FFNOX vs. USGRX

Last updated Jun 6, 2026

FFNOX (Fidelity Multi-Asset Index Fund) and USGRX (USAA Growth & Income Fund) are both mutual funds - FFNOX is a Diversified Portfolio fund managed by Fidelity, while USGRX is a Large Cap Blend Equities fund managed by Victory. Over the past 10 years, FFNOX returned 11.18%/yr vs 13.06%/yr for USGRX. Their correlation of 0.95 suggests significant overlap in exposure. FFNOX charges 0.11%/yr vs 0.81%/yr for USGRX.

Performance

FFNOX vs. USGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Index Fund (FFNOX) and USAA Growth & Income Fund (USGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFNOX achieves a 11.12% return, which is significantly higher than USGRX's 10.25% return. Over the past 10 years, FFNOX has underperformed USGRX with an annualized return of 11.18%, while USGRX has yielded a comparatively higher 13.06% annualized return.

FFNOX

• 1D: 0.33%
• 1M: 1.90%
• YTD: 11.12%
• 6M: 11.58%
• 1Y: 25.69%
• 3Y*: 18.24%
• 5Y*: 9.40%
• 10Y*: 11.18%

USGRX

• 1D: 0.76%
• 1M: 3.50%
• YTD: 10.25%
• 6M: 10.04%
• 1Y: 26.01%
• 3Y*: 20.78%
• 5Y*: 12.20%
• 10Y*: 13.06%

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

FFNOX vs. USGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFNOX Fidelity Multi-Asset Index Fund	11.12%	20.18%	13.05%	19.29%	-18.02%	17.05%	16.30%	25.09%	-6.58%	17.09%
USGRX USAA Growth & Income Fund	10.25%	15.94%	21.47%	26.69%	-18.52%	22.53%	17.45%	21.78%	-8.76%	20.67%

Correlation

The correlation between FFNOX and USGRX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 30, 1999	0.95

The correlation between FFNOX and USGRX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

FFNOX vs. USGRX — Risk / Return Rank

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

FFNOX

FFNOX Risk / Return Rank: 65
FFNOX Sharpe Ratio Rank: 65
FFNOX Sortino Ratio Rank: 62
FFNOX Omega Ratio Rank: 62
FFNOX Calmar Ratio Rank: 64
FFNOX Martin Ratio Rank: 70

USGRX

USGRX Risk / Return Rank: 78
USGRX Sharpe Ratio Rank: 79
USGRX Sortino Ratio Rank: 75
USGRX Omega Ratio Rank: 73
USGRX Calmar Ratio Rank: 79
USGRX Martin Ratio Rank: 85

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.

FFNOX vs. USGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Index Fund (FFNOX) and USAA Growth & Income Fund (USGRX). 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.

	FFNOX	USGRX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.53	-0.24
Sortino ratio: Return per unit of downside risk	3.20	3.52	-0.32
Omega ratio: Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio: Return relative to maximum drawdown	2.98	3.45	-0.47
Martin ratio: Return relative to average drawdown	12.96	15.32	-2.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFNOX vs. USGRX - Sharpe Ratio Comparison

The current FFNOX Sharpe Ratio is 2.29, which is comparable to the USGRX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FFNOX and USGRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FFNOX	USGRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.53	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.59	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.65	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.49	-0.05

Drawdowns

FFNOX vs. USGRX - Drawdown Comparison

The maximum FFNOX drawdown since its inception was -49.84%, smaller than the maximum USGRX drawdown of -56.93%. Use the drawdown chart below to compare losses from any high point for FFNOX and USGRX.

Drawdown Indicators

	FFNOX	USGRX	Difference
Max Drawdown Largest peak-to-trough decline	-49.84%	-56.93%	+7.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-7.47%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.10%	-29.29%	+15.19%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-30.81%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-29.93%	-34.48%	+4.55%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-8.70%	-8.71%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.68%	+0.29%

Volatility

FFNOX vs. USGRX - Volatility Comparison

Fidelity Multi-Asset Index Fund (FFNOX) has a higher volatility of 3.46% compared to USAA Growth & Income Fund (USGRX) at 2.25%. This indicates that FFNOX's price experiences larger fluctuations and is considered to be riskier than USGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFNOX	USGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	2.25%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	7.38%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	11.17%	10.18%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	20.85%	-7.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.57%	20.09%	-5.52%

FFNOX vs. USGRX - Expense Ratio Comparison

FFNOX has a 0.11% expense ratio, which is lower than USGRX's 0.81% expense ratio.

Dividends

FFNOX vs. USGRX - Dividend Comparison

FFNOX's dividend yield for the trailing twelve months is around 2.31%, less than USGRX's 7.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFNOX Fidelity Multi-Asset Index Fund	2.31%	3.68%	6.43%	3.18%	7.14%	5.71%	2.87%	2.96%	2.90%	0.64%	2.50%	0.70%
USGRX USAA Growth & Income Fund	7.45%	8.06%	20.65%	0.93%	12.58%	11.97%	0.84%	24.69%	11.92%	5.12%	1.26%	6.45%

Frequently Asked Questions

Can I hold both FFNOX and USGRX in my portfolio?

With a correlation of 0.92, FFNOX and USGRX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FFNOX or USGRX?

FFNOX has higher volatility (3.46%) compared to USGRX (2.25%). In terms of maximum drawdown, FFNOX dropped -49.84% vs USGRX's -56.93%.

Which has better risk-adjusted returns?

USGRX currently has the higher Sharpe Ratio (2.53 vs 2.29), 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.