VOLT vs. UUP

Last updated Jul 14, 2026

VOLT (Tema Electrification ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - VOLT is a Global Equities fund actively managed by Tema, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. VOLT is actively managed, while UUP is passively managed. Over the past year, VOLT returned 49.57% vs 8.28% for UUP. At a correlation of -0.19, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

VOLT vs. UUP - Performance Comparison

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

Returns By Period

In the year-to-date period, VOLT achieves a 32.10% return, which is significantly higher than UUP's 5.44% return.

VOLT

• 1D: -1.75%
• 1M: -3.09%
• 6M: 26.66%
• YTD: 32.10%
• 1Y: 49.57%
• 3Y*: —
• 5Y*: —
• 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%

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

VOLT vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOLT Tema Electrification ETF	32.10%	25.92%	-8.98%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	2.42%

Correlation

The correlation between VOLT and UUP is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.19

Return for Risk

VOLT vs. UUP — Risk / Return Rank

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

VOLT

VOLT Risk / Return Rank: 84
VOLT Sharpe Ratio Rank: 85
VOLT Sortino Ratio Rank: 78
VOLT Omega Ratio Rank: 78
VOLT Calmar Ratio Rank: 93
VOLT Martin Ratio Rank: 85

UUP

UUP Risk / Return Rank: 51
UUP Sharpe Ratio Rank: 50
UUP Sortino Ratio Rank: 50
UUP Omega Ratio Rank: 49
UUP Calmar Ratio Rank: 57
UUP Martin Ratio Rank: 47

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.

VOLT vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Electrification ETF (VOLT) 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.

	VOLT	UUP	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.38	+0.78
Sortino ratio: Return per unit of downside risk	2.75	1.99	+0.77
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	5.19	2.28	+2.92
Martin ratio: Return relative to average drawdown	13.50	6.26	+7.24

VOLT vs. UUP - Sharpe Ratio Comparison

The current VOLT Sharpe Ratio is 2.16, which is higher than the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of VOLT and UUP, 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

VOLT vs. UUP - Drawdown Comparison

The maximum VOLT drawdown since its inception was -23.40%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for VOLT and UUP.

Drawdown Indicators

	VOLT	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-22.19%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-3.65%	-5.94%
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	-9.13%	-1.26%	-7.87%
Average Drawdown Average peak-to-trough decline	-5.15%	-8.88%	+3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	1.33%	+2.35%

Volatility

VOLT vs. UUP - Volatility Comparison

Tema Electrification ETF (VOLT) has a higher volatility of 10.62% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that VOLT'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.

Volatility by Period

	VOLT	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.62%	1.45%	+9.17%
Volatility (6M) Calculated over the trailing 6-month period	19.71%	4.34%	+15.37%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	6.03%	+17.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.98%	7.22%	+17.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.98%	6.90%	+18.08%

VOLT vs. UUP - Expense Ratio Comparison

Both VOLT and UUP have an expense ratio of 0.75%.

Dividends

VOLT vs. UUP - Dividend Comparison

VOLT's dividend yield for the trailing twelve months is around 0.35%, less 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%
VOLT Tema Electrification ETF	0.35%	0.46%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOLT and UUP in my portfolio?

VOLT and UUP have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOLT or UUP?

VOLT has higher volatility (10.62%) compared to UUP (1.45%). In terms of maximum drawdown, VOLT dropped -23.40% vs UUP's -22.19%.

Which ETF is better, VOLT or UUP?

On 1-year performance, VOLT leads with 49.57% vs 8.28% for UUP. Both ETFs have the same 0.75% expense ratio. 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.

Which ETF has performed better, VOLT or UUP?

Over the 1-year period, VOLT has performed better with a 49.57% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOLT or UUP?

VOLT and UUP have the same expense ratio: 0.75% per year.

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

UUP has the higher dividend yield at 3.25%, compared with 0.35% for VOLT.

What is the main difference between VOLT and UUP?

VOLT is categorized as Global Equities, while UUP is Currency. They also come from different issuers: Tema and Invesco.

Which has better risk-adjusted returns?

VOLT currently has the higher Sharpe Ratio (2.16 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.