FLARX vs. USAAX

Last updated Aug 1, 2026

FLARX (Victory Pioneer Floating Rate Fund Class A) and USAAX (USAA Growth Fund) are both mutual funds - FLARX is a Bank Loan fund actively managed by Victory, while USAAX is a Large Cap Growth Equities fund managed by Victory. Over the past 10 years, FLARX returned 3.64%/yr vs 14.32%/yr for USAAX. Their 0.15 correlation means their historical movements had little consistent relationship. FLARX charges 1.08%/yr vs 0.84%/yr for USAAX.

Performance

FLARX vs. USAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Floating Rate Fund Class A (FLARX) and USAA Growth Fund (USAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLARX achieves a 2.10% return, which is significantly higher than USAAX's -2.61% return. Over the past 10 years, FLARX has underperformed USAAX with an annualized return of 3.64%, while USAAX has yielded a comparatively higher 14.32% annualized return.

FLARX

• 1D: 0.17%
• 1M: 0.17%
• 6M: 2.24%
• YTD: 2.10%
• 1Y: 3.81%
• 3Y*: 5.32%
• 5Y*: 4.01%
• 10Y*: 3.64%
• ALL TIME*: 3.28%

USAAX

• 1D: 2.06%
• 1M: -2.34%
• 6M: -1.37%
• YTD: -2.61%
• 1Y: 5.48%
• 3Y*: 16.96%
• 5Y*: 9.03%
• 10Y*: 14.32%
• ALL TIME*: 9.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLARX Victory Pioneer Floating Rate Fund Class A	$0.00	$0.00	$0.00
USAAX USAA Growth Fund	$0.00	$0.00	$0.00

FLARX vs. USAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLARX Victory Pioneer Floating Rate Fund Class A	2.10%	4.55%	7.40%	8.89%	-3.77%	4.17%	0.94%	7.23%	-0.32%	3.41%
USAAX USAA Growth Fund	-2.61%	16.68%	32.82%	48.39%	-32.49%	16.97%	37.07%	27.62%	-4.33%	28.44%

Correlation

The correlation between FLARX and USAAX is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Feb 14, 2007	0.15

Over the past year, FLARX and USAAX have become more correlated (0.36) than their long-term average of 0.15, meaning their price movements have been converging.

Return for Risk

FLARX vs. USAAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLARX

FLARX Risk / Return Rank: 90
FLARX Sharpe Ratio Rank: 73
FLARX Sortino Ratio Rank: 95
FLARX Omega Ratio Rank: 96
FLARX Calmar Ratio Rank: 94
FLARX Martin Ratio Rank: 90

USAAX

USAAX Risk / Return Rank: 7
USAAX Sharpe Ratio Rank: 8
USAAX Sortino Ratio Rank: 8
USAAX Omega Ratio Rank: 8
USAAX Calmar Ratio Rank: 7
USAAX Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLARX vs. USAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Floating Rate Fund Class A (FLARX) and USAA Growth Fund (USAAX). 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.

	FLARX	USAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	0.19	+1.55
Sortino ratio: Return per unit of downside risk	3.91	0.38	+3.52
Omega ratio: Gain probability vs. loss probability	1.62	1.05	+0.57
Calmar ratio: Return relative to maximum drawdown	4.07	0.20	+3.87
Martin ratio: Return relative to average drawdown	12.54	0.58	+11.96

FLARX vs. USAAX - Sharpe Ratio Comparison

The current FLARX Sharpe Ratio is 1.75, which is higher than the USAAX Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of FLARX and USAAX, 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

FLARX vs. USAAX - Drawdown Comparison

The maximum FLARX drawdown since its inception was -30.68%, smaller than the maximum USAAX drawdown of -66.79%. Use the drawdown chart below to compare losses from any high point for FLARX and USAAX.

Drawdown Indicators

	FLARX	USAAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.68%	-66.79%	+36.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	-16.92%	+15.88%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-29.85%	+27.75%
Max Drawdown (5Y) Largest decline over 5 years	-6.79%	-41.75%	+34.96%
Max Drawdown (10Y) Largest decline over 10 years	-19.52%	-41.75%	+22.23%
Current Drawdown Current decline from peak	0.00%	-8.14%	+8.14%
Average Drawdown Average peak-to-trough decline	-2.04%	-18.77%	+16.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	5.66%	-5.32%

Volatility

FLARX vs. USAAX - Volatility Comparison

The current volatility for Victory Pioneer Floating Rate Fund Class A (FLARX) is 0.30%, while USAA Growth Fund (USAAX) has a volatility of 4.91%. This indicates that FLARX experiences smaller price fluctuations and is considered to be less risky than USAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLARX	USAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	4.91%	-4.61%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	13.23%	-11.50%
Volatility (1Y) Calculated over the trailing 1-year period	2.43%	16.97%	-14.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.69%	24.16%	-21.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.63%	22.14%	-18.51%

FLARX vs. USAAX - Expense Ratio Comparison

FLARX has a 1.08% expense ratio, which is higher than USAAX's 0.84% expense ratio.

Dividends

FLARX vs. USAAX - Dividend Comparison

FLARX's dividend yield for the trailing twelve months is around 6.29%, less than USAAX's 10.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLARX Victory Pioneer Floating Rate Fund Class A	6.29%	7.17%	6.29%	6.97%	4.94%	3.15%	3.57%	4.68%	4.36%	3.80%	3.55%	3.46%
USAAX USAA Growth Fund	10.91%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%

Frequently Asked Questions

Can I hold both FLARX and USAAX in my portfolio?

FLARX and USAAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLARX or USAAX?

USAAX has higher volatility (4.91%) compared to FLARX (0.30%). In terms of maximum drawdown, FLARX dropped -30.68% vs USAAX's -66.79%.

Which has better risk-adjusted returns?

FLARX currently has the higher Sharpe Ratio (1.75 vs 0.19), 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.