USD Bullish vs the S&P 500 (UUP): is it outperforming?
As of 12 October 2026, USD Bullish (UUP) has turned up: behind the S&P 500 over the longer run, but ahead over the past month. UUP beats the S&P 500 by 1.7 points over one month and ranks #14 of 115 groups Zensei tracks.
Where usd bullish stands now
As of 12 October 2026, USD Bullish (UUP) ranks #14 of the 115 groups Zensei tracks by one-month return against the S&P 500. It has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 3.5 points, but over the past month it has moved clearly ahead of the market — a 1.7-point edge that puts it in the Emerging quadrant.
On the shorter tape, UUP's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. UUP's relative-strength line has dropped below its moving averages — the outperformance trend is fading. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
UUP vs SPY: head-to-head returns
Over the week to 12 October 2026, UUP rose 0.5% while the S&P 500 rose 0.4%. The table compares UUP and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means UUP won that window.
Prices as of · computed from daily adjusted closes · how we measure
USD Bullish on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
What's inside UUP
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | AGPXXInvesco Shrt-Trm INV GOV&AGCY Instl | 49.4% | — | — | No price data | ||
USD Bullish vs the market — common questions
Is usd bullish outperforming the S&P 500?
Yes. As of 12 October 2026, UUP has beaten the S&P 500 by 1.7 points over the past month.
What is UUP?
UUP is Invesco DB US Dollar Index Bullish Fund. Zensei uses it to measure usd bullish against the S&P 500 (SPY).
What quadrant is usd bullish in right now?
As of 12 October 2026, usd bullish is in the Emerging quadrant — behind the market over the longer window, but ahead over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: gaining ground
Related sectors
Track usd bullish against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.
Compare all sectors: Sector heat map · Sector P/E ratios