URFRX vs. USSPX

Last updated Jun 4, 2026

URFRX (USAA Target Retirement 2040 Fund) and USSPX (USAA 500 Index Fund) are both mutual funds - URFRX is a Target Retirement Date fund managed by Victory, while USSPX is a Large Cap Blend Equities fund managed by Victory. Over the past 10 years, URFRX returned 9.49%/yr vs 15.58%/yr for USSPX. Their correlation of 0.93 suggests significant overlap in exposure. URFRX charges 0.02%/yr vs 0.24%/yr for USSPX.

Performance

URFRX vs. USSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Target Retirement 2040 Fund (URFRX) and USAA 500 Index Fund (USSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URFRX achieves a 10.90% return, which is significantly lower than USSPX's 11.92% return. Over the past 10 years, URFRX has underperformed USSPX with an annualized return of 9.49%, while USSPX has yielded a comparatively higher 15.58% annualized return.

URFRX

• 1D: 0.32%
• 1M: 4.51%
• YTD: 10.90%
• 6M: 11.46%
• 1Y: 23.08%
• 3Y*: 16.28%
• 5Y*: 8.41%
• 10Y*: 9.49%

USSPX

• 1D: 0.20%
• 1M: 5.97%
• YTD: 11.92%
• 6M: 11.78%
• 1Y: 28.83%
• 3Y*: 22.87%
• 5Y*: 14.05%
• 10Y*: 15.58%

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

URFRX vs. USSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URFRX USAA Target Retirement 2040 Fund	10.90%	17.49%	10.37%	16.75%	-14.86%	15.88%	9.22%	19.57%	-8.52%	18.48%
USSPX USAA 500 Index Fund	11.92%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%

Correlation

The correlation between URFRX and USSPX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 5, 2008	0.93

The correlation between URFRX and USSPX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

URFRX vs. USSPX — Risk / Return Rank

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

URFRX

URFRX Risk / Return Rank: 74
URFRX Sharpe Ratio Rank: 73
URFRX Sortino Ratio Rank: 72
URFRX Omega Ratio Rank: 69
URFRX Calmar Ratio Rank: 75
URFRX Martin Ratio Rank: 79

USSPX

USSPX Risk / Return Rank: 72
USSPX Sharpe Ratio Rank: 73
USSPX Sortino Ratio Rank: 66
USSPX Omega Ratio Rank: 65
USSPX Calmar Ratio Rank: 73
USSPX 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.

URFRX vs. USSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Target Retirement 2040 Fund (URFRX) and USAA 500 Index Fund (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.

	URFRX	USSPX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.49	0.00
Sortino ratio: Return per unit of downside risk	3.53	3.38	+0.15
Omega ratio: Gain probability vs. loss probability	1.46	1.45	+0.01
Calmar ratio: Return relative to maximum drawdown	3.40	3.33	+0.07
Martin ratio: Return relative to average drawdown	14.89	15.45	-0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URFRX vs. USSPX - Sharpe Ratio Comparison

The current URFRX Sharpe Ratio is 2.48, which is comparable to the USSPX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of URFRX 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.

Sharpe Ratios by Period

	URFRX	USSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.49	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.81	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.85	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.54	-0.01

Drawdowns

URFRX vs. USSPX - Drawdown Comparison

The maximum URFRX drawdown since its inception was -39.33%, smaller than the maximum USSPX drawdown of -55.39%. Use the drawdown chart below to compare losses from any high point for URFRX and USSPX.

Drawdown Indicators

	URFRX	USSPX	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-55.39%	+16.06%
Max Drawdown (1Y) Largest decline over 1 year	-6.88%	-8.92%	+2.04%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-19.64%	+7.23%
Max Drawdown (5Y) Largest decline over 5 years	-22.27%	-26.88%	+4.61%
Max Drawdown (10Y) Largest decline over 10 years	-28.59%	-33.64%	+5.05%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.19%	-10.13%	+4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.92%	-0.35%

Volatility

URFRX vs. USSPX - Volatility Comparison

USAA Target Retirement 2040 Fund (URFRX) has a higher volatility of 3.03% compared to USAA 500 Index Fund (USSPX) at 2.82%. This indicates that URFRX's price experiences larger fluctuations and is considered to be riskier than USSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URFRX	USSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	2.82%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	9.04%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	9.41%	11.95%	-2.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.33%	17.49%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.08%	18.36%	-5.28%

URFRX vs. USSPX - Expense Ratio Comparison

URFRX has a 0.02% expense ratio, which is lower than USSPX's 0.24% 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. USSPX - Dividend Comparison

URFRX's dividend yield for the trailing twelve months is around 6.36%, more than USSPX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
URFRX USAA Target Retirement 2040 Fund	6.36%	7.05%	2.78%	3.94%	10.68%	7.78%	5.49%	12.74%	9.99%	6.53%	3.95%	2.55%
USSPX USAA 500 Index Fund	3.71%	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 URFRX and USSPX in my portfolio?

With a correlation of 0.92, URFRX 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, URFRX or USSPX?

URFRX has higher volatility (3.03%) compared to USSPX (2.82%). In terms of maximum drawdown, URFRX dropped -39.33% vs USSPX's -55.39%.

Which has better risk-adjusted returns?

USSPX currently has the higher Sharpe Ratio (2.49 vs 2.48), 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.