XPP vs. UUP
XPP (ProShares Ultra FTSE China 50) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), 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, XPP returned -7.40%/yr vs 3.17%/yr for UUP. At a correlation of -0.24, they often move in opposite directions. XPP charges 0.95%/yr vs 0.75%/yr for UUP.
Performance
XPP vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -26.96% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, XPP has underperformed UUP with an annualized return of -7.40%, while UUP has yielded a comparatively higher 3.17% annualized return.
XPP
- 1D
- -0.25%
- 1M
- -9.77%
- 6M
- -34.75%
- YTD
- -26.96%
- 1Y
- -21.29%
- 3Y*
- 1.14%
- 5Y*
- -20.34%
- 10Y*
- -7.40%
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%
XPP vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -26.96% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between XPP 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 | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009 | -0.24 |
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Return for Risk
XPP vs. UUP — Risk / Return Rank
XPP
UUP
XPP vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.
| XPP | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.55 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.25 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 2.28 | -2.76 |
| Martin ratioReturn relative to average drawdown | -1.06 | 6.26 | -7.32 |
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Drawdowns
XPP vs. UUP - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for XPP and UUP.
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Drawdown Indicators
| XPP | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -22.19% | -67.71% |
Max Drawdown (1Y)Largest decline over 1 year | -44.78% | -3.65% | -41.13% |
Max Drawdown (3Y)Largest decline over 3 years | -52.95% | -10.05% | -42.90% |
Max Drawdown (5Y)Largest decline over 5 years | -83.51% | -10.37% | -73.14% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -14.24% | -75.66% |
Current DrawdownCurrent decline from peak | -80.67% | -1.26% | -79.41% |
Average DrawdownAverage peak-to-trough decline | -48.01% | -8.88% | -39.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.17% | 1.33% | +18.84% |
Volatility
XPP vs. UUP - Volatility Comparison
ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 12.70% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that XPP'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.
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Volatility by Period
| XPP | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.70% | 1.45% | +11.25% |
Volatility (6M)Calculated over the trailing 6-month period | 29.45% | 4.34% | +25.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.94% | 6.03% | +33.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.76% | 7.22% | +55.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.77% | 6.90% | +47.87% |
XPP vs. UUP - Expense Ratio Comparison
XPP has a 0.95% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
XPP vs. UUP - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.86%, less 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% |
XPP ProShares Ultra FTSE China 50 | 2.86% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% | 0.00% |
Frequently Asked Questions
XPP 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.
XPP has higher volatility (12.70%) compared to UUP (1.45%). In terms of maximum drawdown, XPP dropped -89.90% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs -7.40% for XPP. On fees, UUP is cheaper at 0.75% 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.
Over the 10-year period, UUP has performed better with a 3.17% return vs -7.40%. 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 0.95% for XPP.
UUP has the higher dividend yield at 3.25%, compared with 2.86% for XPP.
XPP is categorized as China Equities, while UUP is Currency. XPP tracks FTSE/Xinhua China 25 Index (200%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for XPP and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs -0.54), 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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