UUP vs. UDN
UUP (Invesco DB US Dollar Index Bullish Fund) and UDN (Invesco DB US Dollar Index Bearish Fund) are both Currency funds from Invesco - UUP tracks the Deutsche Bank Long US Dollar Index (USDX) Futures Index while UDN tracks the Deutsche Bank Short USD Currency Portfolio Index. Both are passively managed. Over the past 10 years, UUP returned 3.20%/yr vs -0.42%/yr for UDN. At a correlation of -0.97, they often move in opposite directions. UUP charges 0.75%/yr vs 0.77%/yr for UDN.
Performance
UUP vs. UDN - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 4.92% return, which is significantly higher than UDN's -2.03% return. Over the past 10 years, UUP has outperformed UDN with an annualized return of 3.20%, while UDN has yielded a comparatively lower -0.42% annualized return.
UUP
- 1D
- 0.21%
- 1M
- 2.12%
- YTD
- 4.92%
- 6M
- 4.92%
- 1Y
- 7.04%
- 3Y*
- 4.78%
- 5Y*
- 5.90%
- 10Y*
- 3.20%
UDN
- 1D
- -0.28%
- 1M
- -1.71%
- YTD
- -2.03%
- 6M
- -2.08%
- 1Y
- -0.72%
- 3Y*
- 2.75%
- 5Y*
- -0.66%
- 10Y*
- -0.42%
UUP vs. UDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 4.92% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
UDN Invesco DB US Dollar Index Bearish Fund | -2.03% | 12.37% | -4.53% | 4.88% | -7.96% | -7.03% | 6.20% | -0.97% | -5.02% | 9.50% |
Correlation
The correlation between UUP and UDN is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.97 |
The correlation between UUP and UDN has been stable across timeframes, ranging from -0.97 to -0.97 - a consistent structural relationship.
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Return for Risk
UUP vs. UDN — Risk / Return Rank
UUP
UDN
UUP vs. UDN - 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 DB US Dollar Index Bearish Fund (UDN). 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 | UDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.99 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | -0.16 | +2.09 |
| Martin ratioReturn relative to average drawdown | 5.26 | -0.32 | +5.58 |
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Drawdowns
UUP vs. UDN - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum UDN drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for UUP and UDN.
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Drawdown Indicators
| UUP | UDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -41.67% | +19.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -4.59% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -8.59% | -1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -20.82% | +10.45% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -25.72% | +11.48% |
Current DrawdownCurrent decline from peak | -1.75% | -28.73% | +26.98% |
Average DrawdownAverage peak-to-trough decline | -8.90% | -20.62% | +11.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 2.25% | -0.89% |
Volatility
UUP vs. UDN - Volatility Comparison
Invesco DB US Dollar Index Bullish Fund (UUP) and Invesco DB US Dollar Index Bearish Fund (UDN) have volatilities of 1.34% and 1.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | UDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.34% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 4.32% | 4.33% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.08% | 6.05% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 7.41% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 6.91% | +0.05% |
UUP vs. UDN - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is lower than UDN's 0.77% expense ratio.
Dividends
UUP vs. UDN - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.27%, more than UDN's 3.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UDN Invesco DB US Dollar Index Bearish Fund | 3.00% | 2.94% | 5.33% | 5.21% | 0.69% | 0.00% | 0.00% | 1.38% | 1.26% | 0.11% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.27% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
UUP and UDN have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UDN has higher volatility (1.34%) compared to UUP (1.34%). In terms of maximum drawdown, UUP dropped -22.19% vs UDN's -41.67%.
On 10-year performance, UUP leads with 3.20% vs -0.42% for UDN. On fees, UUP is cheaper at 0.75% per year. Their volatility is very similar. 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 3.20% return vs -0.42%. 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 0.77% for UDN.
UUP has the higher dividend yield at 3.27%, compared with 3.00% for UDN.
UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while UDN tracks Deutsche Bank Short USD Currency Portfolio Index. Their fees differ too: 0.75% for UUP and 0.77% for UDN.
UUP currently has the higher Sharpe Ratio (1.17 vs -0.12), 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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