XDIV vs. UUP

Last updated Jul 14, 2026

XDIV (Roundhill S&P 500 No Dividend Target ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - XDIV is a S&P 500 fund actively managed by Roundhill, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. XDIV is actively managed, while UUP is passively managed. Over the past year, XDIV returned 21.49% vs 8.28% for UUP. At a correlation of -0.32, they often move in opposite directions. XDIV charges 0.08%/yr vs 0.75%/yr for UUP.

Performance

XDIV vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 No Dividend Target ETF (XDIV) 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, XDIV achieves a 10.16% return, which is significantly higher than UUP's 5.44% return.

XDIV

• 1D: -0.55%
• 1M: 1.16%
• 6M: 8.21%
• YTD: 10.16%
• 1Y: 21.49%
• 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)

XDIV vs. UUP - Yearly Performance Comparison

	2026 (YTD)	2025
XDIV Roundhill S&P 500 No Dividend Target ETF	10.16%	10.07%
UUP Invesco DB US Dollar Index Bullish Fund	5.44%	3.19%

Correlation

The correlation between XDIV and UUP is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	-0.32

Return for Risk

XDIV vs. UUP — Risk / Return Rank

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

XDIV

XDIV Risk / Return Rank: 65
XDIV Sharpe Ratio Rank: 65
XDIV Sortino Ratio Rank: 65
XDIV Omega Ratio Rank: 65
XDIV Calmar Ratio Rank: 59
XDIV Martin Ratio Rank: 71

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.

XDIV vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 No Dividend Target ETF (XDIV) 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.

	XDIV	UUP	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.38	+0.32
Sortino ratio: Return per unit of downside risk	2.37	1.99	+0.39
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	2.36	2.28	+0.08
Martin ratio: Return relative to average drawdown	10.37	6.26	+4.11

XDIV vs. UUP - Sharpe Ratio Comparison

The current XDIV Sharpe Ratio is 1.70, which is comparable to the UUP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XDIV 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

XDIV vs. UUP - Drawdown Comparison

The maximum XDIV drawdown since its inception was -9.16%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for XDIV and UUP.

Drawdown Indicators

	XDIV	UUP	Difference
Max Drawdown Largest peak-to-trough decline	-9.16%	-22.19%	+13.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-3.65%	-5.51%
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	-1.09%	-1.26%	+0.17%
Average Drawdown Average peak-to-trough decline	-1.27%	-8.88%	+7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.33%	+0.75%

Volatility

XDIV vs. UUP - Volatility Comparison

Roundhill S&P 500 No Dividend Target ETF (XDIV) has a higher volatility of 3.99% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that XDIV'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

	XDIV	UUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	1.45%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	4.34%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	6.03%	+6.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.67%	7.22%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.67%	6.90%	+5.77%

XDIV vs. UUP - Expense Ratio Comparison

XDIV has a 0.08% expense ratio, which is lower than UUP's 0.75% expense ratio.

Dividends

XDIV vs. UUP - Dividend Comparison

XDIV has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.25%.

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%
XDIV Roundhill S&P 500 No Dividend Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XDIV and UUP in my portfolio?

XDIV and UUP have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XDIV or UUP?

XDIV has higher volatility (3.99%) compared to UUP (1.45%). In terms of maximum drawdown, XDIV dropped -9.16% vs UUP's -22.19%.

Which ETF is better, XDIV or UUP?

On 1-year performance, XDIV leads with 21.49% vs 8.28% for UUP. On fees, XDIV is cheaper at 0.08% 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.

Which ETF has performed better, XDIV or UUP?

Over the 1-year period, XDIV has performed better with a 21.49% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDIV or UUP?

XDIV is cheaper with a 0.08% expense ratio, compared with 0.75% for UUP.

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

UUP has the higher dividend yield at 3.25%, compared with 0.00% for XDIV.

What is the main difference between XDIV and UUP?

XDIV is categorized as S&P 500, while UUP is Currency. They also come from different issuers: Roundhill and Invesco. Their fees differ too: 0.08% for XDIV and 0.75% for UUP.

Which has better risk-adjusted returns?

XDIV currently has the higher Sharpe Ratio (1.70 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.