WISE vs. UUP

Last updated Jul 15, 2026

WISE (Themes Generative Artificial Intelligence ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - WISE is a Technology Equities fund tracking the Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past year, WISE returned 3.35% vs 7.58% for UUP. At a correlation of -0.17, they often move in opposite directions. WISE charges 0.35%/yr vs 0.75%/yr for UUP.

Performance

WISE vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Generative Artificial Intelligence ETF (WISE) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WISE achieves a -6.53% return, which is significantly lower than UUP's 5.03% return.

WISE

• 1D: 1.05%
• 1M: -8.44%
• 6M: -11.66%
• YTD: -6.53%
• 1Y: 3.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UUP

• 1D: -0.39%
• 1M: 1.57%
• 6M: 3.80%
• YTD: 5.03%
• 1Y: 7.58%
• 3Y*: 5.73%
• 5Y*: 5.75%
• 10Y*: 3.13%

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

WISE vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WISE Themes Generative Artificial Intelligence ETF	-6.53%	5.88%	40.45%	8.33%
UUP Invesco DB US Dollar Index Bullish Fund	5.03%	-4.99%	13.50%	-1.81%

Correlation

The correlation between WISE and UUP is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Dec 8, 2023	-0.17

Return for Risk

WISE vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WISE

WISE Risk / Return Rank: 11
WISE Sharpe Ratio Rank: 11
WISE Sortino Ratio Rank: 12
WISE Omega Ratio Rank: 12
WISE Calmar Ratio Rank: 11
WISE Martin Ratio Rank: 10

UUP

UUP Risk / Return Rank: 45
UUP Sharpe Ratio Rank: 45
UUP Sortino Ratio Rank: 44
UUP Omega Ratio Rank: 43
UUP Calmar Ratio Rank: 52
UUP Martin Ratio Rank: 44

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.

WISE vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Generative Artificial Intelligence ETF (WISE) and Invesco DB US Dollar Index Bullish Fund (UUP). 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.

	WISE	UUP	Difference
Sharpe ratio: Return per unit of total volatility	0.10	1.26	-1.16
Sortino ratio: Return per unit of downside risk	0.37	1.82	-1.45
Omega ratio: Gain probability vs. loss probability	1.04	1.23	-0.18
Calmar ratio: Return relative to maximum drawdown	0.10	2.09	-1.99
Martin ratio: Return relative to average drawdown	0.22	5.73	-5.51

WISE vs. UUP - Sharpe Ratio Comparison

The current WISE Sharpe Ratio is 0.10, which is lower than the UUP Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of WISE and UUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WISE vs. UUP - Drawdown Comparison

The maximum WISE drawdown since its inception was -39.15%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for WISE and UUP.

Drawdown Indicators

	WISE	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-22.19%	-16.96%
Max Drawdown (1Y) Largest decline over 1 year	-34.08%	-3.65%	-30.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-20.43%	-1.64%	-18.79%
Average Drawdown Average peak-to-trough decline	-12.05%	-8.88%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.11%	1.33%	+13.78%

Volatility

WISE vs. UUP - Volatility Comparison

Themes Generative Artificial Intelligence ETF (WISE) has a higher volatility of 9.59% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.46%. This indicates that WISE's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WISE	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.59%	1.46%	+8.13%
Volatility (6M) Calculated over the trailing 6-month period	26.33%	4.36%	+21.97%
Volatility (1Y) Calculated over the trailing 1-year period	33.90%	6.03%	+27.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.87%	7.21%	+26.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.87%	6.90%	+26.97%

WISE vs. UUP - Expense Ratio Comparison

WISE has a 0.35% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

WISE vs. UUP - Dividend Comparison

WISE's dividend yield for the trailing twelve months is around 4.41%, more than UUP's 3.26% yield.

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%
WISE Themes Generative Artificial Intelligence ETF	4.41%	4.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WISE and UUP in my portfolio?

WISE and UUP have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WISE or UUP?

WISE has higher volatility (9.59%) compared to UUP (1.46%). In terms of maximum drawdown, WISE dropped -39.15% vs UUP's -22.19%.

Which ETF is better, WISE or UUP?

On 1-year performance, UUP leads with 7.58% vs 3.35% for WISE. On fees, WISE is cheaper at 0.35% per year. On volatility, UUP has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WISE or UUP?

Over the 1-year period, UUP has performed better with a 7.58% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WISE or UUP?

WISE is cheaper with a 0.35% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, WISE or UUP?

WISE has the higher dividend yield at 4.41%, compared with 3.26% for UUP.

What is the main difference between WISE and UUP?

WISE is categorized as Technology Equities, while UUP is Currency. WISE tracks Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Themes and Invesco. Their fees differ too: 0.35% for WISE and 0.75% for UUP.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.26 vs 0.10), 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.