CDL vs. UUP
CDL (VictoryShares US Large Cap High Dividend Volatility Wtd ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - CDL is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted 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, CDL returned 11.07%/yr vs 3.17%/yr for UUP. At a correlation of -0.15, they often move in opposite directions. CDL charges 0.35%/yr vs 0.75%/yr for UUP.
Performance
CDL vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, CDL achieves a 17.30% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, CDL has outperformed UUP with an annualized return of 11.07%, while UUP has yielded a comparatively lower 3.17% annualized return.
CDL
- 1D
- 0.47%
- 1M
- 2.56%
- 6M
- 15.18%
- YTD
- 17.30%
- 1Y
- 21.14%
- 3Y*
- 15.52%
- 5Y*
- 10.65%
- 10Y*
- 11.07%
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%
CDL vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 17.30% | 9.04% | 15.58% | 3.03% | -0.45% | 33.42% | -3.35% | 26.38% | -5.86% | 16.29% |
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 CDL and UUP is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2015 | -0.15 |
The correlation between CDL and UUP shifts across timeframes, from -0.28 (5 years) to -0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CDL vs. UUP — Risk / Return Rank
CDL
UUP
CDL vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) 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.
| CDL | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.25 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.75 | 2.28 | +1.47 |
| Martin ratioReturn relative to average drawdown | 13.24 | 6.26 | +6.98 |
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Drawdowns
CDL vs. UUP - Drawdown Comparison
The maximum CDL drawdown since its inception was -41.03%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for CDL and UUP.
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Drawdown Indicators
| CDL | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.03% | -22.19% | -18.84% |
Max Drawdown (1Y)Largest decline over 1 year | -5.66% | -3.65% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -12.87% | -10.05% | -2.82% |
Max Drawdown (5Y)Largest decline over 5 years | -17.28% | -10.37% | -6.91% |
Max Drawdown (10Y)Largest decline over 10 years | -41.03% | -14.24% | -26.79% |
Current DrawdownCurrent decline from peak | -0.10% | -1.26% | +1.16% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -8.88% | +4.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 1.33% | +0.27% |
Volatility
CDL vs. UUP - Volatility Comparison
VictoryShares US Large Cap High Dividend Volatility Wtd ETF (CDL) has a higher volatility of 3.86% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that CDL's price experiences larger fluctuations and is considered to be riskier 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
| CDL | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.86% | 1.45% | +2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 7.41% | 4.34% | +3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.15% | 6.03% | +4.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.86% | 7.22% | +6.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.02% | 6.90% | +10.12% |
CDL vs. UUP - Expense Ratio Comparison
CDL has a 0.35% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
CDL vs. UUP - Dividend Comparison
CDL's dividend yield for the trailing twelve months is around 3.05%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 3.05% | 3.33% | 3.27% | 3.61% | 3.31% | 2.60% | 3.32% | 3.04% | 3.32% | 2.87% | 2.97% | 1.28% |
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
CDL and UUP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDL has higher volatility (3.86%) compared to UUP (1.45%). In terms of maximum drawdown, CDL dropped -41.03% vs UUP's -22.19%.
On 10-year performance, CDL leads with 11.07% vs 3.17% for UUP. On fees, CDL is cheaper at 0.35% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CDL has performed better with a 11.07% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDL is cheaper with a 0.35% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 3.05% for CDL.
CDL is categorized as Large Cap Value Equities, while UUP is Currency. CDL tracks Nasdaq Victory U.S. Large Cap High Dividend 100 Volatility Weighted Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Crestview and Invesco. Their fees differ too: 0.35% for CDL and 0.75% for UUP.
CDL currently has the higher Sharpe Ratio (2.10 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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