BSV vs. UUP
BSV (Vanguard Short-Term Bond Index Fund ETF Shares) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, BSV returned 1.90%/yr vs 3.17%/yr for UUP. At a correlation of -0.22, they often move in opposite directions. BSV charges 0.03%/yr vs 0.75%/yr for UUP.
Performance
BSV vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, BSV achieves a 0.28% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, BSV has underperformed UUP with an annualized return of 1.90%, while UUP has yielded a comparatively higher 3.17% annualized return.
BSV
- 1D
- -0.17%
- 1M
- -0.14%
- 6M
- 0.30%
- YTD
- 0.28%
- 1Y
- 3.05%
- 3Y*
- 4.43%
- 5Y*
- 1.63%
- 10Y*
- 1.90%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
BSV vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 0.28% | 6.00% | 3.78% | 4.90% | -5.49% | -1.09% | 4.70% | 4.98% | 1.34% | 1.20% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between BSV and UUP is -0.49, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.34 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007 | -0.22 |
Over the past year, the inverse relationship between BSV and UUP has strengthened: their correlation has moved from -0.22 to -0.49, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BSV vs. UUP — Risk / Return Rank
BSV
UUP
BSV vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) and Invesco DB US Dollar Index Bullish Fund (UUP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BSV | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.28 | +0.10 |
| Martin ratioReturn relative to average drawdown | 7.67 | 6.26 | +1.41 |
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Drawdowns
BSV vs. UUP - Drawdown Comparison
The maximum BSV drawdown since its inception was -8.54%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for BSV and UUP.
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Drawdown Indicators
| BSV | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.54% | -22.19% | +13.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -3.65% | +2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -1.53% | -10.05% | +8.52% |
Max Drawdown (5Y)Largest decline over 5 years | -8.54% | -10.37% | +1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -8.54% | -14.24% | +5.70% |
Current DrawdownCurrent decline from peak | -0.64% | -1.26% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -8.88% | +7.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 1.33% | -0.93% |
Volatility
BSV vs. UUP - Volatility Comparison
The current volatility for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) is 0.63%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that BSV experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSV | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 1.45% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 1.38% | 4.34% | -2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 6.03% | -4.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.74% | 7.22% | -4.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.38% | 6.90% | -4.52% |
BSV vs. UUP - Expense Ratio Comparison
BSV has a 0.03% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
BSV vs. UUP - Dividend Comparison
BSV's dividend yield for the trailing twelve months is around 4.02%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 4.02% | 3.83% | 3.38% | 2.46% | 1.50% | 1.45% | 1.79% | 2.29% | 1.99% | 1.65% | 1.48% | 1.40% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
BSV and UUP have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to BSV (0.63%). In terms of maximum drawdown, BSV dropped -8.54% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.17% vs 1.90% for BSV. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.17% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSV is cheaper with a 0.03% expense ratio, compared with 0.75% for UUP.
BSV has the higher dividend yield at 4.02%, compared with 3.25% for UUP.
BSV is categorized as Short-Term Bond, while UUP is Currency. BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for BSV and 0.75% for UUP.
BSV currently has the higher Sharpe Ratio (1.68 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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