UUP vs. USD=X

Last updated Apr 1, 2026

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.

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.

UUP vs. USD=X - 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%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Returns By Period

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%

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

Return for Risk

UUP vs. USD=X — 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

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. USD=X - Risk-Adjusted Trends 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.

	UUP	USD=X	Difference
Sharpe ratio Return per unit of total volatility	0.09	—	—
Sortino ratio Return per unit of downside risk	0.17	—	—
Omega ratio Gain probability vs. loss probability	1.02	—	—
Calmar ratio Return relative to maximum drawdown	0.13	—	—
Martin ratio Return relative to average drawdown	0.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UUP	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	—	—

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.

Drawdown Indicators

	UUP	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	0.00%	-22.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	0.00%	-6.02%
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	0.00%	-10.37%
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	0.00%	-14.24%
Current Drawdown Current decline from peak	-3.76%	0.00%	-3.76%
Average Drawdown Average peak-to-trough decline	-8.96%	0.00%	-8.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	0.00%	+3.20%

Volatility

UUP vs. USD=X - Volatility Comparison

Invesco DB US Dollar Index Bullish Fund (UUP) has a higher volatility of 2.10% 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.

Volatility by Period

	UUP	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	0.00%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	4.17%	0.00%	+4.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	0.00%	+7.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.24%	0.00%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	0.00%	+6.99%