# UUP ETF: fees, returns, drawdowns and holdings

> What UUP holds, its 0.75% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

Invesco DB US Dollar Index Bullish Fund (UUP) is an exchange-traded fund (ETF) that holds commodity futures run by Invesco. This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen. It charges 0.75% a year. From March 2007 to October 2026 it returned about 1.8% a year, and its worst drop was −22.2%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.75% a year (about $75 on $10,000).
- Started trading on February 20, 2007.
- Last close: $28.92 on October 16, 2026.
- Return over the last year: 7.9%.
- Worst drop since 2007: −22.2%.
- 1 Tactfolio classic strategy holds it.

## How has UUP done since 2007?

From March 2007 to October 2026, UUP returned about 1.8% a year. The S&P 500 returned about 11.0% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $14,074 at the end, with every dividend reinvested.

| Period | UUP | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | 1.8% | 1.5% |
| 3 months | 2.1% | 1.9% |
| 6 months | 5.7% | 9.3% |
| Year to date | 7.0% | 12.8% |
| 1 year | 7.9% | 16.8% |
| 3 years, per year | 3.7% | 22.0% |
| 5 years, per year | 5.9% | 12.8% |
| 10 years, per year | 3.2% | 15.4% |
| Since 2007, per year | 1.8% | 11.0% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## UUP returns by month and year

UUP rose in 122 of its 236 months (52%). Its best month was October 2008, at 8.4%. Its worst was December 2008, at −6.4%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | −0.7% | 0.9% | 2.6% | −1.5% | 1.1% | 2.7% | −0.8% | −0.2% | 2.3% | 0.5% |  |  | 7.0% |
| 2025 | 0.3% | −0.4% | −2.9% | −4.0% | 0.1% | −2.1% | 3.8% | −1.9% | 0.5% | 2.5% | 0.0% | −0.9% | −5.0% |
| 2024 | 2.7% | 0.9% | 1.0% | 2.1% | −1.1% | 1.6% | −1.3% | −1.7% | −0.3% | 3.6% | 2.2% | 3.0% | 13.5% |
| 2023 | −1.1% | 3.3% | −1.9% | −0.5% | 3.1% | −0.8% | −0.6% | 2.4% | 2.9% | 1.0% | −2.5% | −1.6% | 3.6% |
| 2022 | 0.9% | 0.0% | 1.6% | 4.8% | −1.3% | 2.8% | 1.2% | 2.9% | 3.6% | −0.4% | −4.7% | −1.9% | 9.5% |
| 2021 | 0.7% | 0.4% | 2.5% | −2.1% | −1.5% | 2.5% | −0.2% | 0.5% | 1.7% | −0.2% | 1.8% | −0.3% | 5.7% |
| 2020 | 1.2% | 0.9% | 1.1% | −0.1% | −0.7% | −1.1% | −4.0% | −1.5% | 1.8% | 0.1% | −2.2% | −2.3% | −6.7% |
| 2019 | −0.2% | 1.0% | 1.5% | 0.5% | 0.6% | −1.3% | 2.9% | 0.5% | 0.9% | −1.9% | 1.2% | −1.6% | 4.1% |
| 2018 | −3.3% | 1.9% | −0.3% | 2.2% | 2.6% | 0.7% | 0.2% | 0.8% | 0.3% | 2.2% | 0.4% | −0.8% | 7.0% |
| 2017 | −2.8% | 1.5% | −0.6% | −1.5% | −1.9% | −1.3% | −2.8% | −0.2% | 0.6% | 1.7% | −1.6% | −0.6% | −9.1% |
| 2016 | 0.8% | −1.4% | −3.7% | −1.8% | 3.1% | 0.0% | −0.7% | 0.6% | −0.6% | 3.0% | 3.3% | 0.8% | 3.2% |
| 2015 | 4.8% | 0.3% | 2.8% | −3.8% | 2.2% | −1.7% | 1.6% | −1.5% | 0.2% | 0.6% | 3.3% | −1.7% | 7.0% |
| 2014 | 1.4% | −2.1% | 0.4% | −0.8% | 0.9% | −1.0% | 2.3% | 1.3% | 3.9% | 1.0% | 1.7% | 2.1% | 11.4% |
| 2013 | −0.9% | 3.5% | 1.0% | −1.8% | 1.8% | −0.2% | −2.1% | 0.4% | −2.5% | 0.0% | 0.3% | −0.8% | −1.3% |
| 2012 | −1.6% | −0.7% | −0.2% | −0.5% | 5.4% | −2.3% | 1.1% | −1.8% | −1.7% | −0.1% | 0.1% | −0.5% | −2.9% |
| 2011 | −1.5% | −1.2% | −1.4% | −3.9% | 1.9% | −0.6% | −0.9% | 0.2% | 5.9% | −3.3% | 2.3% | 1.9% | −1.1% |
| 2010 | 1.6% | 0.8% | 0.7% | 0.7% | 5.8% | −1.1% | −5.3% | 1.6% | −5.3% | −2.1% | 5.1% | −3.4% | −1.6% |
| 2009 | 5.1% | 2.0% | −3.2% | −1.2% | −6.3% | 0.7% | −2.4% | −0.3% | −2.0% | −0.4% | −2.3% | 4.1% | −6.5% |
| 2008 | −1.1% | −2.1% | −2.4% | 0.9% | 0.4% | −1.0% | 1.0% | 5.4% | 2.1% | 8.4% | 0.2% | −6.4% | 4.9% |
| 2007 (part) |  |  | −0.7% | −1.2% | 1.8% | −0.2% | −0.9% | 0.6% | −3.0% | −1.3% | 0.3% | 0.3% | −4.3% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is UUP compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta -0.11.** When the S&P 500 moved 1% in a day, UUP tended to move about -0.11%.
- **Correlation -0.27.** UUP moved mostly on its own, apart from the S&P 500.
- **Up and down months.** In months the S&P 500 rose, UUP rose −3% as much on average. In months it fell, UUP rose on average.

| Measure | UUP | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 5.9% | 12.8% |
| Volatility | 7.2% | 17.1% |
| Worst drop | −10.4% | −24.5% |
| Sharpe ratio | 0.83 | 0.79 |
| Sortino ratio | 1.17 | 1.15 |
| Calmar ratio | 0.57 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is UUP above its 200-day average?

UUP closed 3.9% above its 200-day average on October 16, 2026. A rule that holds UUP only above that average would hold it today.

- Its 50-day average is 2.0% above its 200-day average.
- It closed 0.7% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for UUP](https://tactfolio.com/builder) and backtest it in a minute.

## What was UUP's worst drop?

A drawdown is how far a fund falls from its last high point. UUP's worst fall was −22.2%, from November 20, 2008 to July 26, 2011. It got back to that high on July 31, 2019. On October 16, 2026 it was 0.7% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −22.2% | Nov 20, 2008 | Jul 26, 2011 | Jul 31, 2019 | 2.7 years | 8.0 years |
| −14.2% | Mar 19, 2020 | Jan 6, 2021 | Jun 13, 2022 | 10 months | 17 months |
| −11.2% | Jun 14, 2007 | Apr 16, 2008 | Oct 6, 2008 | 10 months | 6 months |
| −10.4% | Sep 27, 2022 | Feb 1, 2023 | Apr 10, 2024 | 4 months | 14 months |
| −10.1% | Jan 13, 2025 | Jul 2, 2025 | Oct 1, 2026 | 6 months | 15 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does UUP hold?

This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen. It also holds Treasury bills and money market funds. It falls when the dollar gets weaker, and it sends a K-1 tax form instead of a 1099.

It tracks the Deutsche Bank Long USD Currency Portfolio Index - Excess Return.

| Fact | UUP |
| --- | --- |
| Full name | Invesco DB US Dollar Index Bullish Fund |
| Issuer | Invesco |
| Expense ratio | 0.75% a year |
| Started trading | February 20, 2007 |
| Tracks | Deutsche Bank Long USD Currency Portfolio Index - Excess Return |
| Type | Currency, Commodity pool ETF |
| Facts checked | October 16, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1371571/000119312526368499/d102641d424b3.htm) |

## What is the UUP expense ratio?

UUP charges 0.75% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.75% fee comes to about $75 a year. Of the 162 ETFs on Tactfolio, 2% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold UUP?

One classic strategy holds UUP at least some of the time. Each is a set of written rules you can open, test and copy.

- [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025

## Test UUP in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add UUP, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for UUP and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from Invesco. We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures.
- [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of UUP?

UUP charges 0.75% a year, according to Invesco as of October 16, 2026. That is about $75 a year for every $10,000 you hold.

### When did UUP start trading?

UUP started trading on February 20, 2007. It is run by Invesco.

### What does UUP track?

UUP tracks the Deutsche Bank Long USD Currency Portfolio Index - Excess Return. This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen.

### How much has UUP returned per year?

From March 2007 to October 2026, UUP returned about 1.8% a year with dividends reinvested. Its worst drop was −22.2%. Past returns do not tell you what it will do next.

### Is UUP above its 200-day moving average?

On October 16, 2026, UUP closed 3.9% above its 200-day moving average. This page updates after each US market close.

### Which strategies use UUP?

One of Tactfolio's classic strategies hold UUP, including Defense First (Carlson’s defensive tactical model).

## Sources

- [Invesco: Invesco DB US Dollar Index Bullish Fund fund page](https://www.sec.gov/Archives/edgar/data/1371571/000119312526368499/d102641d424b3.htm)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.