UCEQX vs. USAAX

Last updated Jun 24, 2026

UCEQX (USAA Cornerstone Equity Fund) and USAAX (USAA Growth Fund) are both mutual funds - UCEQX is a Global Equities fund managed by Victory, while USAAX is a Large Cap Growth Equities fund managed by Victory. Over the past 10 years, UCEQX returned 12.04%/yr vs 15.47%/yr for USAAX. Their correlation of 0.86 suggests significant overlap in exposure. UCEQX charges 0.09%/yr vs 0.84%/yr for USAAX.

Performance

UCEQX vs. USAAX - Performance Comparison

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

Returns By Period

In the year-to-date period, UCEQX achieves a 13.82% return, which is significantly higher than USAAX's -0.66% return. Over the past 10 years, UCEQX has underperformed USAAX with an annualized return of 12.04%, while USAAX has yielded a comparatively higher 15.47% annualized return.

UCEQX

• 1D: 0.04%
• 1M: 2.23%
• YTD: 13.82%
• 6M: 13.16%
• 1Y: 29.80%
• 3Y*: 21.16%
• 5Y*: 11.24%
• 10Y*: 12.04%

USAAX

• 1D: -1.39%
• 1M: -3.49%
• YTD: -0.66%
• 6M: -2.01%
• 1Y: 12.30%
• 3Y*: 19.70%
• 5Y*: 10.34%
• 10Y*: 15.47%

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

UCEQX vs. USAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCEQX USAA Cornerstone Equity Fund	13.82%	23.71%	14.50%	19.36%	-16.25%	19.68%	10.76%	22.49%	-12.06%	22.59%
USAAX USAA Growth Fund	-0.66%	16.68%	32.82%	48.39%	-32.49%	16.97%	37.07%	27.62%	-4.33%	28.44%

Correlation

The correlation between UCEQX and USAAX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 13, 2012	0.86

The correlation between UCEQX and USAAX has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

UCEQX vs. USAAX — Risk / Return Rank

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

UCEQX

UCEQX Risk / Return Rank: 78
UCEQX Sharpe Ratio Rank: 78
UCEQX Sortino Ratio Rank: 73
UCEQX Omega Ratio Rank: 73
UCEQX Calmar Ratio Rank: 80
UCEQX Martin Ratio Rank: 86

USAAX

USAAX Risk / Return Rank: 10
USAAX Sharpe Ratio Rank: 11
USAAX Sortino Ratio Rank: 11
USAAX Omega Ratio Rank: 11
USAAX Calmar Ratio Rank: 9
USAAX Martin Ratio Rank: 10

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. USAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Cornerstone Equity Fund (UCEQX) and USAA Growth Fund (USAAX). 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.

	UCEQX	USAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	0.83	+1.55
Sortino ratio: Return per unit of downside risk	3.24	1.22	+2.02
Omega ratio: Gain probability vs. loss probability	1.44	1.15	+0.28
Calmar ratio: Return relative to maximum drawdown	3.45	0.81	+2.64
Martin ratio: Return relative to average drawdown	15.10	2.62	+12.48

UCEQX vs. USAAX - Sharpe Ratio Comparison

The current UCEQX Sharpe Ratio is 2.38, which is higher than the USAAX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of UCEQX and USAAX, 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

UCEQX vs. USAAX - Drawdown Comparison

The maximum UCEQX drawdown since its inception was -35.33%, smaller than the maximum USAAX drawdown of -66.79%. Use the drawdown chart below to compare losses from any high point for UCEQX and USAAX.

Drawdown Indicators

	UCEQX	USAAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.33%	-66.79%	+31.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-16.92%	+7.96%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-29.85%	+14.21%
Max Drawdown (5Y) Largest decline over 5 years	-25.24%	-41.75%	+16.51%
Max Drawdown (10Y) Largest decline over 10 years	-35.33%	-41.75%	+6.42%
Current Drawdown Current decline from peak	-0.72%	-6.31%	+5.59%
Average Drawdown Average peak-to-trough decline	-4.86%	-18.80%	+13.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	5.20%	-3.16%

Volatility

UCEQX vs. USAAX - Volatility Comparison

The current volatility for USAA Cornerstone Equity Fund (UCEQX) is 5.17%, while USAA Growth Fund (USAAX) has a volatility of 5.88%. This indicates that UCEQX experiences smaller price fluctuations and is considered to be less risky than USAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCEQX	USAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	5.88%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	12.72%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	16.46%	-3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	24.09%	-8.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	22.16%	-5.61%

UCEQX vs. USAAX - Expense Ratio Comparison

UCEQX has a 0.09% expense ratio, which is lower than USAAX's 0.84% expense ratio.

Dividends

UCEQX vs. USAAX - Dividend Comparison

UCEQX's dividend yield for the trailing twelve months is around 4.46%, less than USAAX's 10.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UCEQX USAA Cornerstone Equity Fund	4.46%	5.08%	2.56%	5.10%	6.80%	4.61%	8.25%	4.79%	6.73%	1.91%	3.16%	3.63%
USAAX USAA Growth Fund	10.69%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%

Frequently Asked Questions

Can I hold both UCEQX and USAAX in my portfolio?

UCEQX and USAAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCEQX or USAAX?

USAAX has higher volatility (5.88%) compared to UCEQX (5.17%). In terms of maximum drawdown, UCEQX dropped -35.33% vs USAAX's -66.79%.

Which has better risk-adjusted returns?

UCEQX currently has the higher Sharpe Ratio (2.38 vs 0.83), 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.