URINX vs. FBND

Last updated Jun 3, 2026

URINX (USAA Target Retirement Income Fund) and FBND (Fidelity Total Bond ETF) are both funds - URINX is a Target Retirement Date fund managed by Victory, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, URINX returned 5.76%/yr vs 2.58%/yr for FBND. At a 0.38 correlation, their price movements are largely independent. URINX charges 0.04%/yr vs 0.36%/yr for FBND.

Performance

URINX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Target Retirement Income Fund (URINX) and Fidelity Total Bond ETF (FBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URINX achieves a 5.67% return, which is significantly higher than FBND's 0.70% return. Over the past 10 years, URINX has outperformed FBND with an annualized return of 5.76%, while FBND has yielded a comparatively lower 2.58% annualized return.

URINX

• 1D: 0.08%
• 1M: 1.71%
• YTD: 5.67%
• 6M: 6.22%
• 1Y: 13.53%
• 3Y*: 10.48%
• 5Y*: 5.02%
• 10Y*: 5.76%

FBND

• 1D: 0.09%
• 1M: 0.23%
• YTD: 0.70%
• 6M: 0.67%
• 1Y: 5.75%
• 3Y*: 4.77%
• 5Y*: 0.94%
• 10Y*: 2.58%

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

URINX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URINX USAA Target Retirement Income Fund	5.67%	12.36%	6.66%	10.79%	-10.38%	6.47%	8.74%	11.72%	-3.00%	8.34%
FBND Fidelity Total Bond ETF	0.70%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between URINX and FBND is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 10, 2014	0.38

Over the past year, URINX and FBND have become more correlated (0.60) than their long-term average of 0.38, meaning their price movements have been converging.

Return for Risk

URINX vs. FBND — Risk / Return Rank

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

URINX

URINX Risk / Return Rank: 81
URINX Sharpe Ratio Rank: 83
URINX Sortino Ratio Rank: 84
URINX Omega Ratio Rank: 79
URINX Calmar Ratio Rank: 78
URINX Martin Ratio Rank: 82

FBND

FBND Risk / Return Rank: 41
FBND Sharpe Ratio Rank: 42
FBND Sortino Ratio Rank: 45
FBND Omega Ratio Rank: 40
FBND Calmar Ratio Rank: 41
FBND Martin Ratio Rank: 39

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.

URINX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Target Retirement Income Fund (URINX) and Fidelity Total Bond ETF (FBND). 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.

	URINX	FBND	Difference
Sharpe ratio Return per unit of total volatility	2.67	1.50	+1.17
Sortino ratio Return per unit of downside risk	3.97	2.23	+1.74
Omega ratio Gain probability vs. loss probability	1.52	1.26	+0.26
Calmar ratio Return relative to maximum drawdown	3.53	2.06	+1.47
Martin ratio Return relative to average drawdown	15.39	6.28	+9.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URINX vs. FBND - Sharpe Ratio Comparison

The current URINX Sharpe Ratio is 2.67, which is higher than the FBND Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of URINX and FBND, 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

	URINX	FBND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	1.50	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.16	+0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	0.42	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	0.45	+0.70

Drawdowns

URINX vs. FBND - Drawdown Comparison

The maximum URINX drawdown since its inception was -15.27%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for URINX and FBND.

Drawdown Indicators

	URINX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-15.27%	-17.25%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-2.66%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-4.84%	-5.94%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-15.27%	-17.25%	+1.98%
Max Drawdown (10Y) Largest decline over 10 years	-15.27%	-17.25%	+1.98%
Current Drawdown Current decline from peak	0.00%	-1.23%	+1.23%
Average Drawdown Average peak-to-trough decline	-1.92%	-3.35%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.88%	+0.02%

Volatility

URINX vs. FBND - Volatility Comparison

USAA Target Retirement Income Fund (URINX) has a higher volatility of 1.91% compared to Fidelity Total Bond ETF (FBND) at 1.28%. This indicates that URINX's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URINX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.28%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	2.76%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	5.18%	3.86%	+1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.29%	5.92%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	6.10%	-0.26%

URINX vs. FBND - Expense Ratio Comparison

URINX has a 0.04% expense ratio, which is lower than FBND's 0.36% expense ratio.

Dividends

URINX vs. FBND - Dividend Comparison

URINX's dividend yield for the trailing twelve months is around 5.79%, more than FBND's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.69%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
URINX USAA Target Retirement Income Fund	5.79%	6.07%	4.22%	3.48%	6.63%	6.66%	3.97%	6.37%	6.11%	5.68%	3.34%	4.54%

Frequently Asked Questions

Can I hold both URINX and FBND in my portfolio?

URINX and FBND have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URINX or FBND?

URINX has higher volatility (1.91%) compared to FBND (1.28%). In terms of maximum drawdown, URINX dropped -15.27% vs FBND's -17.25%.

Which has better risk-adjusted returns?

URINX currently has the higher Sharpe Ratio (2.67 vs 1.50), 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.