USD Bullish vs the S&P 500 (UUP): is it outperforming?
Over the past month, UUP has outperformed the S&P 500 by 0.7 points. Here is where that puts it in the market rotation — updated daily.
Where UUP sits on the rotation map
USD Bullish highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
UUP vs SPY: head-to-head returns
UUP (usd bullish) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means UUP won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
USD Bullish (UUP) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 6.0 points, but over the past month it has moved narrowly ahead of the market — a 0.7-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #35 of the 115 groups Zensei tracks.
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 broken below its long-term average — the long-term outperformance trend is no longer intact. 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: improving 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.
What's inside UUP
Top 1 of 1 tracked holdings, by portfolio weight.
USD Bullish vs the market — common questions
Is usd bullish outperforming the S&P 500?
Right now, yes: over the past month UUP has outperformed the S&P 500 by 0.7 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is UUP?
UUP is Invesco DB US Dollar Index Bullish Fund, the fund Zensei uses to measure the usd bullish group against the S&P 500 benchmark (SPY).
What quadrant is usd bullish in right now?
As of the latest daily data, usd bullish is in the improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
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.