URNQX vs. UTMAX

Last updated Jun 5, 2026

URNQX (Victory Nasdaq 100 Index Fund R6 Shares) and UTMAX (USAA Target Managed Allocation Fund) are both mutual funds - URNQX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index, while UTMAX is a Tactical Allocation fund managed by USAA. Over the past 5 years, URNQX returned 17.83%/yr vs 6.98%/yr for UTMAX. Their correlation of 0.82 suggests significant overlap in exposure. URNQX charges 0.30%/yr vs 0.69%/yr for UTMAX.

Performance

URNQX vs. UTMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Nasdaq 100 Index Fund R6 Shares (URNQX) and USAA Target Managed Allocation Fund (UTMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URNQX achieves a 21.27% return, which is significantly higher than UTMAX's 8.60% return.

URNQX

• 1D: -0.29%
• 1M: 9.18%
• YTD: 21.27%
• 6M: 19.65%
• 1Y: 41.28%
• 3Y*: 28.71%
• 5Y*: 17.83%
• 10Y*: —

UTMAX

• 1D: -0.79%
• 1M: 2.97%
• YTD: 8.60%
• 6M: 9.30%
• 1Y: 22.19%
• 3Y*: 15.66%
• 5Y*: 6.98%
• 10Y*: 9.08%

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

URNQX vs. UTMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URNQX Victory Nasdaq 100 Index Fund R6 Shares	21.27%	20.65%	25.60%	54.68%	-32.63%	27.00%	48.52%	38.99%	-0.37%	19.28%
UTMAX USAA Target Managed Allocation Fund	8.60%	15.25%	13.81%	14.40%	-20.44%	21.52%	13.42%	22.64%	-9.01%	9.43%

Correlation

The correlation between URNQX and UTMAX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 2, 2017	0.82

The correlation between URNQX and UTMAX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

URNQX vs. UTMAX — Risk / Return Rank

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

URNQX

URNQX Risk / Return Rank: 72
URNQX Sharpe Ratio Rank: 80
URNQX Sortino Ratio Rank: 67
URNQX Omega Ratio Rank: 65
URNQX Calmar Ratio Rank: 78
URNQX Martin Ratio Rank: 70

UTMAX

UTMAX Risk / Return Rank: 42
UTMAX Sharpe Ratio Rank: 41
UTMAX Sortino Ratio Rank: 38
UTMAX Omega Ratio Rank: 39
UTMAX Calmar Ratio Rank: 42
UTMAX Martin Ratio Rank: 52

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.

URNQX vs. UTMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Nasdaq 100 Index Fund R6 Shares (URNQX) and USAA Target Managed Allocation Fund (UTMAX). 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.

	URNQX	UTMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	1.78	+0.82
Sortino ratio: Return per unit of downside risk	3.41	2.48	+0.92
Omega ratio: Gain probability vs. loss probability	1.44	1.32	+0.12
Calmar ratio: Return relative to maximum drawdown	3.48	2.39	+1.08
Martin ratio: Return relative to average drawdown	13.33	10.23	+3.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URNQX vs. UTMAX - Sharpe Ratio Comparison

The current URNQX Sharpe Ratio is 2.60, which is higher than the UTMAX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of URNQX and UTMAX, 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

	URNQX	UTMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	1.78	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.31	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.46	+0.46

Drawdowns

URNQX vs. UTMAX - Drawdown Comparison

The maximum URNQX drawdown since its inception was -36.87%, smaller than the maximum UTMAX drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for URNQX and UTMAX.

Drawdown Indicators

	URNQX	UTMAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.87%	-40.49%	+3.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-9.41%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-17.43%	-5.42%
Max Drawdown (5Y) Largest decline over 5 years	-36.87%	-40.49%	+3.62%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.49%	—
Current Drawdown Current decline from peak	-0.29%	-0.79%	+0.50%
Average Drawdown Average peak-to-trough decline	-7.03%	-10.92%	+3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.20%	+0.94%

Volatility

URNQX vs. UTMAX - Volatility Comparison

Victory Nasdaq 100 Index Fund R6 Shares (URNQX) has a higher volatility of 4.53% compared to USAA Target Managed Allocation Fund (UTMAX) at 3.17%. This indicates that URNQX's price experiences larger fluctuations and is considered to be riskier than UTMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URNQX	UTMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	3.17%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	9.78%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.10%	12.63%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.90%	22.39%	+0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.29%	19.32%	+3.97%

URNQX vs. UTMAX - Expense Ratio Comparison

URNQX has a 0.30% expense ratio, which is lower than UTMAX's 0.69% expense ratio.

Dividends

URNQX vs. UTMAX - Dividend Comparison

URNQX's dividend yield for the trailing twelve months is around 2.58%, less than UTMAX's 6.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
URNQX Victory Nasdaq 100 Index Fund R6 Shares	2.58%	3.13%	2.31%	2.72%	4.32%	4.59%	1.64%	0.92%	0.80%	2.07%	0.00%	0.00%
UTMAX USAA Target Managed Allocation Fund	6.32%	6.87%	1.59%	1.41%	4.47%	27.44%	5.94%	4.84%	11.05%	1.13%	1.36%	1.23%

Frequently Asked Questions

Can I hold both URNQX and UTMAX in my portfolio?

URNQX and UTMAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URNQX or UTMAX?

URNQX has higher volatility (4.53%) compared to UTMAX (3.17%). In terms of maximum drawdown, URNQX dropped -36.87% vs UTMAX's -40.49%.

Which has better risk-adjusted returns?

URNQX currently has the higher Sharpe Ratio (2.60 vs 1.78), 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.