XSB.TO vs. UUP
XSB.TO (iShares Core Canadian Short Term Bond Index ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - XSB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, 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, XSB.TO returned 1.97%/yr vs 4.01%/yr for UUP. At a correlation of -0.02, they often move in opposite directions. XSB.TO charges 0.10%/yr vs 0.75%/yr for UUP.
Performance
XSB.TO vs. UUP - Performance Comparison
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Different Trading Currencies
XSB.TO is traded in CAD, while UUP is traded in USD. To make them comparable, the UUP values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XSB.TO achieves a 1.18% return, which is significantly lower than UUP's 5.50% return. Over the past 10 years, XSB.TO has underperformed UUP with an annualized return of 1.97%, while UUP has yielded a comparatively higher 4.01% annualized return.
XSB.TO
- 1D
- 0.00%
- 1M
- 0.82%
- YTD
- 1.18%
- 6M
- 1.40%
- 1Y
- 3.30%
- 3Y*
- 4.97%
- 5Y*
- 2.05%
- 10Y*
- 1.97%
UUP
- 1D
- 0.18%
- 1M
- 3.17%
- YTD
- 5.50%
- 6M
- 4.89%
- 1Y
- 9.32%
- 3Y*
- 5.77%
- 5Y*
- 9.00%
- 10Y*
- 4.01%
XSB.TO vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 1.18% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.50% | -9.32% | 23.11% | 1.16% | 16.40% | 5.68% | -8.88% | -0.20% | 16.05% | -15.25% |
Correlation
The correlation between XSB.TO 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 | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.02 |
Over the past year, the inverse relationship between XSB.TO and UUP has strengthened: their correlation has moved from -0.02 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
XSB.TO vs. UUP — Risk / Return Rank
XSB.TO
UUP
XSB.TO vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Bond Index ETF (XSB.TO) 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.
| XSB.TO | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 1.30 | +0.89 |
| Martin ratioReturn relative to average drawdown | 7.28 | 3.47 | +3.81 |
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Drawdowns
XSB.TO vs. UUP - Drawdown Comparison
The maximum XSB.TO drawdown since its inception was -8.65%, smaller than the maximum UUP drawdown of -43.08%. Use the drawdown chart below to compare losses from any high point for XSB.TO and UUP.
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Drawdown Indicators
| XSB.TO | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.65% | -43.08% | +34.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -6.97% | +5.50% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -16.19% | +14.72% |
Max Drawdown (5Y)Largest decline over 5 years | -6.99% | -16.19% | +9.20% |
Max Drawdown (10Y)Largest decline over 10 years | -8.65% | -28.40% | +19.75% |
Current DrawdownCurrent decline from peak | 0.00% | -7.42% | +7.42% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -17.70% | +16.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 2.61% | -2.17% |
Volatility
XSB.TO vs. UUP - Volatility Comparison
The current volatility for iShares Core Canadian Short Term Bond Index ETF (XSB.TO) is 0.71%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that XSB.TO experiences smaller price fluctuations and is considered to be less risky 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
| XSB.TO | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 1.45% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 5.51% | -3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.00% | 7.57% | -5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 9.85% | -7.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 10.07% | -6.67% |
XSB.TO vs. UUP - Expense Ratio Comparison
XSB.TO has a 0.10% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
XSB.TO vs. UUP - Dividend Comparison
XSB.TO's dividend yield for the trailing twelve months is around 3.10%, less than UUP's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.32% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.10% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
Frequently Asked Questions
XSB.TO 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.
On fees, XSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSB.TO is cheaper with a 0.10% expense ratio, compared with 0.75% for UUP.
XSB.TO is categorized as Canadian Government Bonds, while UUP is Currency. XSB.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.10% for XSB.TO and 0.75% for UUP.
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