UUP vs. AVDS

Last updated Jun 5, 2026

UUP (Invesco DB US Dollar Index Bullish Fund) and AVDS (Avantis International Small Cap Equity ETF) are both exchange-traded funds - UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index, while AVDS is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. UUP is passively managed, while AVDS is actively managed. Over the past year, UUP returned 5.38% vs 32.55% for AVDS. At a correlation of -0.57, they often move in opposite directions. UUP charges 0.75%/yr vs 0.30%/yr for AVDS.

Performance

UUP vs. AVDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB US Dollar Index Bullish Fund (UUP) and Avantis International Small Cap Equity ETF (AVDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUP achieves a 3.00% return, which is significantly lower than AVDS's 12.75% return.

UUP

• 1D: -0.07%
• 1M: 1.24%
• YTD: 3.00%
• 6M: 2.42%
• 1Y: 5.38%
• 3Y*: 3.92%
• 5Y*: 5.90%
• 10Y*: 3.19%

AVDS

• 1D: 0.65%
• 1M: 2.23%
• YTD: 12.75%
• 6M: 15.97%
• 1Y: 32.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UUP vs. AVDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UUP Invesco DB US Dollar Index Bullish Fund	3.00%	-4.99%	13.50%	3.37%
AVDS Avantis International Small Cap Equity ETF	12.75%	38.18%	3.20%	3.79%

Correlation

The correlation between UUP and AVDS is -0.59, 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	-0.59
Correlation (All Time) Calculated using the full available price history since Jul 21, 2023	-0.57

The correlation between UUP and AVDS has been stable across timeframes, ranging from -0.59 to -0.57 - a consistent structural relationship.

UUP vs. AVDS - Sectors Allocation Comparison

Sectors	UUP	AVDS
Financial Services	97.7%	12.1%
Basic Materials	-	17.0%
Communication Services	-	2.9%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	5.1%
Energy	-	6.1%
Healthcare	-	4.5%
Industrials	-	22.6%
Real Estate	-	3.2%
Technology	-	9.7%
Utilities	-	3.2%

Return for Risk

UUP vs. AVDS — Risk / Return Rank

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

UUP

UUP Risk / Return Rank: 27
UUP Sharpe Ratio Rank: 26
UUP Sortino Ratio Rank: 25
UUP Omega Ratio Rank: 24
UUP Calmar Ratio Rank: 31
UUP Martin Ratio Rank: 28

AVDS

AVDS Risk / Return Rank: 63
AVDS Sharpe Ratio Rank: 68
AVDS Sortino Ratio Rank: 67
AVDS Omega Ratio Rank: 67
AVDS Calmar Ratio Rank: 54
AVDS Martin Ratio Rank: 59

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.

UUP vs. AVDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB US Dollar Index Bullish Fund (UUP) and Avantis International Small Cap Equity ETF (AVDS). 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.

	UUP	AVDS	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.20	-1.31
Sortino ratio: Return per unit of downside risk	1.29	3.03	-1.75
Omega ratio: Gain probability vs. loss probability	1.16	1.40	-0.24
Calmar ratio: Return relative to maximum drawdown	1.48	2.63	-1.15
Martin ratio: Return relative to average drawdown	3.93	10.21	-6.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UUP vs. AVDS - Sharpe Ratio Comparison

The current UUP Sharpe Ratio is 0.89, which is lower than the AVDS Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of UUP and AVDS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UUP	AVDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	2.20	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	1.28	-1.08

Drawdowns

UUP vs. AVDS - Drawdown Comparison

The maximum UUP drawdown since its inception was -22.19%, which is greater than AVDS's maximum drawdown of -13.51%. Use the drawdown chart below to compare losses from any high point for UUP and AVDS.

Drawdown Indicators

	UUP	AVDS	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-13.51%	-8.68%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-12.44%	+8.79%
Max Drawdown (3Y) Largest decline over 3 years	-10.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.24%	—	—
Current Drawdown Current decline from peak	-3.55%	-1.09%	-2.46%
Average Drawdown Average peak-to-trough decline	-8.92%	-2.83%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	3.19%	-1.82%

Volatility

UUP vs. AVDS - Volatility Comparison

The current volatility for Invesco DB US Dollar Index Bullish Fund (UUP) is 1.27%, while Avantis International Small Cap Equity ETF (AVDS) has a volatility of 4.37%. This indicates that UUP experiences smaller price fluctuations and is considered to be less risky than AVDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUP	AVDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	4.37%	-3.10%
Volatility (6M) Calculated over the trailing 6-month period	4.24%	12.43%	-8.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.08%	14.85%	-8.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	15.35%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	15.35%	-8.39%

UUP vs. AVDS - Expense Ratio Comparison

UUP has a 0.75% expense ratio, which is higher than AVDS's 0.30% expense ratio.

Dividends

UUP vs. AVDS - Dividend Comparison

UUP's dividend yield for the trailing twelve months is around 3.33%, more than AVDS's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVDS Avantis International Small Cap Equity ETF	2.14%	2.37%	3.07%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UUP Invesco DB US Dollar Index Bullish Fund	3.33%	3.43%	4.48%	6.44%	0.89%	0.00%	0.00%	2.03%	1.08%	0.10%

Frequently Asked Questions

Can I hold both UUP and AVDS in my portfolio?

UUP and AVDS have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UUP or AVDS?

AVDS has higher volatility (4.37%) compared to UUP (1.27%). In terms of maximum drawdown, UUP dropped -22.19% vs AVDS's -13.51%.

Which ETF is better, UUP or AVDS?

On 1-year performance, AVDS leads with 32.55% vs 5.38% for UUP. On fees, AVDS is cheaper at 0.30% per year. On volatility, UUP has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UUP or AVDS?

Over the 1-year period, AVDS has performed better with a 32.55% return vs 5.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UUP or AVDS?

AVDS is cheaper with a 0.30% expense ratio, compared with 0.75% for UUP.

Which ETF pays a higher dividend yield, UUP or AVDS?

UUP has the higher dividend yield at 3.33%, compared with 2.14% for AVDS.

What is the main difference between UUP and AVDS?

UUP is categorized as Currency, while AVDS is Foreign Small & Mid Cap Equities. They also come from different issuers: Invesco and Avantis. Their fees differ too: 0.75% for UUP and 0.30% for AVDS.

Which has better risk-adjusted returns?

AVDS currently has the higher Sharpe Ratio (2.20 vs 0.89), 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.