MDIV vs. UUP
MDIV (First Trust Multi-Asset Diversified Income Index Fund) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - MDIV is a Diversified Portfolio fund tracking the NASDAQ US Multi-Asset Diversified Income 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, MDIV returned 4.74%/yr vs 3.17%/yr for UUP. At a correlation of -0.17, they often move in opposite directions. MDIV charges 0.73%/yr vs 0.75%/yr for UUP.
Performance
MDIV vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, MDIV achieves a 10.47% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, MDIV has outperformed UUP with an annualized return of 4.74%, while UUP has yielded a comparatively lower 3.17% annualized return.
MDIV
- 1D
- 0.41%
- 1M
- 1.00%
- 6M
- 8.75%
- YTD
- 10.47%
- 1Y
- 11.88%
- 3Y*
- 11.24%
- 5Y*
- 6.44%
- 10Y*
- 4.74%
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%
MDIV vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDIV First Trust Multi-Asset Diversified Income Index Fund | 10.47% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
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 MDIV and UUP is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2012 | -0.17 |
The correlation between MDIV and UUP shifts across timeframes, from -0.31 (5 years) to -0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MDIV vs. UUP — Risk / Return Rank
MDIV
UUP
MDIV vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Asset Diversified Income Index Fund (MDIV) 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.
| MDIV | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.25 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 2.28 | +1.24 |
| Martin ratioReturn relative to average drawdown | 9.72 | 6.26 | +3.46 |
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Drawdowns
MDIV vs. UUP - Drawdown Comparison
The maximum MDIV drawdown since its inception was -48.50%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for MDIV and UUP.
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Drawdown Indicators
| MDIV | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.50% | -22.19% | -26.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.39% | -3.65% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -9.62% | -10.05% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -13.02% | -10.37% | -2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -48.50% | -14.24% | -34.26% |
Current DrawdownCurrent decline from peak | 0.00% | -1.26% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -4.55% | -8.88% | +4.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 1.33% | -0.10% |
Volatility
MDIV vs. UUP - Volatility Comparison
First Trust Multi-Asset Diversified Income Index Fund (MDIV) has a higher volatility of 1.96% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that MDIV'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
| MDIV | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.45% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 4.34% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.66% | 6.03% | +0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.91% | 7.22% | +3.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.20% | 6.90% | +8.30% |
MDIV vs. UUP - Expense Ratio Comparison
MDIV has a 0.73% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
MDIV vs. UUP - Dividend Comparison
MDIV's dividend yield for the trailing twelve months is around 6.67%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.67% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
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
MDIV and UUP have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDIV has higher volatility (1.96%) compared to UUP (1.45%). In terms of maximum drawdown, MDIV dropped -48.50% vs UUP's -22.19%.
On 10-year performance, MDIV leads with 4.74% vs 3.17% for UUP. On fees, MDIV is cheaper at 0.73% 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, MDIV has performed better with a 4.74% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDIV is cheaper with a 0.73% expense ratio, compared with 0.75% for UUP.
MDIV has the higher dividend yield at 6.67%, compared with 3.25% for UUP.
MDIV is categorized as Diversified Portfolio, while UUP is Currency. MDIV tracks NASDAQ US Multi-Asset Diversified Income Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.73% for MDIV and 0.75% for UUP.
MDIV currently has the higher Sharpe Ratio (1.79 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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