IVV vs UDN
iShares Core S&P 500 ETF vs Invesco DB US Dollar Index Bearish Fund ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | UDN | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.77% | |
| AUM | $865.2B | $107M | |
| Dividend Yield | 1.09% | 3.00% | |
| Holdings | 508 | 4 | |
| YTD Return | +13.72% | -0.60% | |
| 1Y Return | +21.64% | -0.41% | |
| 3Y Return (annualized) | +21.55% | +1.40% | |
| 5Y Return (annualized) | +13.27% | -1.13% | |
| Volatility (annualized) | 15.1% | 8.0% | |
| Max Drawdown | -56.5% | -41.7% | |
| Fund Family | iShares by BlackRock (US) | Invesco (US) | |
| Category | Equity | Alternative | |
| Inception | May 15, 2000 | Feb 20, 2007 |
IVV vs UDN Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Invesco DB US Dollar Index Bearish Fund ETF (UDN) is a ETF from Invesco (US). Over the past year IVV returned +21.64% while UDN returned -0.41%. Year to date, IVV is up 13.72% versus a loss of 0.60% for UDN.
Over three years, IVV compounded at +21.55% per year against +1.40% for UDN; over five years the annualized figures are +13.27% and -1.13% respectively. Across the full 20-year window we track, IVV has the edge at +7.04% annualized vs -0.95%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 8.0% for UDN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -41.7% for UDN. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.44. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while UDN charges 0.77%. On a $10,000 position that is $3 vs $77 annually, a gap of $74 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 3.00% for UDN.
Holdings Overlap
IVV and UDN share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or UDN?
IVV has an expense ratio of 0.03% while UDN charges 0.77%. IVV is the cheaper option. On a $10,000 investment, that is $74 per year of difference.
Which performed better, IVV or UDN?
Over the past year IVV returned +21.64% vs -0.41% for UDN, so IVV leads on 1-year performance. Over the longest common window we track (20 years), IVV annualized +7.04% vs -0.95% for UDN. Past performance does not guarantee future results.
Which is riskier, IVV or UDN?
IVV has been the more volatile fund at 15.1% annualized versus 8.0% for UDN. Worst drawdown: IVV -56.5% vs UDN -41.7%.
Should I hold both IVV and UDN?
IVV and UDN have a monthly-return correlation of 0.44, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and UDN?
IVV and UDN share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, IVV or UDN?
IVV yields 1.09% while UDN yields 3.00%, so UDN currently pays the higher dividend yield.
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