THOPX vs. USSBX

Last updated Jun 4, 2026

THOPX (Thompson Bond Fund) and USSBX (USAA Short Term Bond Fund) are both Short-Term Bond funds. Over the past 10 years, THOPX returned 4.12%/yr vs 3.10%/yr for USSBX. A 0.55 correlation means they provide meaningful diversification when combined. THOPX charges 0.71%/yr vs 0.54%/yr for USSBX.

Performance

THOPX vs. USSBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Thompson Bond Fund (THOPX) and USAA Short Term Bond Fund (USSBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THOPX achieves a 1.04% return, which is significantly lower than USSBX's 1.11% return. Over the past 10 years, THOPX has outperformed USSBX with an annualized return of 4.12%, while USSBX has yielded a comparatively lower 3.10% annualized return.

THOPX

• 1D: 0.09%
• 1M: 0.38%
• YTD: 1.04%
• 6M: 1.41%
• 1Y: 6.34%
• 3Y*: 9.01%
• 5Y*: 4.07%
• 10Y*: 4.12%

USSBX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.11%
• 6M: 1.51%
• 1Y: 4.51%
• 3Y*: 5.86%
• 5Y*: 3.19%
• 10Y*: 3.10%

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

THOPX vs. USSBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THOPX Thompson Bond Fund	1.04%	7.98%	11.54%	6.98%	-7.28%	5.75%	-1.71%	5.56%	1.80%	4.75%
USSBX USAA Short Term Bond Fund	1.11%	5.79%	6.21%	5.99%	-2.95%	1.08%	4.75%	5.00%	1.24%	2.30%

Correlation

The correlation between THOPX and USSBX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 1, 1993	0.55

The correlation between THOPX and USSBX shifts across timeframes, from 0.48 (10 years) to 0.63 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

THOPX vs. USSBX — Risk / Return Rank

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

THOPX

THOPX Risk / Return Rank: 93
THOPX Sharpe Ratio Rank: 95
THOPX Sortino Ratio Rank: 96
THOPX Omega Ratio Rank: 95
THOPX Calmar Ratio Rank: 88
THOPX Martin Ratio Rank: 89

USSBX

USSBX Risk / Return Rank: 87
USSBX Sharpe Ratio Rank: 73
USSBX Sortino Ratio Rank: 94
USSBX Omega Ratio Rank: 93
USSBX Calmar Ratio Rank: 86
USSBX Martin Ratio Rank: 88

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.

THOPX vs. USSBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Thompson Bond Fund (THOPX) and USAA Short Term Bond Fund (USSBX). 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.

	THOPX	USSBX	Difference
Sharpe ratio Return per unit of total volatility	3.40	2.49	+0.91
Sortino ratio Return per unit of downside risk	5.23	4.89	+0.34
Omega ratio Gain probability vs. loss probability	1.77	1.71	+0.06
Calmar ratio Return relative to maximum drawdown	4.36	4.16	+0.20
Martin ratio Return relative to average drawdown	17.76	17.33	+0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THOPX vs. USSBX - Sharpe Ratio Comparison

The current THOPX Sharpe Ratio is 3.40, which is higher than the USSBX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of THOPX and USSBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	THOPX	USSBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	2.49	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.89	1.61	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.87	1.74	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	1.69	-0.44

Drawdowns

THOPX vs. USSBX - Drawdown Comparison

The maximum THOPX drawdown since its inception was -19.45%, which is greater than USSBX's maximum drawdown of -6.87%. Use the drawdown chart below to compare losses from any high point for THOPX and USSBX.

Drawdown Indicators

	THOPX	USSBX	Difference
Max Drawdown Largest peak-to-trough decline	-19.45%	-6.87%	-12.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-1.09%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-1.61%	-1.09%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-8.00%	-5.11%	-2.89%
Max Drawdown (10Y) Largest decline over 10 years	-11.74%	-5.57%	-6.17%
Current Drawdown Current decline from peak	-0.26%	-0.11%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.86%	-0.63%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.26%	+0.10%

Volatility

THOPX vs. USSBX - Volatility Comparison

Thompson Bond Fund (THOPX) has a higher volatility of 0.84% compared to USAA Short Term Bond Fund (USSBX) at 0.63%. This indicates that THOPX's price experiences larger fluctuations and is considered to be riskier than USSBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THOPX	USSBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.63%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	1.36%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	1.82%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.16%	1.99%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.20%	1.79%	+0.41%

THOPX vs. USSBX - Expense Ratio Comparison

THOPX has a 0.71% expense ratio, which is higher than USSBX's 0.54% expense ratio.

Dividends

THOPX vs. USSBX - Dividend Comparison

THOPX's dividend yield for the trailing twelve months is around 5.10%, more than USSBX's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THOPX Thompson Bond Fund	5.10%	4.90%	5.34%	5.88%	3.93%	3.59%	5.16%	3.48%	3.07%	3.06%	4.24%	4.58%
USSBX USAA Short Term Bond Fund	4.54%	4.51%	4.32%	3.37%	2.38%	2.72%	3.41%	2.79%	2.44%	1.94%	1.86%	1.69%

Frequently Asked Questions

Can I hold both THOPX and USSBX in my portfolio?

THOPX and USSBX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THOPX or USSBX?

THOPX has higher volatility (0.84%) compared to USSBX (0.63%). In terms of maximum drawdown, THOPX dropped -19.45% vs USSBX's -6.87%.

Which has better risk-adjusted returns?

THOPX currently has the higher Sharpe Ratio (3.40 vs 2.49), 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.