URFRX vs. SCHX

Last updated Jun 24, 2026

URFRX (USAA Target Retirement 2040 Fund) and SCHX (Schwab U.S. Large-Cap ETF) are both funds - URFRX is a Target Retirement Date fund managed by Victory, while SCHX is a Large Cap Blend Equities fund tracking the Dow Jones U.S. Large-Cap Total Stock Market Index. Over the past 10 years, URFRX returned 9.81%/yr vs 15.47%/yr for SCHX. Their correlation of 0.94 suggests significant overlap in exposure. URFRX charges 0.02%/yr vs 0.03%/yr for SCHX.

Performance

URFRX vs. SCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Target Retirement 2040 Fund (URFRX) and Schwab U.S. Large-Cap ETF (SCHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URFRX achieves a 10.97% return, which is significantly higher than SCHX's 8.04% return. Over the past 10 years, URFRX has underperformed SCHX with an annualized return of 9.81%, while SCHX has yielded a comparatively higher 15.47% annualized return.

URFRX

• 1D: 0.13%
• 1M: 2.27%
• YTD: 10.97%
• 6M: 10.35%
• 1Y: 22.53%
• 3Y*: 16.10%
• 5Y*: 8.47%
• 10Y*: 9.81%

SCHX

• 1D: -1.29%
• 1M: -1.16%
• YTD: 8.04%
• 6M: 7.00%
• 1Y: 23.07%
• 3Y*: 20.75%
• 5Y*: 12.44%
• 10Y*: 15.47%

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

URFRX vs. SCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URFRX USAA Target Retirement 2040 Fund	10.97%	17.49%	10.37%	16.75%	-14.86%	15.88%	9.22%	19.57%	-8.52%	18.48%
SCHX Schwab U.S. Large-Cap ETF	8.04%	17.46%	24.88%	26.84%	-19.41%	26.81%	20.81%	31.22%	-4.66%	21.95%

Correlation

The correlation between URFRX and SCHX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.94

The correlation between URFRX and SCHX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

URFRX vs. SCHX — Risk / Return Rank

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

URFRX

URFRX Risk / Return Rank: 77
URFRX Sharpe Ratio Rank: 76
URFRX Sortino Ratio Rank: 74
URFRX Omega Ratio Rank: 73
URFRX Calmar Ratio Rank: 79
URFRX Martin Ratio Rank: 84

SCHX

SCHX Risk / Return Rank: 56
SCHX Sharpe Ratio Rank: 56
SCHX Sortino Ratio Rank: 54
SCHX Omega Ratio Rank: 55
SCHX Calmar Ratio Rank: 54
SCHX Martin Ratio Rank: 64

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.

URFRX vs. SCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Target Retirement 2040 Fund (URFRX) and Schwab U.S. Large-Cap ETF (SCHX). 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.

	URFRX	SCHX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.84	+0.49
Sortino ratio: Return per unit of downside risk	3.28	2.51	+0.77
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	3.39	2.57	+0.83
Martin ratio: Return relative to average drawdown	14.63	11.26	+3.37

URFRX vs. SCHX - Sharpe Ratio Comparison

The current URFRX Sharpe Ratio is 2.33, which is comparable to the SCHX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of URFRX and SCHX, 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

URFRX vs. SCHX - Drawdown Comparison

The maximum URFRX drawdown since its inception was -39.33%, which is greater than SCHX's maximum drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for URFRX and SCHX.

Drawdown Indicators

	URFRX	SCHX	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-34.33%	-5.00%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-9.02%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-19.04%	+6.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.27%	-25.41%	+3.14%
Max Drawdown (10Y) Largest decline over 10 years	-28.59%	-34.33%	+5.74%
Current Drawdown Current decline from peak	-0.38%	-3.11%	+2.73%
Average Drawdown Average peak-to-trough decline	-5.17%	-3.96%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	2.05%	-0.46%

Volatility

URFRX vs. SCHX - Volatility Comparison

The current volatility for USAA Target Retirement 2040 Fund (URFRX) is 4.04%, while Schwab U.S. Large-Cap ETF (SCHX) has a volatility of 4.89%. This indicates that URFRX experiences smaller price fluctuations and is considered to be less risky than SCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URFRX	SCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	4.89%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	9.94%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	12.65%	-2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	17.23%	-4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	18.16%	-5.05%

URFRX vs. SCHX - Expense Ratio Comparison

URFRX has a 0.02% expense ratio, which is lower than SCHX's 0.03% 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

URFRX vs. SCHX - Dividend Comparison

URFRX's dividend yield for the trailing twelve months is around 6.35%, more than SCHX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHX Schwab U.S. Large-Cap ETF	1.03%	1.09%	1.22%	1.39%	1.64%	1.22%	1.64%	1.82%	2.02%	1.70%	1.92%	2.04%
URFRX USAA Target Retirement 2040 Fund	6.35%	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 URFRX and SCHX in my portfolio?

With a correlation of 0.93, URFRX and SCHX 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, URFRX or SCHX?

SCHX has higher volatility (4.89%) compared to URFRX (4.04%). In terms of maximum drawdown, URFRX dropped -39.33% vs SCHX's -34.33%.

Which has better risk-adjusted returns?

URFRX currently has the higher Sharpe Ratio (2.33 vs 1.84), 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.