XMBR.L vs. UUP

Last updated Jun 5, 2026

XMBR.L (Xtrackers MSCI Brazil UCITS ETF 1C) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - XMBR.L is a Latin America Equities fund tracking the MSCI Brazil NR USD, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, XMBR.L returned 8.80%/yr vs 3.96%/yr for UUP. At a correlation of -0.03, they often move in opposite directions. XMBR.L charges 0.65%/yr vs 0.75%/yr for UUP.

Performance

XMBR.L vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI Brazil UCITS ETF 1C (XMBR.L) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XMBR.L is traded in GBp, while UUP is traded in USD. To make them comparable, the UUP values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, XMBR.L achieves a 9.05% return, which is significantly higher than UUP's 3.41% return. Over the past 10 years, XMBR.L has outperformed UUP with an annualized return of 8.80%, while UUP has yielded a comparatively lower 3.96% annualized return.

XMBR.L

• 1D: -0.49%
• 1M: -11.96%
• YTD: 9.05%
• 6M: 3.14%
• 1Y: 34.54%
• 3Y*: 8.46%
• 5Y*: 5.76%
• 10Y*: 8.80%

UUP

• 1D: -0.07%
• 1M: 2.16%
• YTD: 3.41%
• 6M: 1.71%
• 1Y: 6.40%
• 3Y*: 1.31%
• 5Y*: 7.05%
• 10Y*: 3.96%

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

XMBR.L vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMBR.L Xtrackers MSCI Brazil UCITS ETF 1C	9.05%	38.26%	-28.61%	25.42%	25.85%	-17.12%	-21.96%	20.39%	4.70%	12.88%
UUP Invesco DB US Dollar Index Bullish Fund	3.41%	-11.76%	15.49%	-1.55%	22.47%	6.74%	-9.40%	0.13%	13.40%	-16.96%

Correlation

The correlation between XMBR.L and UUP is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007	-0.03

The correlation between XMBR.L and UUP shifts across timeframes, from -0.13 (1 year) to 0.02 (10 years), reflecting how their relationship changes across market environments.

XMBR.L vs. UUP - Sectors Allocation Comparison

Sectors	XMBR.L	UUP
Financial Services	33.2%	97.7%
Energy	18.9%	-
Basic Materials	13.7%	-
Utilities	12.7%	-
Industrials	10.8%	-
Consumer Defensive	4.2%	-
Healthcare	2.2%	-
Communication Services	2.0%	-
Consumer Cyclical	1.3%	-
Technology	1.1%	-
Real Estate	-	-

Return for Risk

XMBR.L vs. UUP — Risk / Return Rank

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

XMBR.L

XMBR.L Risk / Return Rank: 45
XMBR.L Sharpe Ratio Rank: 48
XMBR.L Sortino Ratio Rank: 45
XMBR.L Omega Ratio Rank: 45
XMBR.L Calmar Ratio Rank: 44
XMBR.L Martin Ratio Rank: 45

UUP

UUP Risk / Return Rank: 27
UUP Sharpe Ratio Rank: 26
UUP Sortino Ratio Rank: 25
UUP Omega Ratio Rank: 24
UUP Calmar Ratio Rank: 31
UUP Martin Ratio Rank: 28

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.

XMBR.L vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Brazil UCITS ETF 1C (XMBR.L) 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.

	XMBR.L	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.63	0.53	+1.10
Sortino ratio: Return per unit of downside risk	2.21	0.81	+1.39
Omega ratio: Gain probability vs. loss probability	1.29	1.10	+0.19
Calmar ratio: Return relative to maximum drawdown	2.14	0.71	+1.44
Martin ratio: Return relative to average drawdown	7.28	1.84	+5.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMBR.L vs. UUP - Sharpe Ratio Comparison

The current XMBR.L Sharpe Ratio is 1.63, which is higher than the UUP Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of XMBR.L 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.

Sharpe Ratios by Period

	XMBR.L	UUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	0.53	+1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.47	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.26	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.24	-0.14

Drawdowns

XMBR.L vs. UUP - Drawdown Comparison

The maximum XMBR.L drawdown since its inception was -72.01%, which is greater than UUP's maximum drawdown of -36.14%. Use the drawdown chart below to compare losses from any high point for XMBR.L and UUP.

Drawdown Indicators

	XMBR.L	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-72.01%	-36.14%	-35.87%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-9.12%	-6.94%
Max Drawdown (3Y) Largest decline over 3 years	-29.72%	-20.10%	-9.62%
Max Drawdown (5Y) Largest decline over 5 years	-30.62%	-26.19%	-4.43%
Max Drawdown (10Y) Largest decline over 10 years	-53.50%	-30.58%	-22.92%
Current Drawdown Current decline from peak	-16.06%	-16.14%	+0.08%
Average Drawdown Average peak-to-trough decline	-27.83%	-17.49%	-10.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.73%	3.49%	+1.24%

Volatility

XMBR.L vs. UUP - Volatility Comparison

Xtrackers MSCI Brazil UCITS ETF 1C (XMBR.L) has a higher volatility of 5.57% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 2.90%. This indicates that XMBR.L'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

	XMBR.L	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	2.90%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	17.44%	8.94%	+8.50%
Volatility (1Y) Calculated over the trailing 1-year period	21.08%	12.18%	+8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.88%	15.12%	+10.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.26%	15.38%	+15.88%

XMBR.L vs. UUP - Expense Ratio Comparison

XMBR.L has a 0.65% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

XMBR.L vs. UUP - Dividend Comparison

XMBR.L has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUP Invesco DB US Dollar Index Bullish Fund	3.33%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%
XMBR.L Xtrackers MSCI Brazil UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XMBR.L and UUP in my portfolio?

XMBR.L and UUP have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMBR.L or UUP?

On fees, XMBR.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMBR.L or UUP?

XMBR.L is cheaper with a 0.65% expense ratio, compared with 0.75% for UUP.

What is the main difference between XMBR.L and UUP?

XMBR.L is categorized as Latin America Equities, while UUP is Currency. XMBR.L tracks MSCI Brazil NR USD, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.65% for XMBR.L and 0.75% for UUP.