XCLR vs. UUP

Last updated Jul 14, 2026

XCLR (Global X S&P 500 Collar 95-110 ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - XCLR is a Equity Hedged fund tracking the Cboe S&P 500 3-Month Collar 95-110 Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 3 years, XCLR returned 12.78%/yr vs 5.86%/yr for UUP. At a correlation of -0.28, they often move in opposite directions. XCLR charges 0.25%/yr vs 0.75%/yr for UUP.

Performance

XCLR vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Collar 95-110 ETF (XCLR) 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, XCLR achieves a 2.71% return, which is significantly lower than UUP's 5.44% return.

XCLR

• 1D: -0.53%
• 1M: 0.19%
• 6M: 1.05%
• YTD: 2.71%
• 1Y: 10.09%
• 3Y*: 12.78%
• 5Y*: —
• 10Y*: —

UUP

• 1D: 0.39%
• 1M: 1.97%
• 6M: 4.47%
• YTD: 5.44%
• 1Y: 8.28%
• 3Y*: 5.86%
• 5Y*: 5.89%
• 10Y*: 3.17%

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

XCLR vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XCLR Global X S&P 500 Collar 95-110 ETF	2.71%	10.25%	20.67%	15.64%	-12.93%	3.30%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	3.63%	9.46%	2.81%

Correlation

The correlation between XCLR and UUP is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	-0.28

Return for Risk

XCLR vs. UUP — Risk / Return Rank

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

XCLR

XCLR Risk / Return Rank: 39
XCLR Sharpe Ratio Rank: 43
XCLR Sortino Ratio Rank: 40
XCLR Omega Ratio Rank: 42
XCLR Calmar Ratio Rank: 31
XCLR Martin Ratio Rank: 39

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

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.

XCLR vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Collar 95-110 ETF (XCLR) 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.

	XCLR	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.38	-0.17
Sortino ratio: Return per unit of downside risk	1.70	1.99	-0.29
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio: Return relative to maximum drawdown	1.22	2.28	-1.06
Martin ratio: Return relative to average drawdown	4.90	6.26	-1.36

XCLR vs. UUP - Sharpe Ratio Comparison

The current XCLR Sharpe Ratio is 1.21, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XCLR 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

XCLR vs. UUP - Drawdown Comparison

The maximum XCLR drawdown since its inception was -14.63%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for XCLR and UUP.

Drawdown Indicators

	XCLR	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-14.63%	-22.19%	+7.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-3.65%	-4.64%
Max Drawdown (3Y) Largest decline over 3 years	-12.46%	-10.05%	-2.41%
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	-0.53%	-1.26%	+0.73%
Average Drawdown Average peak-to-trough decline	-4.61%	-8.88%	+4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.33%	+0.73%

Volatility

XCLR vs. UUP - Volatility Comparison

Global X S&P 500 Collar 95-110 ETF (XCLR) has a higher volatility of 1.87% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that XCLR'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

	XCLR	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	1.45%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	5.98%	4.34%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	8.36%	6.03%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	7.22%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.36%	6.90%	+3.46%

XCLR vs. UUP - Expense Ratio Comparison

XCLR has a 0.25% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

XCLR vs. UUP - Dividend Comparison

XCLR's dividend yield for the trailing twelve months is around 12.79%, more than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	3.25%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%
XCLR Global X S&P 500 Collar 95-110 ETF	12.79%	13.15%	18.76%	1.40%	1.01%	1.70%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCLR and UUP in my portfolio?

XCLR and UUP have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCLR or UUP?

XCLR has higher volatility (1.87%) compared to UUP (1.45%). In terms of maximum drawdown, XCLR dropped -14.63% vs UUP's -22.19%.

Which ETF is better, XCLR or UUP?

On 3-year performance, XCLR leads with 12.78% vs 5.86% for UUP. On fees, XCLR is cheaper at 0.25% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCLR or UUP?

Over the 3-year period, XCLR has performed better with a 12.78% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCLR or UUP?

XCLR is cheaper with a 0.25% expense ratio, compared with 0.75% for UUP.

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

XCLR has the higher dividend yield at 12.79%, compared with 3.25% for UUP.

What is the main difference between XCLR and UUP?

XCLR is categorized as Equity Hedged, while UUP is Currency. XCLR tracks Cboe S&P 500 3-Month Collar 95-110 Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.25% for XCLR and 0.75% for UUP.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.38 vs 1.21), 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.