: 12
SZK Omega Ratio Rank: 12
SZK Calmar Ratio Rank: 10
SZK Martin Ratio Rank: 10

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. 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 ratio Return per unit of total volatility	0.09	-0.01	+0.10
Sortino ratio Return per unit of downside risk	0.17	0.17	0.00
Omega ratio Gain probability vs. loss probability	1.02	1.02	0.00
Calmar ratio Return relative to maximum drawdown	0.13	-0.11	+0.24
Martin ratio Return relative to average drawdown	0.24	-0.26	+0.50
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. SZK - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.09, which is higher than the SZK Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of UUP and SZK, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UUP	SZK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-0.01	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	-0.15	+0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	-0.49	+0.93
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.59	+0.79

Correlation

The correlation between UUP and SZK is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UUP vs. SZK - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.34%, more than SZK's 2.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SZK ProShares UltraShort Consumer Goods	2.66%	2.90%	5.70%	4.03%	0.56%	0.00%	0.19%	1.70%	0.50%	0.00%

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.

Drawdown Indicators

	UUP	SZK	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-99.40%	+77.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-29.26%	+23.24%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-41.81%	+31.44%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	-86.85%	+72.61%
Current Drawdown Current decline from peak	-3.76%	-99.25%	+95.49%
Average Drawdown Average peak-to-trough decline	-8.96%	-81.83%	+72.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	12.78%	-9.58%

Volatility

UUP vs. SZK - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 2.10%, while ProShares UltraShort Consumer Goods (SZK) has a volatility of 7.72%. 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.

Volatility by Period

	UUP	SZK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	7.72%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	4.17%	18.65%	-14.48%
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	27.39%	-19.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	31.33%	-24.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	33.46%	-26.47%