UUP vs. TPL

Last updated Jun 14, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) is Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while TPL (Texas Pacific Land Corporation) is a stock. Over the past 10 years, UUP returned 3.13%/yr vs 36.58%/yr for TPL. At a correlation of -0.08, they often move in opposite directions.

Performance

UUP vs. TPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Texas Pacific Land Corporation (TPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 3.40% return, which is significantly lower than TPL's 32.28% return. Over the past 10 years, UUP has underperformed TPL with an annualized return of 3.13%, while TPL has yielded a comparatively higher 36.58% annualized return.

UUP

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.40%
• 6M: 3.41%
• 1Y: 6.38%
• 3Y*: 4.21%
• 5Y*: 5.89%
• 10Y*: 3.13%

TPL

• 1D: 2.53%
• 1M: -2.32%
• YTD: 32.28%
• 6M: 35.91%
• 1Y: 2.17%
• 3Y*: 38.06%
• 5Y*: 18.80%
• 10Y*: 36.58%

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

UUP vs. TPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	3.40%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	4.09%	7.05%	-9.10%
TPL Texas Pacific Land Corporation	32.28%	-21.61%	115.31%	-32.40%	91.29%	73.25%	-4.69%	44.58%	21.96%	51.18%

Correlation

The correlation between UUP and TPL is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007	-0.08

Return for Risk

UUP vs. TPL — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 36
UUP Sharpe Ratio Rank: 35
UUP Sortino Ratio Rank: 34
UUP Omega Ratio Rank: 33
UUP Calmar Ratio Rank: 42
UUP Martin Ratio Rank: 36

TPL

TPL Risk / Return Rank: 45
TPL Sharpe Ratio Rank: 46
TPL Sortino Ratio Rank: 43
TPL Omega Ratio Rank: 43
TPL Calmar Ratio Rank: 46
TPL Martin Ratio Rank: 45

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. TPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Texas Pacific Land Corporation (TPL). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UUP	TPL	Difference
Sharpe ratio: Return per unit of total volatility	1.11	0.09	+1.02
Sortino ratio: Return per unit of downside risk	1.60	0.46	+1.13
Omega ratio: Gain probability vs. loss probability	1.20	1.06	+0.14
Calmar ratio: Return relative to maximum drawdown	1.83	0.13	+1.70
Martin ratio: Return relative to average drawdown	4.89	0.25	+4.64

UUP vs. TPL - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 1.11, which is higher than the TPL Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of UUP and TPL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UUP vs. TPL - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum TPL drawdown of -73.05%. Use the drawdown chart below to compare losses from any high point for UUP and TPL.

Drawdown Indicators

	UUP	TPL	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-73.05%	+50.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-31.68%	+28.03%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	-52.22%	+42.17%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	-52.50%	+42.13%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	-65.46%	+51.22%
Current Drawdown Current decline from peak	-3.17%	-33.65%	+30.48%
Average Drawdown Average peak-to-trough decline	-8.91%	-27.27%	+18.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	17.08%	-15.72%

Volatility

UUP vs. TPL - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.24%, while Texas Pacific Land Corporation (TPL) has a volatility of 14.23%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than TPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	TPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	14.23%	-12.99%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	38.06%	-33.83%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	46.87%	-40.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	46.25%	-39.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	47.10%	-40.14%

Dividends

UUP vs. TPL - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.32%, more than TPL's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPL Texas Pacific Land Corporation	0.60%	0.74%	1.37%	0.83%	1.37%	0.88%	2.20%	0.22%	0.55%	0.30%	0.10%	0.22%
UUP Invesco DB US Dollar Index Bullish Fund	3.32%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UUP and TPL in my portfolio?

UUP and TPL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UUP or TPL?

TPL has higher volatility (14.23%) compared to UUP (1.24%). In terms of maximum drawdown, UUP dropped -22.19% vs TPL's -73.05%.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.11 vs 0.09), 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.