EVNT vs. UUP

Last updated Jul 14, 2026

EVNT (AltShares Event-Driven ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - EVNT is a Event Driven fund actively managed by AltShares, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. EVNT is actively managed, while UUP is passively managed. Over the past 3 years, EVNT returned 10.06%/yr vs 5.86%/yr for UUP. At a correlation of -0.26, they often move in opposite directions. EVNT charges 1.30%/yr vs 0.75%/yr for UUP.

Performance

EVNT vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AltShares Event-Driven ETF (EVNT) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with EVNT having a 5.68% return and UUP slightly lower at 5.44%.

EVNT

• 1D: 0.16%
• 1M: 1.33%
• 6M: 4.82%
• YTD: 5.68%
• 1Y: 10.52%
• 3Y*: 10.06%
• 5Y*: —
• 10Y*: —

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EVNT vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EVNT AltShares Event-Driven ETF	5.68%	13.72%	5.13%	13.28%	-8.62%	-3.40%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	3.63%	9.46%	2.44%

Correlation

The correlation between EVNT and UUP is -0.28, 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	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Sep 20, 2021	-0.26

Return for Risk

EVNT vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EVNT

EVNT Risk / Return Rank: 63
EVNT Sharpe Ratio Rank: 51
EVNT Sortino Ratio Rank: 54
EVNT Omega Ratio Rank: 62
EVNT Calmar Ratio Rank: 77
EVNT Martin Ratio Rank: 70

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EVNT vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) 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.

	EVNT	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.38	+0.02
Sortino ratio: Return per unit of downside risk	2.10	1.99	+0.11
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	3.16	2.28	+0.88
Martin ratio: Return relative to average drawdown	10.13	6.26	+3.87

EVNT vs. UUP - Sharpe Ratio Comparison

The current EVNT Sharpe Ratio is 1.40, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of EVNT and UUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EVNT vs. UUP - Drawdown Comparison

The maximum EVNT drawdown since its inception was -13.85%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for EVNT and UUP.

Drawdown Indicators

	EVNT	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	-22.19%	+8.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	-3.65%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	-10.05%	+4.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	0.00%	-1.26%	+1.26%
Average Drawdown Average peak-to-trough decline	-3.72%	-8.88%	+5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.33%	-0.29%

Volatility

EVNT vs. UUP - Volatility Comparison

AltShares Event-Driven ETF (EVNT) has a higher volatility of 1.70% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that EVNT'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.

Volatility by Period

	EVNT	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.45%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	4.34%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	7.58%	6.03%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.20%	7.22%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	6.90%	+2.30%

EVNT vs. UUP - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is higher than UUP's 0.75% expense ratio.

Dividends

EVNT vs. UUP - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.52%, more than UUP's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EVNT AltShares Event-Driven ETF	4.52%	4.78%	0.66%	0.59%	2.61%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both EVNT and UUP in my portfolio?

EVNT and UUP have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVNT or UUP?

EVNT has higher volatility (1.70%) compared to UUP (1.45%). In terms of maximum drawdown, EVNT dropped -13.85% vs UUP's -22.19%.

Which ETF is better, EVNT or UUP?

On 3-year performance, EVNT leads with 10.06% vs 5.86% for UUP. On fees, UUP is cheaper at 0.75% 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.

Which ETF has performed better, EVNT or UUP?

Over the 3-year period, EVNT has performed better with a 10.06% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVNT or UUP?

UUP is cheaper with a 0.75% expense ratio, compared with 1.30% for EVNT.

Which ETF pays a higher dividend yield, EVNT or UUP?

EVNT has the higher dividend yield at 4.52%, compared with 3.25% for UUP.

What is the main difference between EVNT and UUP?

EVNT is categorized as Event Driven, while UUP is Currency. They also come from different issuers: AltShares and Invesco. Their fees differ too: 1.30% for EVNT and 0.75% for UUP.

Which has better risk-adjusted returns?

EVNT currently has the higher Sharpe Ratio (1.40 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.