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 mixed: the longer intraday trend is still positive, but the recent windows have gone flat. UUP's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
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%. 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.
Is it a good time to invest in usd bullish?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, usd bullish is behind the S&P 500 over the longer window but ahead over the past month, an early turn. The rotation map and the read on this page show whether that trend is building or fading.
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.