UPGD vs. TUSA

Last updated Jul 12, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and TUSA (First Trust Total US Market AlphaDEX ETF) are both Mid Cap Blend Equities funds - UPGD tracks the Bloomberg ANR Improvers Index - Benchmark TR Gross while TUSA tracks the NASDAQ AlphaDEX Total US Market Index. Both are passively managed. Over the past 10 years, UPGD returned 10.03%/yr vs 11.35%/yr for TUSA. A 0.66 correlation means they provide meaningful diversification when combined. UPGD charges 0.40%/yr vs 0.70%/yr for TUSA.

Performance

UPGD vs. TUSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and First Trust Total US Market AlphaDEX ETF (TUSA). 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 UPGD having a 11.58% return and TUSA slightly lower at 11.40%. Over the past 10 years, UPGD has underperformed TUSA with an annualized return of 10.03%, while TUSA has yielded a comparatively higher 11.35% annualized return.

UPGD

• 1D: 0.55%
• 1M: 1.21%
• 6M: 7.66%
• YTD: 11.58%
• 1Y: 16.65%
• 3Y*: 13.33%
• 5Y*: 7.44%
• 10Y*: 10.03%

TUSA

• 1D: 0.84%
• 1M: 1.86%
• 6M: 6.62%
• YTD: 11.40%
• 1Y: 18.49%
• 3Y*: 15.46%
• 5Y*: 7.83%
• 10Y*: 11.35%

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

UPGD vs. TUSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	11.58%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
TUSA First Trust Total US Market AlphaDEX ETF	11.40%	13.64%	11.12%	11.75%	-13.54%	24.79%	14.16%	24.29%	-10.35%	20.07%

Correlation

The correlation between UPGD and TUSA is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 19, 2006	0.66

The correlation between UPGD and TUSA shifts across timeframes, from 0.66 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.

UPGD vs. TUSA - Sectors Allocation Comparison

Sectors	UPGD	TUSA
Consumer Cyclical	25.1%	16.0%
Industrials	22.2%	19.8%
Consumer Defensive	19.4%	4.1%
Technology	13.8%	6.1%
Utilities	7.8%	7.5%
Healthcare	6.4%	2.0%
Basic Materials	3.7%	14.1%
Communication Services	1.6%	2.0%
Financial Services	0.0%	31.9%
Energy	-	1.9%
Real Estate	-	2.1%

Return for Risk

UPGD vs. TUSA — Risk / Return Rank

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

UPGD

UPGD Risk / Return Rank: 39
UPGD Sharpe Ratio Rank: 39
UPGD Sortino Ratio Rank: 40
UPGD Omega Ratio Rank: 36
UPGD Calmar Ratio Rank: 38
UPGD Martin Ratio Rank: 42

TUSA

TUSA Risk / Return Rank: 54
TUSA Sharpe Ratio Rank: 51
TUSA Sortino Ratio Rank: 53
TUSA Omega Ratio Rank: 48
TUSA Calmar Ratio Rank: 68
TUSA Martin Ratio Rank: 51

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.

UPGD vs. TUSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and First Trust Total US Market AlphaDEX ETF (TUSA). 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.

	UPGD	TUSA	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.40	-0.28
Sortino ratio: Return per unit of downside risk	1.70	2.09	-0.39
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.05
Calmar ratio: Return relative to maximum drawdown	1.56	2.74	-1.18
Martin ratio: Return relative to average drawdown	5.35	6.95	-1.60

UPGD vs. TUSA - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.12, which is comparable to the TUSA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of UPGD and TUSA, 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

UPGD vs. TUSA - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than TUSA's maximum drawdown of -56.53%. Use the drawdown chart below to compare losses from any high point for UPGD and TUSA.

Drawdown Indicators

	UPGD	TUSA	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-56.53%	-4.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-6.57%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-18.04%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-23.35%	-0.96%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-42.47%	-7.73%
Current Drawdown Current decline from peak	-0.81%	-0.20%	-0.61%
Average Drawdown Average peak-to-trough decline	-10.22%	-9.83%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.59%	+0.34%

Volatility

UPGD vs. TUSA - Volatility Comparison

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) has a higher volatility of 4.86% compared to First Trust Total US Market AlphaDEX ETF (TUSA) at 3.40%. This indicates that UPGD's price experiences larger fluctuations and is considered to be riskier than TUSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	TUSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	3.40%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	8.49%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	12.92%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	17.61%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	20.07%	+1.47%

UPGD vs. TUSA - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is lower than TUSA's 0.70% expense ratio.

Dividends

UPGD vs. TUSA - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, which matches TUSA's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TUSA First Trust Total US Market AlphaDEX ETF	1.58%	1.59%	2.05%	2.15%	2.31%	0.72%	0.99%	1.13%	1.14%	0.79%	1.24%	0.95%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and TUSA in my portfolio?

UPGD and TUSA have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGD or TUSA?

UPGD has higher volatility (4.86%) compared to TUSA (3.40%). In terms of maximum drawdown, UPGD dropped -60.74% vs TUSA's -56.53%.

Which ETF is better, UPGD or TUSA?

On 10-year performance, TUSA leads with 11.35% vs 10.03% for UPGD. On fees, UPGD is cheaper at 0.40% per year. On volatility, TUSA has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or TUSA?

Over the 10-year period, TUSA has performed better with a 11.35% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or TUSA?

UPGD is cheaper with a 0.40% expense ratio, compared with 0.70% for TUSA.

Which ETF pays a higher dividend yield, UPGD or TUSA?

TUSA has the higher dividend yield at 1.58%, compared with 1.57% for UPGD.

What is the main difference between UPGD and TUSA?

UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while TUSA tracks NASDAQ AlphaDEX Total US Market Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.40% for UPGD and 0.70% for TUSA.

Which has better risk-adjusted returns?

TUSA currently has the higher Sharpe Ratio (1.40 vs 1.12), 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.