UUP vs. VIXY
UUP (Invesco DB US Dollar Index Bullish Fund) and VIXY (ProShares VIX Short-Term Futures ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index. Both are passively managed. Over the past 10 years, UUP returned 3.03%/yr vs -46.88%/yr for VIXY. At a 0.15 correlation, their price movements are largely independent. UUP charges 0.75%/yr vs 0.85%/yr for VIXY.
Performance
UUP vs. VIXY - Performance Comparison
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Returns By Period
In the year-to-date period, UUP achieves a 5.03% return, which is significantly higher than VIXY's -17.20% return. Over the past 10 years, UUP has outperformed VIXY with an annualized return of 3.03%, while VIXY has yielded a comparatively lower -46.88% annualized return.
UUP
- 1D
- 0.21%
- 1M
- 0.32%
- 6M
- 3.50%
- YTD
- 5.03%
- 1Y
- 7.07%
- 3Y*
- 5.30%
- 5Y*
- 5.72%
- 10Y*
- 3.03%
- ALL TIME*
- 1.69%
VIXY
- 1D
- -1.94%
- 1M
- -3.06%
- 6M
- -17.07%
- YTD
- -17.20%
- 1Y
- -51.71%
- 3Y*
- -39.30%
- 5Y*
- -46.62%
- 10Y*
- -46.88%
- ALL TIME*
- -48.47%
UUP vs. VIXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
VIXY ProShares VIX Short-Term Futures ETF | -17.20% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
Correlation
The correlation between UUP and VIXY is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.15 |
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Return for Risk
UUP vs. VIXY — Risk / Return Rank
UUP
VIXY
UUP vs. VIXY - 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 VIX Short-Term Futures ETF (VIXY). 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 | VIXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.10 | ||
| Sortino ratioReturn per unit of downside risk | +3.13 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.84 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | -0.94 | +2.89 |
| Martin ratioReturn relative to average drawdown | 5.37 | -1.49 | +6.86 |
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Drawdowns
UUP vs. VIXY - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum VIXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UUP and VIXY.
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Drawdown Indicators
| UUP | VIXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -100.00% | +77.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -55.18% | +51.53% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -81.45% | +71.40% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -96.09% | +85.72% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -99.83% | +85.59% |
Current DrawdownCurrent decline from peak | -1.64% | -100.00% | +98.36% |
Average DrawdownAverage peak-to-trough decline | -8.87% | -92.22% | +83.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 34.75% | -33.42% |
Volatility
UUP vs. VIXY - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.34%, while ProShares VIX Short-Term Futures ETF (VIXY) has a volatility of 12.30%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than VIXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | VIXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 12.30% | -10.96% |
Volatility (6M)Calculated over the trailing 6-month period | 4.38% | 44.49% | -40.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.02% | 56.84% | -50.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 69.94% | -62.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.90% | 71.86% | -64.96% |
UUP vs. VIXY - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is lower than VIXY's 0.85% expense ratio.
Dividends
UUP vs. VIXY - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.26%, while VIXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.26% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UUP and VIXY have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (12.30%) compared to UUP (1.34%). In terms of maximum drawdown, UUP dropped -22.19% vs VIXY's -100.00%.
On 10-year performance, UUP leads with 3.03% vs -46.88% for VIXY. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.34%. 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 3.03% return vs -46.88%. 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 0.85% for VIXY.
UUP has the higher dividend yield at 3.26%, compared with 0.00% for VIXY.
UUP is categorized as Currency, while VIXY is Volatility. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while VIXY tracks S&P 500 VIX Short-Term Futures Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.75% for UUP and 0.85% for VIXY.
UUP currently has the higher Sharpe Ratio (1.18 vs -0.91), 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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