IVGTX vs. UCEQX
IVGTX (VY Morgan Stanley Global Franchise Portfolio) and UCEQX (USAA Cornerstone Equity Fund) are both Global Equities funds. Over the past 10 years, IVGTX returned 7.47%/yr vs 12.13%/yr for UCEQX. A 0.77 correlation means they provide meaningful diversification when combined. IVGTX charges 1.20%/yr vs 0.09%/yr for UCEQX.
Performance
IVGTX vs. UCEQX - Performance Comparison
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Returns By Period
In the year-to-date period, IVGTX achieves a -13.06% return, which is significantly lower than UCEQX's 12.17% return. Over the past 10 years, IVGTX has underperformed UCEQX with an annualized return of 7.47%, while UCEQX has yielded a comparatively higher 12.13% annualized return.
IVGTX
- 1D
- -1.03%
- 1M
- -4.83%
- YTD
- -13.06%
- 6M
- -13.76%
- 1Y
- -17.42%
- 3Y*
- 0.24%
- 5Y*
- 0.05%
- 10Y*
- 7.47%
UCEQX
- 1D
- 0.48%
- 1M
- -0.30%
- YTD
- 12.17%
- 6M
- 11.19%
- 1Y
- 25.59%
- 3Y*
- 20.57%
- 5Y*
- 10.63%
- 10Y*
- 12.13%
IVGTX vs. UCEQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IVGTX VY Morgan Stanley Global Franchise Portfolio | -13.06% | 0.16% | 8.63% | 16.01% | -17.63% | 21.67% | 13.17% | 29.34% | -2.81% | 25.90% |
UCEQX USAA Cornerstone Equity Fund | 12.17% | 23.71% | 14.50% | 19.36% | -16.25% | 19.68% | 10.76% | 22.49% | -12.06% | 22.59% |
Correlation
The correlation between IVGTX and UCEQX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2012 | 0.77 |
Over the past year, the correlation between IVGTX and UCEQX has dropped to 0.51 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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Return for Risk
IVGTX vs. UCEQX — Risk / Return Rank
IVGTX
UCEQX
IVGTX vs. UCEQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VY Morgan Stanley Global Franchise Portfolio (IVGTX) and USAA Cornerstone Equity Fund (UCEQX). 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.
| IVGTX | UCEQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.61 | ||
| Sortino ratioReturn per unit of downside risk | -4.94 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.38 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.00 | -3.92 |
| Martin ratioReturn relative to average drawdown | -1.73 | 13.00 | -14.73 |
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Drawdowns
IVGTX vs. UCEQX - Drawdown Comparison
The maximum IVGTX drawdown since its inception was -44.75%, which is greater than UCEQX's maximum drawdown of -35.33%. Use the drawdown chart below to compare losses from any high point for IVGTX and UCEQX.
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Drawdown Indicators
| IVGTX | UCEQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.75% | -35.33% | -9.42% |
Max Drawdown (1Y)Largest decline over 1 year | -20.45% | -8.96% | -11.49% |
Max Drawdown (3Y)Largest decline over 3 years | -20.45% | -15.64% | -4.81% |
Max Drawdown (5Y)Largest decline over 5 years | -26.27% | -25.24% | -1.03% |
Max Drawdown (10Y)Largest decline over 10 years | -30.16% | -35.33% | +5.17% |
Current DrawdownCurrent decline from peak | -19.19% | -2.16% | -17.03% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -4.85% | -0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.44% | 2.06% | +8.38% |
Volatility
IVGTX vs. UCEQX - Volatility Comparison
The current volatility for VY Morgan Stanley Global Franchise Portfolio (IVGTX) is 4.34%, while USAA Cornerstone Equity Fund (UCEQX) has a volatility of 5.35%. This indicates that IVGTX experiences smaller price fluctuations and is considered to be less risky than UCEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVGTX | UCEQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 5.35% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.73% | 10.81% | -1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.17% | 13.06% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.16% | 15.40% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.40% | 16.48% | -0.08% |
IVGTX vs. UCEQX - Expense Ratio Comparison
IVGTX has a 1.20% expense ratio, which is higher than UCEQX's 0.09% expense ratio.
Dividends
IVGTX vs. UCEQX - Dividend Comparison
IVGTX's dividend yield for the trailing twelve months is around 49.23%, more than UCEQX's 4.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVGTX VY Morgan Stanley Global Franchise Portfolio | 49.23% | 42.80% | 10.28% | 8.24% | 10.69% | 8.69% | 8.32% | 11.20% | 17.80% | 7.06% | 10.12% | 14.63% |
UCEQX USAA Cornerstone Equity Fund | 4.53% | 5.08% | 2.56% | 5.10% | 6.80% | 4.61% | 8.25% | 4.79% | 6.73% | 1.91% | 3.16% | 3.63% |
Frequently Asked Questions
IVGTX and UCEQX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCEQX has higher volatility (5.35%) compared to IVGTX (4.34%). In terms of maximum drawdown, IVGTX dropped -44.75% vs UCEQX's -35.33%.
UCEQX currently has the higher Sharpe Ratio (2.05 vs -1.55), 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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