VPC vs. UUP

Last updated Jul 14, 2026

VPC (Virtus Private Credit ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit 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, VPC returned 0.83%/yr vs 5.89%/yr for UUP. At a correlation of -0.22, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

VPC vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Private Credit ETF (VPC) 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, VPC achieves a -10.57% return, which is significantly lower than UUP's 5.44% return.

VPC

• 1D: -0.57%
• 1M: -1.11%
• 6M: -11.86%
• YTD: -10.57%
• 1Y: -17.78%
• 3Y*: 0.25%
• 5Y*: 0.83%
• 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)

VPC vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VPC Virtus Private Credit ETF	-10.57%	-6.75%	10.52%	22.20%	-11.70%	34.18%	-9.50%	9.25%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	-4.99%	13.50%	3.63%	9.46%	5.73%	-6.66%	3.11%

Correlation

The correlation between VPC and UUP is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	-0.22

Return for Risk

VPC vs. UUP — Risk / Return Rank

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

VPC

VPC Risk / Return Rank: 1
VPC Sharpe Ratio Rank: 0
VPC Sortino Ratio Rank: 1
VPC Omega Ratio Rank: 1
VPC Calmar Ratio Rank: 3
VPC Martin Ratio Rank: 2

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.

VPC vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) 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.

	VPC	UUP	Difference
Sharpe ratio: Return per unit of total volatility	-1.31	1.38	-2.70
Sortino ratio: Return per unit of downside risk	-1.83	1.99	-3.82
Omega ratio: Gain probability vs. loss probability	0.80	1.25	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.78	2.28	-3.06
Martin ratio: Return relative to average drawdown	-1.38	6.26	-7.64

VPC vs. UUP - Sharpe Ratio Comparison

The current VPC Sharpe Ratio is -1.31, which is lower than the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of VPC 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

VPC vs. UUP - Drawdown Comparison

The maximum VPC drawdown since its inception was -53.45%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for VPC and UUP.

Drawdown Indicators

	VPC	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-53.45%	-22.19%	-31.26%
Max Drawdown (1Y) Largest decline over 1 year	-22.76%	-3.65%	-19.11%
Max Drawdown (3Y) Largest decline over 3 years	-24.86%	-10.05%	-14.81%
Max Drawdown (5Y) Largest decline over 5 years	-24.86%	-10.37%	-14.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.24%	—
Current Drawdown Current decline from peak	-20.79%	-1.26%	-19.53%
Average Drawdown Average peak-to-trough decline	-7.85%	-8.88%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.94%	1.33%	+11.61%

Volatility

VPC vs. UUP - Volatility Comparison

Virtus Private Credit ETF (VPC) has a higher volatility of 3.74% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that VPC'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

	VPC	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	1.45%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	4.34%	+6.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	6.03%	+7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.59%	7.22%	+6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	6.90%	+13.57%

VPC vs. UUP - Expense Ratio Comparison

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

Dividends

VPC vs. UUP - Dividend Comparison

VPC's dividend yield for the trailing twelve months is around 16.29%, 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%
VPC Virtus Private Credit ETF	16.29%	14.33%	11.26%	11.71%	10.74%	6.31%	10.06%	8.19%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VPC and UUP in my portfolio?

VPC and UUP have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPC or UUP?

VPC has higher volatility (3.74%) compared to UUP (1.45%). In terms of maximum drawdown, VPC dropped -53.45% vs UUP's -22.19%.

Which ETF is better, VPC or UUP?

On 5-year performance, UUP leads with 5.89% vs 0.83% for VPC. 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, VPC or UUP?

Over the 5-year period, UUP has performed better with a 5.89% return vs 0.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPC or UUP?

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

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

VPC has the higher dividend yield at 16.29%, compared with 3.25% for UUP.

What is the main difference between VPC and UUP?

VPC is categorized as Nontraditional Bonds, while UUP is Currency. VPC tracks Indxx Private Credit Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: Virtus Investment Partners and Invesco.

Which has better risk-adjusted returns?

UUP currently has the higher Sharpe Ratio (1.38 vs -1.31), 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.