# Invesco DB US Dollar Index Bearish Fund (UDN)

> Source: Nexqual · https://nexqual.com/UDN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Invesco DB US Dollar Index Bearish Fund (UDN), nexqual.com/UDN" · informational, not investment advice.

**Price:** USD 17.87 (+0.06% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.86 · day 17.84–17.9 · 52w 17.64–18.85 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y -1.0% vs S&P 500 +14.9%; 5Y -1.0% vs S&P 500 +80.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$540K | $674K | $3.3M | $2.6M | $4.1M | $4.5M |
| Net income | -$5.5M | -$2.0M | $2.4M | -$3.4M | $9.0M | -$4.0M |
| Cash + short-term investments | $0K | $564K | $0K | $0K | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -1.0% | -1.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -1.0% | -0.2% |
| Volatility (annualized) | 5.6% | 6.9% |
| Max drawdown | -5.5% (Jan 2026→Oct 2026) | -18.2% (Oct 2021→Oct 2022) |

## Peers
UUP (Invesco DB USD Index Bullish Fu) USD 28.9 -0.07% · FXA (Invesco CurrencyShares Australi) USD 69.55 -0.20% · FXY (Invesco CurrencyShares Japanese) USD 58.44 +0.93% · FXE (Invesco CurrencyShares Euro Cur) USD 103.53 -0.17% · FXF (Invesco CurrencyShares Swiss Fr) USD 107.25 +0.45%

## More
Full page: https://nexqual.com/UDN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 6.4% | ±1.8% |
| 2027-03-19 | 147 | 7.5% | ±5.2% |
| 2027-06-17 | 237 | 8.5% | ±6.2% |