Invesco DB US Dollar Index Bearish Fund (UDN) Performance
UDN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −2.1% since Dec 31, 2025
- 1 year
- −1.1% total return
- 5 years
- −0.2% a year
- 10 years
- −0.1% a year
- Since first price
- −0.7% a year since 2007
UDN trailing returns vs SPY, QQQ, AGG
| Period | UDN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.5% | −0.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.1% | +0.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.0% | −2.0% | +7.8% | +8.4% | −1.5% |
| YTD | −2.1% | −2.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −1.1% | −3.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +10.2%+3.3%/yr | −3.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −1.0%−0.2%/yr | −13.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −1.1%−0.1%/yr | −16.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −25.1%−1.9%/yr | −36.6% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionFeb 20, 2007 | −13.8%−0.7%/yr | −28.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UDN vs SPY
From Feb 20, 2007: UDN grew to $8,625, SPY to $74,595.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UDN returns by calendar year
6 of 18 full years positive. Best 2025 (+12.4%), worst 2014 (−12.2%). 2026 is year to date.
UDN annual returns table
| Year | UDN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −2.1% | −5.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +12.4% | −3.5% | +17.7% | +20.8% | +7.2% |
| 2024 | −4.5% | −7.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +4.9% | −6.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.0% | −17.6% | −18.2% | −32.6% | −13.0% |
| 2021 | −7.0% | −8.6% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.2% | −8.3% | +18.3% | +48.6% | +7.5% |
| 2019 | −0.9% | −4.8% | +31.2% | +39.0% | +8.5% |
| 2018 | −5.0% | −9.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +9.5% | −3.9% | +21.7% | +32.7% | +3.6% |
| 2016 | −4.5% | −11.1% | +12.0% | +7.1% | +2.4% |
| 2015 | −9.8% | −10.5% | +1.2% | +9.4% | +0.5% |
| 2014 | −12.2% | −13.4% | +13.5% | +19.2% | +6.0% |
| 2013 | −0.6% | −6.9% | +32.3% | +36.6% | −2.0% |
| 2012 | +1.3% | −6.3% | +16.0% | +18.1% | +3.8% |
| 2011 | −0.9% | −8.8% | +1.9% | +3.4% | +7.7% |
| 2010 | −1.6% | −14.2% | +15.1% | +19.9% | +6.4% |
| 2009 | +5.2% | −7.7% | +26.4% | +54.7% | +3.0% |
| 2008 | −4.5% | −18.8% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UDN largest drawdowns
Now 28.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 17, 2008 | −41.7% | Sep 27, 2022 | not yet | 14.5 years | 18.6 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UDN risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +3.6% | −0.1% | −0.4% | −0.8% |
| Volatility (annualized) | 6.9% | 7.5% | 6.7% | 7.8% |
| Sharpe ratio | -0.09 | -0.46 | -0.38 | -0.24 |
| Sortino ratio | -0.12 | -0.59 | -0.50 | -0.32 |
| Best month | +4.5% | +5.6% | +5.6% | +6.3% |
| Worst month | −3.1% | −4.8% | −4.8% | −7.6% |
| Best 12 months | +13.4% | +13.4% | +13.4% | +17.8% |
| Worst 12 months | −4.5% | −17.0% | −17.0% | −20.6% |
| Positive months | 56% | 52% | 48% | 50% |
| Beta vs S&P 500 | 0.14 | 0.22 | 0.16 | — |
| Correlation with S&P 500 | 0.24 | 0.45 | 0.38 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UDN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 225 | −20.6% | −0.8% | +17.8% | 44% |
| 3-year (a year) | 201 | −8.9% | −1.1% | +7.1% | 27% |
| 5-year (a year) | 177 | −5.5% | −1.8% | +2.2% | 17% |
| 10-year (a year) | 117 | −4.3% | −2.4% | +0.3% | 3% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
UDN performance overview
Invesco DB US Dollar Index Bearish Fund (UDN) returned −1.1% over the past year and −0.1% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned −0.7% a year, turning $10,000 into about $8,625. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −41.7%, from Mar 17, 2008 to Sep 27, 2022; the fund has not yet regained that high. UDN finished 6 of its 18 full calendar years with a gain; the best year was 2025 (+12.4%) and the worst 2014 (−12.2%). Volatility has been 7.8% a year.
Related: UDN chart, UDN dividends. See the UDN overview for the latest quote and fund facts.
UDN performance FAQ
What is the UDN return over the past year?
UDN returned −1.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.9%.
What is the average annual return of UDN?
UDN has returned −0.2% a year over 5 years, −0.1% a year over 10 years, −0.7% a year since February 20, 2007 (total return, distributions reinvested).
How much would $10,000 invested in UDN be worth?
$10,000 invested in UDN at its first recorded close on February 20, 2007 would be worth about $8,625 on October 23, 2026 with distributions reinvested.
What was the worst year for UDN?
The worst calendar year was 2014, with a total return of −12.2%. The best was 2025 at +12.4%.
What is the biggest drawdown of UDN?
The largest peak-to-trough decline was −41.7% between March 17, 2008 and September 27, 2022. It has not yet recovered to that high; it is 28.8% below its peak.
How volatile is UDN?
Over the past 3 years UDN had an annualized volatility of 6.9% and a Sharpe ratio of -0.09 (excess return over 1–3 month T-bills per unit of risk).