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UUP vs. USD=X
Performance
Risk-Adjusted Performance
Drawdowns
Volatility

UUP vs. USD=X

Last updated Apr 22, 2025

Compare and contrast key facts about Invesco DB US Dollar Index Bullish Fund (UUP) and USD Cash (USD=X).

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.

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: UUP or USD=X.

Correlation

The correlation between UUP and USD=X is 0.00. 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: 0.0

Performance

UUP vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.
0.00%10.00%20.00%30.00%40.00%NovemberDecember2025FebruaryMarchApril
26.73%
0
UUP
USD=X

Key characteristics

Ulcer Index

UUP:

2.65%

USD=X:

0.00%

Daily Std Dev

UUP:

7.24%

USD=X:

0.00%

Max Drawdown

UUP:

-22.19%

USD=X:

0.00%

Current Drawdown

UUP:

-9.41%

USD=X:

0.00%

Returns By Period

UUP

YTD

-8.09%

1M

-5.12%

6M

-3.09%

1Y

-2.21%

5Y*

2.20%

10Y*

2.07%

USD=X

YTD

0.00%

1M

0.00%

6M

0.00%

1Y

0.00%

5Y*

0.00%

10Y*

0.00%

*Annualized

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Risk-Adjusted Performance

UUP vs. USD=X — 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 1212
Overall Rank
The Sharpe Ratio Rank of UUP is 1313
Sharpe Ratio Rank
The Sortino Ratio Rank of UUP is 1111
Sortino Ratio Rank
The Omega Ratio Rank of UUP is 1111
Omega Ratio Rank
The Calmar Ratio Rank of UUP is 1212
Calmar Ratio Rank
The Martin Ratio Rank of UUP is 1313
Martin Ratio Rank
USD=X
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. USD=X - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and USD Cash (USD=X). 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.

Sharpe ratio
The chart of Sharpe ratio for UUP, currently valued at -0.23, compared to the broader market-1.000.001.002.003.004.00
UUP: -0.23
The chart of Sortino ratio for UUP, currently valued at -0.25, compared to the broader market-2.000.002.004.006.008.00
UUP: -0.25
The chart of Omega ratio for UUP, currently valued at 0.97, compared to the broader market0.501.001.502.002.50
UUP: 0.97
The chart of Calmar ratio for UUP, currently valued at -0.17, compared to the broader market0.002.004.006.008.0010.0012.00
UUP: -0.17
The chart of Martin ratio for UUP, currently valued at -0.61, compared to the broader market0.0020.0040.0060.00
UUP: -0.61

Rolling 12-month Sharpe Ratio0.000.501.001.502.00NovemberDecember2025FebruaryMarchApril
-0.23
UUP
USD=X

Drawdowns

UUP vs. USD=X - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for UUP and USD=X. For additional features, visit the drawdowns tool.

-10.00%-8.00%-6.00%-4.00%-2.00%0.00%NovemberDecember2025FebruaryMarchApril
-9.41%
0
UUP
USD=X

Volatility

UUP vs. USD=X - Volatility Comparison

Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 3.45% compared to USD Cash (USD=X) at 0.00%. This indicates that UUP's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%NovemberDecember2025FebruaryMarchApril
3.45%
0
UUP
USD=X
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Portfolio AnalysisPortfolio PerformanceStock ComparisonSharpe RatioMartin RatioTreynor RatioSortino RatioOmega RatioCalmar RatioSummers Ratio

DrawdownsExpected ShortfallUlcer IndexValue at RiskClose-to-Close VolatilityParkinson VolatilityGarman Klass VolatilityRogers-Satchell VolatilityYang Zhang Volatility

Asset CorrelationsPortfolio OptimizationRisk Parity OptimizationHierarchical Risk Parity (HRP) Optimization

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Disclaimer

The information contained herein does not constitute investment advice and made available for educational purposes only. Prices and returns on equities are listed without consideration of fees, commissions, taxes, penalties, or interest payable due to purchasing, holding, or selling.

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