ULVM vs. UUP
ULVM (VictoryShares US Value Momentum ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - ULVM is a Momentum fund tracking the Nasdaq Victory US Value Momentum 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, ULVM returned 12.69%/yr vs 5.89%/yr for UUP. At a correlation of -0.23, they often move in opposite directions. ULVM charges 0.20%/yr vs 0.75%/yr for UUP.
Performance
ULVM vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, ULVM achieves a 18.66% return, which is significantly higher than UUP's 5.44% return.
ULVM
- 1D
- 0.39%
- 1M
- 1.39%
- 6M
- 15.03%
- YTD
- 18.66%
- 1Y
- 28.23%
- 3Y*
- 20.75%
- 5Y*
- 12.69%
- 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%
ULVM vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULVM VictoryShares US Value Momentum ETF | 18.66% | 15.84% | 19.76% | 10.16% | -9.04% | 31.06% | 3.51% | 22.08% | -12.07% | 4.11% |
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% | -1.26% |
Correlation
The correlation between ULVM 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 | -0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | -0.23 |
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Return for Risk
ULVM vs. UUP — Risk / Return Rank
ULVM
UUP
ULVM vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Value Momentum ETF (ULVM) 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.
| ULVM | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.25 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 4.38 | 2.28 | +2.11 |
| Martin ratioReturn relative to average drawdown | 18.10 | 6.26 | +11.84 |
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Drawdowns
ULVM vs. UUP - Drawdown Comparison
The maximum ULVM drawdown since its inception was -40.71%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for ULVM and UUP.
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Drawdown Indicators
| ULVM | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.71% | -22.19% | -18.52% |
Max Drawdown (1Y)Largest decline over 1 year | -6.47% | -3.65% | -2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -18.14% | -10.05% | -8.09% |
Max Drawdown (5Y)Largest decline over 5 years | -19.77% | -10.37% | -9.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.26% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -8.88% | +3.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 1.33% | +0.23% |
Volatility
ULVM vs. UUP - Volatility Comparison
VictoryShares US Value Momentum ETF (ULVM) has a higher volatility of 2.84% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that ULVM'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
| ULVM | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 1.45% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 4.34% | +3.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.83% | 6.03% | +4.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.43% | 7.22% | +8.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.77% | 6.90% | +11.87% |
ULVM vs. UUP - Expense Ratio Comparison
ULVM has a 0.20% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
ULVM vs. UUP - Dividend Comparison
ULVM's dividend yield for the trailing twelve months is around 1.63%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ULVM VictoryShares US Value Momentum ETF | 1.63% | 1.81% | 1.57% | 1.94% | 1.91% | 1.36% | 1.51% | 1.88% | 1.67% | 0.38% |
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% |
Frequently Asked Questions
ULVM 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.
ULVM has higher volatility (2.84%) compared to UUP (1.45%). In terms of maximum drawdown, ULVM dropped -40.71% vs UUP's -22.19%.
On 5-year performance, ULVM leads with 12.69% vs 5.89% for UUP. On fees, ULVM is cheaper at 0.20% 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, ULVM has performed better with a 12.69% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULVM is cheaper with a 0.20% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 1.63% for ULVM.
ULVM is categorized as Momentum, while UUP is Currency. ULVM tracks Nasdaq Victory US Value Momentum Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Victory Capital and Invesco. Their fees differ too: 0.20% for ULVM and 0.75% for UUP.
ULVM currently has the higher Sharpe Ratio (2.62 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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