SBFCX vs. USBLX

Last updated Jun 24, 2026

SBFCX (Victory INCORE Investment Grade Convertible Fund Class A) and USBLX (USAA Growth and Tax Strategy Fund) are both mutual funds - SBFCX is a Preferred Stock/Convertible Bonds fund managed by Victory, while USBLX is a Diversified Portfolio fund managed by Victory. Over the past 10 years, SBFCX returned 7.91%/yr vs 8.28%/yr for USBLX. A 0.76 correlation means they provide meaningful diversification when combined. SBFCX charges 1.39%/yr vs 0.58%/yr for USBLX.

Performance

SBFCX vs. USBLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory INCORE Investment Grade Convertible Fund Class A (SBFCX) and USAA Growth and Tax Strategy Fund (USBLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBFCX achieves a 5.81% return, which is significantly lower than USBLX's 6.19% return. Both investments have delivered pretty close results over the past 10 years, with SBFCX having a 7.91% annualized return and USBLX not far ahead at 8.28%.

SBFCX

• 1D: -0.26%
• 1M: 2.09%
• YTD: 5.81%
• 6M: 5.34%
• 1Y: 10.94%
• 3Y*: 8.71%
• 5Y*: 3.64%
• 10Y*: 7.91%

USBLX

• 1D: -0.19%
• 1M: 1.14%
• YTD: 6.19%
• 6M: 5.77%
• 1Y: 16.14%
• 3Y*: 12.42%
• 5Y*: 6.70%
• 10Y*: 8.28%

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

SBFCX vs. USBLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBFCX Victory INCORE Investment Grade Convertible Fund Class A	5.81%	5.07%	9.48%	7.98%	-11.63%	10.90%	11.35%	19.84%	-0.44%	18.47%
USBLX USAA Growth and Tax Strategy Fund	6.19%	10.30%	13.32%	16.10%	-15.82%	14.80%	10.78%	18.46%	-1.95%	13.48%

Correlation

The correlation between SBFCX and USBLX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990	0.76

The correlation between SBFCX and USBLX shifts across timeframes, from 0.61 (1 year) to 0.79 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SBFCX vs. USBLX — Risk / Return Rank

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

SBFCX

SBFCX Risk / Return Rank: 46
SBFCX Sharpe Ratio Rank: 42
SBFCX Sortino Ratio Rank: 45
SBFCX Omega Ratio Rank: 39
SBFCX Calmar Ratio Rank: 53
SBFCX Martin Ratio Rank: 52

USBLX

USBLX Risk / Return Rank: 83
USBLX Sharpe Ratio Rank: 86
USBLX Sortino Ratio Rank: 84
USBLX Omega Ratio Rank: 81
USBLX Calmar Ratio Rank: 75
USBLX Martin Ratio Rank: 87

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.

SBFCX vs. USBLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory INCORE Investment Grade Convertible Fund Class A (SBFCX) and USAA Growth and Tax Strategy Fund (USBLX). 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.

	SBFCX	USBLX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.58	-0.82
Sortino ratio: Return per unit of downside risk	2.59	3.67	-1.08
Omega ratio: Gain probability vs. loss probability	1.31	1.49	-0.18
Calmar ratio: Return relative to maximum drawdown	2.65	3.21	-0.56
Martin ratio: Return relative to average drawdown	10.09	15.43	-5.33

SBFCX vs. USBLX - Sharpe Ratio Comparison

The current SBFCX Sharpe Ratio is 1.77, which is lower than the USBLX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SBFCX and USBLX, 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

SBFCX vs. USBLX - Drawdown Comparison

The maximum SBFCX drawdown since its inception was -47.88%, which is greater than USBLX's maximum drawdown of -33.49%. Use the drawdown chart below to compare losses from any high point for SBFCX and USBLX.

Drawdown Indicators

	SBFCX	USBLX	Difference
Max Drawdown Largest peak-to-trough decline	-47.88%	-33.49%	-14.39%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-5.24%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-8.68%	-11.66%	+2.98%
Max Drawdown (5Y) Largest decline over 5 years	-15.06%	-20.51%	+5.45%
Max Drawdown (10Y) Largest decline over 10 years	-23.79%	-21.93%	-1.86%
Current Drawdown Current decline from peak	-0.62%	-0.48%	-0.14%
Average Drawdown Average peak-to-trough decline	-6.01%	-4.29%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.09%	+0.03%

Volatility

SBFCX vs. USBLX - Volatility Comparison

Victory INCORE Investment Grade Convertible Fund Class A (SBFCX) and USAA Growth and Tax Strategy Fund (USBLX) have volatilities of 2.48% and 2.37%, 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

	SBFCX	USBLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	2.37%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	5.08%	5.22%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	6.43%	6.51%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	8.69%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.57%	9.11%	+0.46%

SBFCX vs. USBLX - Expense Ratio Comparison

SBFCX has a 1.39% expense ratio, which is higher than USBLX's 0.58% expense ratio.

Dividends

SBFCX vs. USBLX - Dividend Comparison

SBFCX's dividend yield for the trailing twelve months is around 3.06%, more than USBLX's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBFCX Victory INCORE Investment Grade Convertible Fund Class A	3.06%	4.35%	1.87%	2.84%	2.19%	9.86%	4.88%	4.94%	5.66%	3.13%	1.38%	2.53%
USBLX USAA Growth and Tax Strategy Fund	2.25%	1.96%	2.28%	2.11%	1.74%	1.66%	1.88%	1.95%	2.73%	2.16%	2.31%	2.69%

Frequently Asked Questions

Can I hold both SBFCX and USBLX in my portfolio?

SBFCX and USBLX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBFCX or USBLX?

SBFCX has higher volatility (2.48%) compared to USBLX (2.37%). In terms of maximum drawdown, SBFCX dropped -47.88% vs USBLX's -33.49%.

Which has better risk-adjusted returns?

USBLX currently has the higher Sharpe Ratio (2.58 vs 1.77), 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.