SPDV vs. UUP
SPDV (AAM S&P 500 High Dividend Value ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend and Free Cash Flow Yield 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 5 years, SPDV returned 9.67%/yr vs 5.89%/yr for UUP. At a correlation of -0.21, they often move in opposite directions. SPDV charges 0.29%/yr vs 0.75%/yr for UUP.
Performance
SPDV vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, SPDV achieves a 15.59% return, which is significantly higher than UUP's 5.44% return.
SPDV
- 1D
- 0.45%
- 1M
- -0.40%
- 6M
- 11.54%
- YTD
- 15.59%
- 1Y
- 22.33%
- 3Y*
- 15.42%
- 5Y*
- 9.67%
- 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%
SPDV vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDV AAM S&P 500 High Dividend Value ETF | 15.59% | 10.90% | 14.40% | 5.45% | -2.27% | 29.54% | -6.09% | 20.46% | -6.59% | 4.64% |
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% | -0.85% |
Correlation
The correlation between SPDV and UUP is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017 | -0.21 |
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Return for Risk
SPDV vs. UUP — Risk / Return Rank
SPDV
UUP
SPDV vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.
| SPDV | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.25 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.87 | 2.28 | +1.59 |
| Martin ratioReturn relative to average drawdown | 10.82 | 6.26 | +4.56 |
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Drawdowns
SPDV vs. UUP - Drawdown Comparison
The maximum SPDV drawdown since its inception was -43.81%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SPDV and UUP.
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Drawdown Indicators
| SPDV | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.81% | -22.19% | -21.62% |
Max Drawdown (1Y)Largest decline over 1 year | -5.80% | -3.65% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -18.62% | -10.05% | -8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -21.31% | -10.37% | -10.94% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -0.40% | -1.26% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -6.50% | -8.88% | +2.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 1.33% | +0.74% |
Volatility
SPDV vs. UUP - Volatility Comparison
AAM S&P 500 High Dividend Value ETF (SPDV) has a higher volatility of 3.78% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that SPDV'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
| SPDV | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 1.45% | +2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 8.12% | 4.34% | +3.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.26% | 6.03% | +6.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.20% | 7.22% | +8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.23% | 6.90% | +13.33% |
SPDV vs. UUP - Expense Ratio Comparison
SPDV has a 0.29% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
SPDV vs. UUP - Dividend Comparison
SPDV's dividend yield for the trailing twelve months is around 3.30%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPDV AAM S&P 500 High Dividend Value ETF | 3.30% | 3.85% | 3.54% | 3.95% | 3.73% | 3.08% | 3.90% | 3.54% | 3.63% | 0.28% |
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% |
Frequently Asked Questions
SPDV and UUP have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDV has higher volatility (3.78%) compared to UUP (1.45%). In terms of maximum drawdown, SPDV dropped -43.81% vs UUP's -22.19%.
On 5-year performance, SPDV leads with 9.67% vs 5.89% for UUP. On fees, SPDV 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, SPDV has performed better with a 9.67% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDV is cheaper with a 0.29% expense ratio, compared with 0.75% for UUP.
SPDV has the higher dividend yield at 3.30%, compared with 3.25% for UUP.
SPDV is categorized as Dividend, while UUP is Currency. SPDV tracks S&P 500 Dividend and Free Cash Flow Yield Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Advisors Asset Management and Invesco. Their fees differ too: 0.29% for SPDV and 0.75% for UUP.
SPDV currently has the higher Sharpe Ratio (1.83 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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