UCEQX vs. USSPX

Last updated Aug 4, 2026

UCEQX (USAA Cornerstone Equity Fund) and USSPX (Victory 500 Index Fund Member Shares) are both mutual funds - UCEQX is a Global Equities fund managed by Victory, while USSPX is a Large Cap Blend Equities fund tracking the Victory US Large Cap 500 Index. Over the past 10 years, UCEQX returned 11.39%/yr vs 15.05%/yr for USSPX. Their correlation of 0.93 means they have usually moved in the same direction. UCEQX charges 0.09%/yr vs 0.23%/yr for USSPX.

Performance

UCEQX vs. USSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Cornerstone Equity Fund (UCEQX) and Victory 500 Index Fund Member Shares (USSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCEQX achieves a 14.40% return, which is significantly higher than USSPX's 10.08% return. Over the past 10 years, UCEQX has underperformed USSPX with an annualized return of 11.39%, while USSPX has yielded a comparatively higher 15.05% annualized return.

UCEQX

• 1D: 0.21%
• 1M: 0.99%
• 6M: 10.27%
• YTD: 14.40%
• 1Y: 27.50%
• 3Y*: 19.34%
• 5Y*: 11.07%
• 10Y*: 11.39%
• ALL TIME*: 10.60%

USSPX

• 1D: 0.68%
• 1M: -0.04%
• 6M: 8.06%
• YTD: 10.08%
• 1Y: 21.10%
• 3Y*: 19.42%
• 5Y*: 12.45%
• 10Y*: 15.05%
• ALL TIME*: 10.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UCEQX USAA Cornerstone Equity Fund	$0.00	$0.00	$0.00
USSPX Victory 500 Index Fund Member Shares	$0.00	$0.00	$0.00

UCEQX vs. USSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCEQX USAA Cornerstone Equity Fund	14.40%	23.71%	14.50%	19.36%	-16.25%	19.68%	10.76%	22.49%	-12.06%	22.59%
USSPX Victory 500 Index Fund Member Shares	10.08%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%

Correlation

The correlation between UCEQX and USSPX is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Jun 13, 2012	0.93

The correlation between UCEQX and USSPX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

UCEQX vs. USSPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UCEQX

UCEQX Risk / Return Rank: 82
UCEQX Sharpe Ratio Rank: 81
UCEQX Sortino Ratio Rank: 78
UCEQX Omega Ratio Rank: 77
UCEQX Calmar Ratio Rank: 84
UCEQX Martin Ratio Rank: 90

USSPX

USSPX Risk / Return Rank: 55
USSPX Sharpe Ratio Rank: 52
USSPX Sortino Ratio Rank: 48
USSPX Omega Ratio Rank: 48
USSPX Calmar Ratio Rank: 57
USSPX Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UCEQX vs. USSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Cornerstone Equity Fund (UCEQX) and Victory 500 Index Fund Member Shares (USSPX). 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	USSPX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.48	+0.50
Sortino ratio: Return per unit of downside risk	2.74	2.06	+0.68
Omega ratio: Gain probability vs. loss probability	1.36	1.26	+0.10
Calmar ratio: Return relative to maximum drawdown	2.94	2.15	+0.79
Martin ratio: Return relative to average drawdown	12.65	9.11	+3.55

UCEQX vs. USSPX - Sharpe Ratio Comparison

The current UCEQX Sharpe Ratio is 1.98, which is higher than the USSPX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of UCEQX and USSPX, 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. USSPX - Drawdown Comparison

The maximum UCEQX drawdown since its inception was -35.33%, smaller than the maximum USSPX drawdown of -55.39%. Use the drawdown chart below to compare losses from any high point for UCEQX and USSPX.

Drawdown Indicators

	UCEQX	USSPX	Difference
Max Drawdown Largest peak-to-trough decline	-35.33%	-55.39%	+20.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-8.92%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-15.64%	-19.64%	+4.00%
Max Drawdown (5Y) Largest decline over 5 years	-25.24%	-26.88%	+1.64%
Max Drawdown (10Y) Largest decline over 10 years	-35.33%	-33.64%	-1.69%
Current Drawdown Current decline from peak	-0.21%	-1.64%	+1.43%
Average Drawdown Average peak-to-trough decline	-4.83%	-10.09%	+5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.10%	-0.02%

Volatility

UCEQX vs. USSPX - Volatility Comparison

The current volatility for USAA Cornerstone Equity Fund (UCEQX) is 3.35%, while Victory 500 Index Fund Member Shares (USSPX) has a volatility of 3.56%. This indicates that UCEQX experiences smaller price fluctuations and is considered to be less risky than USSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCEQX	USSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.56%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	10.23%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.31%	12.99%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	17.61%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.46%	18.37%	-1.91%

UCEQX vs. USSPX - Expense Ratio Comparison

UCEQX has a 0.09% expense ratio, which is lower than USSPX's 0.23% expense ratio. Despite the difference, 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. USSPX - Dividend Comparison

UCEQX's dividend yield for the trailing twelve months is around 4.44%, more than USSPX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UCEQX USAA Cornerstone Equity Fund	4.44%	5.08%	2.56%	5.10%	6.80%	4.61%	8.25%	4.79%	6.73%	1.91%	3.16%	3.63%
USSPX Victory 500 Index Fund Member Shares	3.76%	4.14%	3.63%	2.07%	2.81%	4.98%	3.38%	4.98%	3.03%	1.34%	2.34%	1.89%

Frequently Asked Questions

Can I hold both UCEQX and USSPX in my portfolio?

With a correlation of 0.95, UCEQX and USSPX 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 USSPX?

USSPX has higher volatility (3.56%) compared to UCEQX (3.35%). In terms of maximum drawdown, UCEQX dropped -35.33% vs USSPX's -55.39%.

Which has better risk-adjusted returns?

UCEQX currently has the higher Sharpe Ratio (1.98 vs 1.48), 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.