RYOCX vs. USNQX

Last updated Jun 24, 2026

RYOCX (Rydex NASDAQ-100 Fund Investor Class) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - RYOCX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index, while USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 10 years, RYOCX returned 21.36%/yr vs 22.17%/yr for USNQX. With a 0.99 correlation, they move nearly in lockstep. RYOCX charges 1.24%/yr vs 0.42%/yr for USNQX.

Performance

RYOCX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex NASDAQ-100 Fund Investor Class (RYOCX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RYOCX having a 19.89% return and USNQX slightly higher at 20.37%. Both investments have delivered pretty close results over the past 10 years, with RYOCX having a 21.36% annualized return and USNQX not far ahead at 22.17%.

RYOCX

• 1D: -0.19%
• 1M: 2.91%
• YTD: 19.89%
• 6M: 18.27%
• 1Y: 38.08%
• 3Y*: 26.18%
• 5Y*: 15.70%
• 10Y*: 21.36%

USNQX

• 1D: -0.19%
• 1M: 3.00%
• YTD: 20.37%
• 6M: 18.78%
• 1Y: 39.22%
• 3Y*: 27.25%
• 5Y*: 16.67%
• 10Y*: 22.17%

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

RYOCX vs. USNQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYOCX Rydex NASDAQ-100 Fund Investor Class	19.89%	19.51%	24.34%	53.31%	-33.34%	25.85%	46.80%	40.33%	-1.36%	31.20%
USNQX USAA Nasdaq 100 Index Fund	20.37%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between RYOCX and USNQX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 27, 2000	0.99

The correlation between RYOCX and USNQX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

RYOCX vs. USNQX — Risk / Return Rank

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

RYOCX

RYOCX Risk / Return Rank: 66
RYOCX Sharpe Ratio Rank: 70
RYOCX Sortino Ratio Rank: 58
RYOCX Omega Ratio Rank: 60
RYOCX Calmar Ratio Rank: 75
RYOCX Martin Ratio Rank: 64

USNQX

USNQX Risk / Return Rank: 69
USNQX Sharpe Ratio Rank: 74
USNQX Sortino Ratio Rank: 61
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 79
USNQX Martin Ratio Rank: 70

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.

RYOCX vs. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex NASDAQ-100 Fund Investor Class (RYOCX) and USAA Nasdaq 100 Index Fund (USNQX). 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.

	RYOCX	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.31	-0.06
Sortino ratio: Return per unit of downside risk	2.93	3.00	-0.07
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	3.23	3.39	-0.16
Martin ratio: Return relative to average drawdown	11.87	12.56	-0.69

RYOCX vs. USNQX - Sharpe Ratio Comparison

The current RYOCX Sharpe Ratio is 2.24, which is comparable to the USNQX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of RYOCX and USNQX, 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

RYOCX vs. USNQX - Drawdown Comparison

The maximum RYOCX drawdown since its inception was -83.75%, which is greater than USNQX's maximum drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for RYOCX and USNQX.

Drawdown Indicators

	RYOCX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-83.75%	-76.24%	-7.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.31%	-12.07%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-22.97%	-22.88%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-38.04%	-36.95%	-1.09%
Max Drawdown (10Y) Largest decline over 10 years	-38.04%	-36.95%	-1.09%
Current Drawdown Current decline from peak	-1.03%	-0.97%	-0.06%
Average Drawdown Average peak-to-trough decline	-31.83%	-26.70%	-5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	3.25%	+0.09%

Volatility

RYOCX vs. USNQX - Volatility Comparison

Rydex NASDAQ-100 Fund Investor Class (RYOCX) and USAA Nasdaq 100 Index Fund (USNQX) have volatilities of 8.37% and 8.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYOCX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	8.38%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	14.19%	14.20%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	17.75%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.02%	23.14%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	22.79%	-0.04%

RYOCX vs. USNQX - Expense Ratio Comparison

RYOCX has a 1.24% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

RYOCX vs. USNQX - Dividend Comparison

RYOCX's dividend yield for the trailing twelve months is around 3.57%, more than USNQX's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYOCX Rydex NASDAQ-100 Fund Investor Class	3.57%	4.28%	7.23%	0.00%	8.82%	4.47%	4.17%	3.80%	1.86%	6.00%	1.75%	2.03%
USNQX USAA Nasdaq 100 Index Fund	2.50%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both RYOCX and USNQX in my portfolio?

With a correlation of 1.00, RYOCX and USNQX 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, RYOCX or USNQX?

USNQX has higher volatility (8.38%) compared to RYOCX (8.37%). In terms of maximum drawdown, RYOCX dropped -83.75% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.31 vs 2.24), 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.