SMTRX vs. USAIX

Last updated Jun 24, 2026

SMTRX (ALPS/Smith Total Return Bond Fund) and USAIX (USAA Income Fund) are both Intermediate Core-Plus Bond funds. Their correlation of 0.91 suggests significant overlap in exposure. SMTRX charges 0.99%/yr vs 0.44%/yr for USAIX.

Performance

SMTRX vs. USAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS/Smith Total Return Bond Fund (SMTRX) and USAA Income Fund (USAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMTRX

• 1D: -0.31%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USAIX

• 1D: -0.26%
• 1M: 0.79%
• YTD: 0.67%
• 6M: 0.93%
• 1Y: 4.65%
• 3Y*: 4.90%
• 5Y*: 0.60%
• 10Y*: 2.55%

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

SMTRX vs. USAIX - Yearly Performance Comparison

	2026 (YTD)
SMTRX ALPS/Smith Total Return Bond Fund	0.00%
USAIX USAA Income Fund	0.36%

Correlation

The correlation between SMTRX and USAIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.91

Return for Risk

SMTRX vs. USAIX — Risk / Return Rank

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

SMTRX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USAIX

USAIX Risk / Return Rank: 27
USAIX Sharpe Ratio Rank: 27
USAIX Sortino Ratio Rank: 28
USAIX Omega Ratio Rank: 26
USAIX Calmar Ratio Rank: 31
USAIX Martin Ratio Rank: 25

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.

SMTRX vs. USAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS/Smith Total Return Bond Fund (SMTRX) and USAA Income Fund (USAIX). 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.

	SMTRX	USAIX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.38	—
Sortino ratio: Return per unit of downside risk	—	2.04	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	1.95	—
Martin ratio: Return relative to average drawdown	—	5.62	—

Drawdowns

SMTRX vs. USAIX - Drawdown Comparison

The maximum SMTRX drawdown since its inception was -0.62%, smaller than the maximum USAIX drawdown of -18.67%. Use the drawdown chart below to compare losses from any high point for SMTRX and USAIX.

Drawdown Indicators

	SMTRX	USAIX	Difference
Max Drawdown Largest peak-to-trough decline	-0.62%	-18.67%	+18.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.48%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.67%	—
Current Drawdown Current decline from peak	-0.31%	-0.98%	+0.67%
Average Drawdown Average peak-to-trough decline	-0.18%	-2.97%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.86%	—

Volatility

Volatility by Period

	SMTRX	USAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	3.52%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	5.55%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	4.66%	-1.02%

SMTRX vs. USAIX - Expense Ratio Comparison

SMTRX has a 0.99% expense ratio, which is higher than USAIX's 0.44% expense ratio.

Dividends

SMTRX vs. USAIX - Dividend Comparison

SMTRX's dividend yield for the trailing twelve months is around 0.36%, less than USAIX's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMTRX ALPS/Smith Total Return Bond Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USAIX USAA Income Fund	4.06%	3.36%	4.00%	3.70%	3.49%	4.84%	4.53%	3.66%	3.50%	3.51%	3.53%	3.65%

Frequently Asked Questions

Can I hold both SMTRX and USAIX in my portfolio?

With a correlation of 0.91, SMTRX and USAIX 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.