VRP vs. UUP
VRP (Invesco Variable Rate Preferred ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - VRP is a Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate 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, VRP returned 5.05%/yr vs 3.17%/yr for UUP. At a correlation of -0.16, they often move in opposite directions. VRP charges 0.50%/yr vs 0.75%/yr for UUP.
Performance
VRP vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, VRP achieves a 2.53% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, VRP has outperformed UUP with an annualized return of 5.05%, while UUP has yielded a comparatively lower 3.17% annualized return.
VRP
- 1D
- 0.04%
- 1M
- 0.33%
- 6M
- 2.11%
- YTD
- 2.53%
- 1Y
- 5.65%
- 3Y*
- 9.35%
- 5Y*
- 4.25%
- 10Y*
- 5.05%
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%
VRP vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VRP Invesco Variable Rate Preferred ETF | 2.53% | 7.34% | 11.10% | 10.35% | -9.00% | 4.20% | 5.11% | 18.84% | -6.62% | 9.26% |
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 VRP and UUP is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.21 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | -0.16 |
The correlation between VRP and UUP shifts across timeframes, from -0.30 (5 years) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VRP vs. UUP — Risk / Return Rank
VRP
UUP
VRP vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred ETF (VRP) 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.
| VRP | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.25 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 2.28 | -0.31 |
| Martin ratioReturn relative to average drawdown | 10.54 | 6.26 | +4.28 |
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Drawdowns
VRP vs. UUP - Drawdown Comparison
The maximum VRP drawdown since its inception was -46.04%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for VRP and UUP.
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Drawdown Indicators
| VRP | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.04% | -22.19% | -23.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -3.65% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -10.05% | +5.79% |
Max Drawdown (5Y)Largest decline over 5 years | -13.76% | -10.37% | -3.39% |
Max Drawdown (10Y)Largest decline over 10 years | -46.04% | -14.24% | -31.80% |
Current DrawdownCurrent decline from peak | -0.25% | -1.26% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -8.88% | +6.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 1.33% | -0.79% |
Volatility
VRP vs. UUP - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred ETF (VRP) is 0.59%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that VRP experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VRP | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.45% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 4.34% | -2.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 6.03% | -3.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 7.22% | -0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.53% | 6.90% | +7.63% |
VRP vs. UUP - Expense Ratio Comparison
VRP has a 0.50% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
VRP vs. UUP - Dividend Comparison
VRP's dividend yield for the trailing twelve months is around 6.22%, more 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% |
VRP Invesco Variable Rate Preferred ETF | 6.22% | 6.53% | 5.78% | 6.61% | 5.38% | 4.25% | 4.17% | 4.71% | 5.28% | 4.69% | 5.10% | 5.02% |
Frequently Asked Questions
VRP and UUP have a correlation of -0.29, 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 VRP (0.59%). In terms of maximum drawdown, VRP dropped -46.04% vs UUP's -22.19%.
On 10-year performance, VRP leads with 5.05% vs 3.17% for UUP. On fees, VRP is cheaper at 0.50% per year. On volatility, VRP has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VRP has performed better with a 5.05% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRP is cheaper with a 0.50% expense ratio, compared with 0.75% for UUP.
VRP has the higher dividend yield at 6.22%, compared with 3.25% for UUP.
VRP is categorized as Preferred Stock/Convertible Bonds, while UUP is Currency. VRP tracks Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.50% for VRP and 0.75% for UUP.
VRP currently has the higher Sharpe Ratio (1.96 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.
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