UGOFX vs. FAMRX

Last updated Jun 23, 2026

UGOFX (USAA Global Managed Volatility Fund) and FAMRX (Fidelity Asset Manager 85% Fund) are both mutual funds - UGOFX is a Global Equities fund managed by BlackRock, while FAMRX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, UGOFX returned 10.80%/yr vs 11.84%/yr for FAMRX. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.70% expense ratio.

Performance

UGOFX vs. FAMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Global Managed Volatility Fund (UGOFX) and Fidelity Asset Manager 85% Fund (FAMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with UGOFX having a 14.02% return and FAMRX slightly higher at 14.24%. Over the past 10 years, UGOFX has underperformed FAMRX with an annualized return of 10.80%, while FAMRX has yielded a comparatively higher 11.84% annualized return.

UGOFX

• 1D: 0.74%
• 1M: 2.69%
• YTD: 14.02%
• 6M: 13.70%
• 1Y: 25.88%
• 3Y*: 17.27%
• 5Y*: 10.86%
• 10Y*: 10.80%

FAMRX

• 1D: 1.41%
• 1M: 2.49%
• YTD: 14.24%
• 6M: 14.33%
• 1Y: 30.85%
• 3Y*: 18.17%
• 5Y*: 10.08%
• 10Y*: 11.84%

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

UGOFX vs. FAMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGOFX USAA Global Managed Volatility Fund	14.02%	16.72%	13.34%	19.81%	-15.68%	21.22%	6.44%	21.97%	-8.64%	21.26%
FAMRX Fidelity Asset Manager 85% Fund	14.24%	20.87%	12.60%	18.98%	-18.55%	17.10%	19.37%	26.26%	-9.21%	21.08%

Correlation

The correlation between UGOFX and FAMRX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 31, 2008	0.95

The correlation between UGOFX and FAMRX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

UGOFX vs. FAMRX — Risk / Return Rank

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

UGOFX

UGOFX Risk / Return Rank: 65
UGOFX Sharpe Ratio Rank: 59
UGOFX Sortino Ratio Rank: 58
UGOFX Omega Ratio Rank: 58
UGOFX Calmar Ratio Rank: 74
UGOFX Martin Ratio Rank: 77

FAMRX

FAMRX Risk / Return Rank: 75
FAMRX Sharpe Ratio Rank: 76
FAMRX Sortino Ratio Rank: 71
FAMRX Omega Ratio Rank: 72
FAMRX Calmar Ratio Rank: 76
FAMRX Martin Ratio Rank: 82

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.

UGOFX vs. FAMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Global Managed Volatility Fund (UGOFX) and Fidelity Asset Manager 85% Fund (FAMRX). 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.

	UGOFX	FAMRX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.33	-0.25
Sortino ratio: Return per unit of downside risk	2.92	3.17	-0.25
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	3.20	3.27	-0.07
Martin ratio: Return relative to average drawdown	13.46	14.19	-0.73

UGOFX vs. FAMRX - Sharpe Ratio Comparison

The current UGOFX Sharpe Ratio is 2.08, which is comparable to the FAMRX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of UGOFX and FAMRX, 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

UGOFX vs. FAMRX - Drawdown Comparison

The maximum UGOFX drawdown since its inception was -38.00%, smaller than the maximum FAMRX drawdown of -58.65%. Use the drawdown chart below to compare losses from any high point for UGOFX and FAMRX.

Drawdown Indicators

	UGOFX	FAMRX	Difference
Max Drawdown Largest peak-to-trough decline	-38.00%	-58.65%	+20.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.95%	-9.33%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-14.22%	-15.35%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-38.00%	-26.00%	-12.00%
Max Drawdown (10Y) Largest decline over 10 years	-38.00%	-30.96%	-7.04%
Current Drawdown Current decline from peak	-0.49%	0.00%	-0.49%
Average Drawdown Average peak-to-trough decline	-7.36%	-12.30%	+4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.15%	-0.26%

Volatility

UGOFX vs. FAMRX - Volatility Comparison

USAA Global Managed Volatility Fund (UGOFX) and Fidelity Asset Manager 85% Fund (FAMRX) have volatilities of 5.26% and 5.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGOFX	FAMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	5.49%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	11.02%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	13.11%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	14.79%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	15.33%	+3.07%

UGOFX vs. FAMRX - Expense Ratio Comparison

Both UGOFX and FAMRX have an expense ratio of 0.70%.

Dividends

UGOFX vs. FAMRX - Dividend Comparison

UGOFX's dividend yield for the trailing twelve months is around 17.75%, more than FAMRX's 4.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAMRX Fidelity Asset Manager 85% Fund	4.87%	5.56%	3.44%	1.33%	5.07%	3.15%	1.99%	5.52%	5.62%	2.31%	0.28%	4.83%
UGOFX USAA Global Managed Volatility Fund	17.75%	20.24%	3.46%	1.77%	8.60%	24.98%	4.13%	4.16%	4.48%	1.99%	1.44%	1.05%

Frequently Asked Questions

Can I hold both UGOFX and FAMRX in my portfolio?

With a correlation of 0.95, UGOFX and FAMRX 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, UGOFX or FAMRX?

FAMRX has higher volatility (5.49%) compared to UGOFX (5.26%). In terms of maximum drawdown, UGOFX dropped -38.00% vs FAMRX's -58.65%.

Which has better risk-adjusted returns?

FAMRX currently has the higher Sharpe Ratio (2.33 vs 2.08), 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.