UCEQX vs. URFRX

Last updated Jun 3, 2026

UCEQX (USAA Cornerstone Equity Fund) and URFRX (USAA Target Retirement 2040 Fund) are both mutual funds - UCEQX is a Global Equities fund managed by Victory, while URFRX is a Target Retirement Date fund managed by Victory. Over the past 10 years, UCEQX returned 11.63%/yr vs 9.46%/yr for URFRX. With a 0.99 correlation, they move nearly in lockstep. UCEQX charges 0.09%/yr vs 0.02%/yr for URFRX.

Performance

UCEQX vs. URFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Cornerstone Equity Fund (UCEQX) and USAA Target Retirement 2040 Fund (URFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCEQX achieves a 14.21% return, which is significantly higher than URFRX's 10.55% return. Over the past 10 years, UCEQX has outperformed URFRX with an annualized return of 11.63%, while URFRX has yielded a comparatively lower 9.46% annualized return.

UCEQX

• 1D: 0.56%
• 1M: 5.39%
• YTD: 14.21%
• 6M: 15.38%
• 1Y: 31.84%
• 3Y*: 21.57%
• 5Y*: 11.15%
• 10Y*: 11.63%

URFRX

• 1D: 0.32%
• 1M: 3.69%
• YTD: 10.55%
• 6M: 11.55%
• 1Y: 22.87%
• 3Y*: 16.15%
• 5Y*: 8.25%
• 10Y*: 9.46%

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

UCEQX vs. URFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCEQX USAA Cornerstone Equity Fund	14.21%	23.71%	14.50%	19.36%	-16.25%	19.68%	10.76%	22.49%	-12.06%	22.59%
URFRX USAA Target Retirement 2040 Fund	10.55%	17.49%	10.37%	16.75%	-14.86%	15.88%	9.22%	19.57%	-8.52%	18.48%

Correlation

The correlation between UCEQX and URFRX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 14, 2012	0.99

The correlation between UCEQX and URFRX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

UCEQX vs. URFRX — Risk / Return Rank

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

UCEQX

UCEQX Risk / Return Rank: 80
UCEQX Sharpe Ratio Rank: 83
UCEQX Sortino Ratio Rank: 77
UCEQX Omega Ratio Rank: 74
UCEQX Calmar Ratio Rank: 80
UCEQX Martin Ratio Rank: 86

URFRX

URFRX Risk / Return Rank: 74
URFRX Sharpe Ratio Rank: 74
URFRX Sortino Ratio Rank: 73
URFRX Omega Ratio Rank: 70
URFRX Calmar Ratio Rank: 75
URFRX Martin Ratio Rank: 80

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.

UCEQX vs. URFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Cornerstone Equity Fund (UCEQX) and USAA Target Retirement 2040 Fund (URFRX). 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.

	UCEQX	URFRX	Difference
Sharpe ratio Return per unit of total volatility	2.68	2.50	+0.18
Sortino ratio Return per unit of downside risk	3.68	3.55	+0.12
Omega ratio Gain probability vs. loss probability	1.49	1.47	+0.02
Calmar ratio Return relative to maximum drawdown	3.66	3.42	+0.24
Martin ratio Return relative to average drawdown	16.44	15.01	+1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCEQX vs. URFRX - Sharpe Ratio Comparison

The current UCEQX Sharpe Ratio is 2.68, which is comparable to the URFRX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of UCEQX and URFRX, 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

	UCEQX	URFRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.50	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.67	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.73	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.53	+0.17

Drawdowns

UCEQX vs. URFRX - Drawdown Comparison

The maximum UCEQX drawdown since its inception was -35.33%, smaller than the maximum URFRX drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for UCEQX and URFRX.

Drawdown Indicators

	UCEQX	URFRX	Difference
Max Drawdown Largest peak-to-trough decline	-35.33%	-39.33%	+4.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-6.88%	-2.08%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-12.41%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-25.24%	-22.27%	-2.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.33%	-28.59%	-6.74%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.87%	-5.19%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.57%	+0.42%

Volatility

UCEQX vs. URFRX - Volatility Comparison

USAA Cornerstone Equity Fund (UCEQX) has a higher volatility of 3.67% compared to USAA Target Retirement 2040 Fund (URFRX) at 3.03%. This indicates that UCEQX's price experiences larger fluctuations and is considered to be riskier than URFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCEQX	URFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	3.03%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	7.56%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	9.43%	+2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	12.33%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	13.08%	+3.42%

UCEQX vs. URFRX - Expense Ratio Comparison

UCEQX has a 0.09% expense ratio, which is higher than URFRX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UCEQX vs. URFRX - Dividend Comparison

UCEQX's dividend yield for the trailing twelve months is around 4.45%, less than URFRX's 6.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UCEQX USAA Cornerstone Equity Fund	4.45%	5.08%	2.56%	5.10%	6.80%	4.61%	8.25%	4.79%	6.73%	1.91%	3.16%	3.63%
URFRX USAA Target Retirement 2040 Fund	6.38%	7.05%	2.78%	3.94%	10.68%	7.78%	5.49%	12.74%	9.99%	6.53%	3.95%	2.55%

Frequently Asked Questions

Can I hold both UCEQX and URFRX in my portfolio?

With a correlation of 0.99, UCEQX and URFRX 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, UCEQX or URFRX?

UCEQX has higher volatility (3.67%) compared to URFRX (3.03%). In terms of maximum drawdown, UCEQX dropped -35.33% vs URFRX's -39.33%.

Which has better risk-adjusted returns?

UCEQX currently has the higher Sharpe Ratio (2.68 vs 2.50), 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.