LKSMX vs. USMIX
LKSMX (LKCM Small-Mid Cap Equity Fund) and USMIX (USAA Extended Market Index Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, LKSMX returned 11.05%/yr vs 11.66%/yr for USMIX. Their correlation of 0.94 means they have usually moved in the same direction. LKSMX charges 1.00%/yr vs 0.38%/yr for USMIX.
Performance
LKSMX vs. USMIX - Performance Comparison
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Returns By Period
In the year-to-date period, LKSMX achieves a 5.90% return, which is significantly lower than USMIX's 15.90% return. Over the past 10 years, LKSMX has underperformed USMIX with an annualized return of 11.05%, while USMIX has yielded a comparatively higher 11.66% annualized return.
LKSMX
- 1D
- 2.30%
- 1M
- -1.48%
- 6M
- 2.39%
- YTD
- 5.90%
- 1Y
- 9.57%
- 3Y*
- 12.30%
- 5Y*
- 5.38%
- 10Y*
- 11.05%
- ALL TIME*
- 8.53%
USMIX
- 1D
- 1.52%
- 1M
- 0.32%
- 6M
- 10.61%
- YTD
- 15.90%
- 1Y
- 27.08%
- 3Y*
- 15.93%
- 5Y*
- 6.66%
- 10Y*
- 11.66%
- ALL TIME*
- 8.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
LKSMX vs. USMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LKSMX LKCM Small-Mid Cap Equity Fund | 5.90% | 5.27% | 15.64% | 25.76% | -22.23% | 15.44% | 30.55% | 31.02% | -8.91% | 24.18% |
USMIX USAA Extended Market Index Fund | 15.90% | 10.44% | 11.99% | 25.81% | -24.04% | 15.29% | 31.20% | 27.93% | -9.71% | 17.72% |
Correlation
The correlation between LKSMX and USMIX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 2, 2011 | 0.94 |
The correlation between LKSMX and USMIX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
LKSMX vs. USMIX — Risk / Return Rank
LKSMX
USMIX
LKSMX vs. USMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for LKCM Small-Mid Cap Equity Fund (LKSMX) and USAA Extended Market Index Fund (USMIX). 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.
| LKSMX | USMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.31 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.94 | -2.08 |
| Martin ratioReturn relative to average drawdown | 2.70 | 10.73 | -8.03 |
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Drawdowns
LKSMX vs. USMIX - Drawdown Comparison
The maximum LKSMX drawdown since its inception was -39.56%, smaller than the maximum USMIX drawdown of -57.91%. Use the drawdown chart below to compare losses from any high point for LKSMX and USMIX.
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Drawdown Indicators
| LKSMX | USMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.56% | -57.91% | +18.35% |
Max Drawdown (1Y)Largest decline over 1 year | -13.08% | -9.97% | -3.11% |
Max Drawdown (3Y)Largest decline over 3 years | -21.23% | -31.84% | +10.61% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -37.86% | +10.35% |
Max Drawdown (10Y)Largest decline over 10 years | -39.56% | -41.86% | +2.30% |
Current DrawdownCurrent decline from peak | -2.20% | -0.16% | -2.04% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -11.92% | +4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 2.72% | +1.44% |
Volatility
LKSMX vs. USMIX - Volatility Comparison
LKCM Small-Mid Cap Equity Fund (LKSMX) has a higher volatility of 4.64% compared to USAA Extended Market Index Fund (USMIX) at 3.61%. This indicates that LKSMX's price experiences larger fluctuations and is considered to be riskier than USMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LKSMX | USMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.64% | 3.61% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 13.50% | 11.80% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.46% | 16.58% | +0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.83% | 24.95% | -5.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.35% | 23.63% | -2.28% |
LKSMX vs. USMIX - Expense Ratio Comparison
LKSMX has a 1.00% expense ratio, which is higher than USMIX's 0.38% expense ratio.
Dividends
LKSMX vs. USMIX - Dividend Comparison
LKSMX's dividend yield for the trailing twelve months is around 6.02%, more than USMIX's 5.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LKSMX LKCM Small-Mid Cap Equity Fund | 6.02% | 6.38% | 0.00% | 0.00% | 8.27% | 17.23% | 6.48% | 14.23% | 21.66% | 12.01% | 18.07% | 7.12% |
USMIX USAA Extended Market Index Fund | 5.59% | 6.47% | 14.41% | 4.41% | 8.78% | 17.98% | 3.32% | 3.18% | 6.48% | 7.48% | 7.07% | 8.02% |
Frequently Asked Questions
With a correlation of 0.91, LKSMX and USMIX 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.
LKSMX has higher volatility (4.64%) compared to USMIX (3.61%). In terms of maximum drawdown, LKSMX dropped -39.56% vs USMIX's -57.91%.
USMIX currently has the higher Sharpe Ratio (1.77 vs 0.65), 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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