UUP vs. ZPRV.DE
UUP (Invesco DB US Dollar Index Bullish Fund) and ZPRV.DE (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while ZPRV.DE is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index. Both are passively managed. Over the past 10 years, UUP returned 3.22%/yr vs 12.40%/yr for ZPRV.DE. At a correlation of -0.22, they often move in opposite directions. UUP charges 0.75%/yr vs 0.30%/yr for ZPRV.DE.
Performance
UUP vs. ZPRV.DE - Performance Comparison
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Different Trading Currencies
UUP is traded in USD, while ZPRV.DE is traded in EUR. To make them comparable, the ZPRV.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, UUP achieves a 3.48% return, which is significantly lower than ZPRV.DE's 16.36% return. Over the past 10 years, UUP has underperformed ZPRV.DE with an annualized return of 3.22%, while ZPRV.DE has yielded a comparatively higher 12.40% annualized return.
UUP
- 1D
- 0.07%
- 1M
- 0.72%
- YTD
- 3.48%
- 6M
- 3.56%
- 1Y
- 6.46%
- 3Y*
- 4.54%
- 5Y*
- 5.73%
- 10Y*
- 3.22%
ZPRV.DE
- 1D
- 0.11%
- 1M
- 6.73%
- YTD
- 16.36%
- 6M
- 15.80%
- 1Y
- 38.40%
- 3Y*
- 19.10%
- 5Y*
- 10.36%
- 10Y*
- 12.40%
UUP vs. ZPRV.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.48% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
ZPRV.DE SPDR MSCI USA Small Cap Value Weighted UCITS ETF | 16.36% | 16.27% | 7.55% | 22.88% | -10.61% | 36.53% | 7.72% | 24.71% | -15.92% | 9.86% |
Correlation
The correlation between UUP and ZPRV.DE is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | -0.22 |
The correlation between UUP and ZPRV.DE shifts across timeframes, from -0.34 (5 years) to -0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UUP vs. ZPRV.DE — Risk / Return Rank
UUP
ZPRV.DE
UUP vs. ZPRV.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (ZPRV.DE). 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 | ZPRV.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.41 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 4.76 | -2.98 |
| Martin ratioReturn relative to average drawdown | 4.74 | 15.13 | -10.38 |
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Drawdowns
UUP vs. ZPRV.DE - Drawdown Comparison
The maximum UUP drawdown since its inception was -22.19%, smaller than the maximum ZPRV.DE drawdown of -49.35%. Use the drawdown chart below to compare losses from any high point for UUP and ZPRV.DE.
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Drawdown Indicators
| UUP | ZPRV.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.19% | -49.35% | +27.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.65% | -8.03% | +4.38% |
Max Drawdown (3Y)Largest decline over 3 years | -10.05% | -28.19% | +18.14% |
Max Drawdown (5Y)Largest decline over 5 years | -10.37% | -28.19% | +17.82% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -49.35% | +35.11% |
Current DrawdownCurrent decline from peak | -3.10% | 0.00% | -3.10% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -9.43% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 2.53% | -1.16% |
Volatility
UUP vs. ZPRV.DE - Volatility Comparison
The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.19%, while SPDR MSCI USA Small Cap Value Weighted UCITS ETF (ZPRV.DE) has a volatility of 3.38%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than ZPRV.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UUP | ZPRV.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 3.38% | -2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.21% | 10.06% | -5.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.03% | 16.06% | -10.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 21.32% | -14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 23.30% | -16.34% |
UUP vs. ZPRV.DE - Expense Ratio Comparison
UUP has a 0.75% expense ratio, which is higher than ZPRV.DE's 0.30% expense ratio.
Dividends
UUP vs. ZPRV.DE - Dividend Comparison
UUP's dividend yield for the trailing twelve months is around 3.31%, while ZPRV.DE 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 | 3.31% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
ZPRV.DE SPDR MSCI USA Small Cap Value Weighted UCITS 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 ZPRV.DE have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZPRV.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZPRV.DE is cheaper with a 0.30% expense ratio, compared with 0.75% for UUP.
UUP is categorized as Currency, while ZPRV.DE is Small Cap Value Equities. UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index, while ZPRV.DE tracks MSCI USA Small Cap Value Weighted Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.75% for UUP and 0.30% for ZPRV.DE.
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