FLLV vs. UUP
FLLV (Franklin Liberty U.S. Low Volatility ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - FLLV is a Volatility Hedged Equity fund actively managed by Franklin Templeton, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. FLLV is actively managed, while UUP is passively managed. Over the past 5 years, FLLV returned 10.52%/yr vs 5.89%/yr for UUP. At a correlation of -0.18, they often move in opposite directions. FLLV charges 0.29%/yr vs 0.75%/yr for UUP.
Performance
FLLV vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, FLLV achieves a 13.64% return, which is significantly higher than UUP's 5.44% return.
FLLV
- 1D
- 0.02%
- 1M
- -0.09%
- 6M
- 10.54%
- YTD
- 13.64%
- 1Y
- 20.88%
- 3Y*
- 15.78%
- 5Y*
- 10.52%
- 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%
FLLV vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLLV Franklin Liberty U.S. Low Volatility ETF | 13.64% | 15.92% | 10.70% | 13.87% | -8.54% | 23.36% | 12.33% | 32.72% | -2.14% | 19.66% |
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 FLLV and UUP is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016 | -0.18 |
The correlation between FLLV and UUP shifts across timeframes, from -0.30 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FLLV vs. UUP — Risk / Return Rank
FLLV
UUP
FLLV vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty U.S. Low Volatility ETF (FLLV) 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.
| FLLV | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.25 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.28 | 2.28 | +2.00 |
| Martin ratioReturn relative to average drawdown | 15.57 | 6.26 | +9.31 |
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Drawdowns
FLLV vs. UUP - Drawdown Comparison
The maximum FLLV drawdown since its inception was -33.95%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for FLLV and UUP.
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Drawdown Indicators
| FLLV | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.95% | -22.19% | -11.76% |
Max Drawdown (1Y)Largest decline over 1 year | -4.90% | -3.65% | -1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -14.01% | -10.05% | -3.96% |
Max Drawdown (5Y)Largest decline over 5 years | -18.40% | -10.37% | -8.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -0.67% | -1.26% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -3.23% | -8.88% | +5.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 1.33% | +0.02% |
Volatility
FLLV vs. UUP - Volatility Comparison
Franklin Liberty U.S. Low Volatility ETF (FLLV) has a higher volatility of 2.57% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that FLLV'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
| FLLV | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 1.45% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.10% | 4.34% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.39% | 6.03% | +2.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.27% | 7.22% | +6.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.63% | 6.90% | +8.73% |
FLLV vs. UUP - Expense Ratio Comparison
FLLV has a 0.29% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
FLLV vs. UUP - Dividend Comparison
FLLV's dividend yield for the trailing twelve months is around 4.74%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FLLV Franklin Liberty U.S. Low Volatility ETF | 4.74% | 4.71% | 3.25% | 1.75% | 1.68% | 1.41% | 1.40% | 1.31% | 1.55% | 1.44% | 0.50% |
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% |
Frequently Asked Questions
FLLV and UUP have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLLV has higher volatility (2.57%) compared to UUP (1.45%). In terms of maximum drawdown, FLLV dropped -33.95% vs UUP's -22.19%.
On 5-year performance, FLLV leads with 10.52% vs 5.89% for UUP. On fees, FLLV is cheaper at 0.29% 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 5-year period, FLLV has performed better with a 10.52% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLLV is cheaper with a 0.29% expense ratio, compared with 0.75% for UUP.
FLLV has the higher dividend yield at 4.74%, compared with 3.25% for UUP.
FLLV is categorized as Volatility Hedged Equity, while UUP is Currency. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.29% for FLLV and 0.75% for UUP.
FLLV currently has the higher Sharpe Ratio (2.50 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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