VCEB vs. UUP
VCEB (Vanguard ESG U.S. Corporate Bond ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - VCEB is a Corporate Bonds fund tracking the Bloomberg Barclays MSCI US Corp SRI Select 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, VCEB returned -0.03%/yr vs 5.89%/yr for UUP. At a correlation of -0.36, they often move in opposite directions. VCEB charges 0.12%/yr vs 0.75%/yr for UUP.
Performance
VCEB vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, VCEB achieves a -0.60% return, which is significantly lower than UUP's 5.44% return.
VCEB
- 1D
- -0.39%
- 1M
- -1.16%
- 6M
- -0.76%
- YTD
- -0.60%
- 1Y
- 3.27%
- 3Y*
- 4.62%
- 5Y*
- -0.03%
- 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%
VCEB vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VCEB Vanguard ESG U.S. Corporate Bond ETF | -0.60% | 7.48% | 2.23% | 8.52% | -15.15% | -1.99% | 2.45% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -5.02% |
Correlation
The correlation between VCEB and UUP is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | -0.36 |
The correlation between VCEB and UUP shifts across timeframes, from -0.46 (1 year) to -0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VCEB vs. UUP — Risk / Return Rank
VCEB
UUP
VCEB vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Corporate Bond ETF (VCEB) 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.
| VCEB | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 2.28 | -1.12 |
| Martin ratioReturn relative to average drawdown | 3.43 | 6.26 | -2.83 |
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Drawdowns
VCEB vs. UUP - Drawdown Comparison
The maximum VCEB drawdown since its inception was -21.60%, roughly equal to the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for VCEB and UUP.
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Drawdown Indicators
| VCEB | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.60% | -22.19% | +0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -2.82% | -3.65% | +0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -6.09% | -10.05% | +3.96% |
Max Drawdown (5Y)Largest decline over 5 years | -21.39% | -10.37% | -11.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -1.96% | -1.26% | -0.70% |
Average DrawdownAverage peak-to-trough decline | -7.51% | -8.88% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.33% | -0.37% |
Volatility
VCEB vs. UUP - Volatility Comparison
Vanguard ESG U.S. Corporate Bond ETF (VCEB) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 1.40% and 1.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCEB | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 1.45% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.33% | 4.34% | -1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.21% | 6.03% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 7.22% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.63% | 6.90% | -0.27% |
VCEB vs. UUP - Expense Ratio Comparison
VCEB has a 0.12% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
VCEB vs. UUP - Dividend Comparison
VCEB's dividend yield for the trailing twelve months is around 4.72%, more than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VCEB Vanguard ESG U.S. Corporate Bond ETF | 4.72% | 4.57% | 4.47% | 3.70% | 2.84% | 1.69% | 0.43% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VCEB and UUP have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to VCEB (1.40%). In terms of maximum drawdown, VCEB dropped -21.60% vs UUP's -22.19%.
On 5-year performance, UUP leads with 5.89% vs -0.03% for VCEB. On fees, VCEB is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UUP has performed better with a 5.89% return vs -0.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCEB is cheaper with a 0.12% expense ratio, compared with 0.75% for UUP.
VCEB has the higher dividend yield at 4.72%, compared with 3.25% for UUP.
VCEB is categorized as Corporate Bonds, while UUP is Currency. VCEB tracks Bloomberg Barclays MSCI US Corp SRI Select Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.12% for VCEB and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.78), 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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