Invesco DB US Dollar Index Bearish Fund
Grades compare a fund with genuinely similar funds. This fund's comparison group currently has too few members for a fair comparison, so no letter is published.
The ETF.net UDN Grade
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Too few comparable funds to grade fairly
Grades compare a fund with genuinely similar funds. This fund's comparison group currently has too few members for a fair comparison, so no letter is published.
Our read on UDN
The short-dollar trade without the leverage. Since 2007 it has tracked an index that sits short the greenback via currency futures, at a fee well under what inverse funds usually charge.
The fund seeks to track the performance of the Deutsche Bank Short USD Currency Portfolio Index–Excess Return by taking short positions in related currency futures contracts.
Why people hold it
- At 0.77%, it undercuts the median fee in its inverse-fund cohort, and the 0.95% charged by UltraShort peers EUO and YCS.
- Tracks an index rather than a daily leverage multiple, so there is no 2x compounding to unwind. A milder ride than the UltraShort names sharing its shelf.
- Trading since 2007, it has priced through multiple dollar cycles and ranks among the stronger all-round builds in its inverse peer group.
Worth knowing
- Structured as a commodity pool rather than a standard stock fund, so the tax paperwork can look different. Worth reading the prospectus first.invesco.com
- Moderately traded at a modest size, so limit orders earn their keep here.
- One driver runs the whole thing: the dollar against the currency futures it shorts. That is a directional call, not a diversifier.
UDN Holdings
- Other
- 3
- 100%
- AGPXX
Geography
- United States100.00%
UDN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
UDN$9,795
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | UDN |
|---|---|
| Year to date | −3.0% |
| 1 month | −3.3% |
| 3 months | −1.2% |
| 1 year | −2.0% |
| 3 years | +3.3% |
| 5 years | −0.2% |
| 10 years | −0.3% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | UDN |
|---|---|---|
| 2026 YTD | −3.0% | |
| 2025 | +12.4% | |
| 2024 | −4.5% | |
| 2023 | +4.9% | |
| 2022 | −8.0% | |
| 2021 | −7.0% | |
| 2020 | +6.2% |
UDN in the news
UDN Dividends
- 3.03%
- $0.54
- $0.54 per share
- Special
Distribution history
UDN Risk
- 6.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.11
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −19.2%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.22
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
UDN Cost
0.77%