VIOV vs. UUP
VIOV (Vanguard S&P Small-Cap 600 Value ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value 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 10 years, VIOV returned 10.11%/yr vs 3.17%/yr for UUP. At a correlation of -0.17, they often move in opposite directions. VIOV charges 0.10%/yr vs 0.75%/yr for UUP.
Performance
VIOV vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VIOV achieves a 19.73% return, which is significantly higher than UUP's 5.44% return. Over the past 10 years, VIOV has outperformed UUP with an annualized return of 10.11%, while UUP has yielded a comparatively lower 3.17% annualized return.
VIOV
- 1D
- 0.17%
- 1M
- 0.26%
- 6M
- 13.28%
- YTD
- 19.73%
- 1Y
- 32.38%
- 3Y*
- 13.83%
- 5Y*
- 7.93%
- 10Y*
- 10.11%
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%
VIOV vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIOV Vanguard S&P Small-Cap 600 Value ETF | 19.73% | 6.63% | 7.44% | 15.36% | -11.37% | 30.67% | 2.81% | 24.44% | -12.85% | 11.54% |
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% | -9.10% |
Correlation
The correlation between VIOV and UUP is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | -0.17 |
The correlation between VIOV and UUP shifts across timeframes, from -0.30 (5 years) to -0.16 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VIOV vs. UUP — Risk / Return Rank
VIOV
UUP
VIOV vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) 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.
| VIOV | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.25 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 2.28 | +1.21 |
| Martin ratioReturn relative to average drawdown | 11.47 | 6.26 | +5.21 |
Loading charts...
Drawdowns
VIOV vs. UUP - Drawdown Comparison
The maximum VIOV drawdown since its inception was -47.36%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for VIOV and UUP.
Loading charts...
Drawdown Indicators
| VIOV | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.36% | -22.19% | -25.17% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -3.65% | -5.68% |
Max Drawdown (3Y)Largest decline over 3 years | -28.44% | -10.05% | -18.39% |
Max Drawdown (5Y)Largest decline over 5 years | -28.44% | -10.37% | -18.07% |
Max Drawdown (10Y)Largest decline over 10 years | -47.36% | -14.24% | -33.12% |
Current DrawdownCurrent decline from peak | -1.07% | -1.26% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -7.34% | -8.88% | +1.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 1.33% | +1.50% |
Volatility
VIOV vs. UUP - Volatility Comparison
Vanguard S&P Small-Cap 600 Value ETF (VIOV) has a higher volatility of 4.25% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that VIOV'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.
Loading charts...
Volatility by Period
| VIOV | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 1.45% | +2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 11.61% | 4.34% | +7.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.11% | 6.03% | +12.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.80% | 7.22% | +14.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.82% | 6.90% | +16.92% |
VIOV vs. UUP - Expense Ratio Comparison
VIOV has a 0.10% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
VIOV vs. UUP - Dividend Comparison
VIOV's dividend yield for the trailing twelve months is around 1.69%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
VIOV Vanguard S&P Small-Cap 600 Value ETF | 1.69% | 1.69% | 1.78% | 2.18% | 1.81% | 1.59% | 1.42% | 1.60% | 1.76% | 1.43% | 1.17% | 1.32% |
Frequently Asked Questions
VIOV and UUP have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIOV has higher volatility (4.25%) compared to UUP (1.45%). In terms of maximum drawdown, VIOV dropped -47.36% vs UUP's -22.19%.
On 10-year performance, VIOV leads with 10.11% vs 3.17% for UUP. On fees, VIOV is cheaper at 0.10% 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 10-year period, VIOV has performed better with a 10.11% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIOV is cheaper with a 0.10% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 1.69% for VIOV.
VIOV is categorized as Small Cap Value Equities, while UUP is Currency. VIOV tracks S&P SmallCap 600 Value 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: 0.10% for VIOV and 0.75% for UUP.
VIOV currently has the higher Sharpe Ratio (1.80 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.
Find the right allocation for VIOV and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer