While not quite on the same breathtaking pace of ETFs holding longer-dated U.S. Treasuries, UUP has sharply outperformed U.S. equities this year, gaining 6.2% while the S&P 500 is up 4.6%. More gains could be on the way for the world’s reserve currency.

Inflows to UUP and dollar futures are intensifying as markets price in seemingly unending easing in Japan, the European Central Bank initiating its own easing a battle down under to further weaken the Aussie and the realization the Bank of England may not hike rates as soon as previously expected. All that just as the Federal Reserve is winding down quantitative easing. [ETFs for the Dollar’s Rise]

UUP tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. Sweden lowered interest rates earlier this year and the CurrencyShares Swiss Franc Trust (NYSEArca: FXF) is off 7.1% over the past 90 days.

PowerShares DB US Dollar Index Bullish Fund