USAAX vs. FFLC

Last updated Apr 2, 2026

Compare and contrast key facts about USAA Growth Fund (USAAX) and Fidelity Fundamental Large Cap Core ETF (FFLC).

USAAX is managed by Victory. It was launched on Apr 5, 1971. FFLC is an actively managed fund by Fidelity. It was launched on Jun 2, 2020.

Performance

USAAX vs. FFLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Growth Fund (USAAX) and Fidelity Fundamental Large Cap Core ETF (FFLC). The values are adjusted to include any dividend payments, if applicable.

USAAX vs. FFLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
USAAX USAA Growth Fund	-10.65%	16.68%	32.82%	48.39%	-32.49%	16.97%	27.49%
FFLC Fidelity Fundamental Large Cap Core ETF	-2.68%	17.67%	27.89%	25.07%	-0.04%	24.53%	18.76%

Returns By Period

In the year-to-date period, USAAX achieves a -10.65% return, which is significantly lower than FFLC's -2.68% return.

USAAX

• 1D: 3.89%
• 1M: -5.86%
• YTD: -10.65%
• 6M: -10.48%
• 1Y: 14.90%
• 3Y*: 19.99%
• 5Y*: 9.70%
• 10Y*: 14.01%

FFLC

• 1D: 1.02%
• 1M: -4.35%
• YTD: -2.68%
• 6M: 0.18%
• 1Y: 19.98%
• 3Y*: 19.96%
• 5Y*: 14.63%
• 10Y*: —

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

USAAX vs. FFLC - Expense Ratio Comparison

USAAX has a 0.84% expense ratio, which is higher than FFLC's 0.38% expense ratio.

USAAX

USAA Growth Fund

FFLC

Fidelity Fundamental Large Cap Core ETF

Return for Risk

USAAX vs. FFLC — Risk / Return Rank

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

USAAX

USAAX Risk / Return Rank: 29
USAAX Sharpe Ratio Rank: 27
USAAX Sortino Ratio Rank: 32
USAAX Omega Ratio Rank: 30
USAAX Calmar Ratio Rank: 30
USAAX Martin Ratio Rank: 28

FFLC

FFLC Risk / Return Rank: 63
FFLC Sharpe Ratio Rank: 59
FFLC Sortino Ratio Rank: 61
FFLC Omega Ratio Rank: 64
FFLC Calmar Ratio Rank: 65
FFLC Martin Ratio Rank: 69

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.

USAAX vs. FFLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Growth Fund (USAAX) and Fidelity Fundamental Large Cap Core ETF (FFLC). 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.

	USAAX	FFLC	Difference
Sharpe ratio Return per unit of total volatility	0.70	1.07	-0.37
Sortino ratio Return per unit of downside risk	1.17	1.60	-0.42
Omega ratio Gain probability vs. loss probability	1.16	1.24	-0.08
Calmar ratio Return relative to maximum drawdown	0.92	1.72	-0.79
Martin ratio Return relative to average drawdown	3.21	7.35	-4.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USAAX vs. FFLC - Sharpe Ratio Comparison

The current USAAX Sharpe Ratio is 0.70, which is lower than the FFLC Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of USAAX and FFLC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USAAX	FFLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	1.07	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.87	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.05	-0.56

Correlation

The correlation between USAAX and FFLC is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

USAAX vs. FFLC - Dividend Comparison

USAAX's dividend yield for the trailing twelve months is around 11.89%, more than FFLC's 1.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAAX USAA Growth Fund	11.89%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%
FFLC Fidelity Fundamental Large Cap Core ETF	1.13%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

USAAX vs. FFLC - Drawdown Comparison

The maximum USAAX drawdown since its inception was -66.79%, which is greater than FFLC's maximum drawdown of -19.72%. Use the drawdown chart below to compare losses from any high point for USAAX and FFLC.

Drawdown Indicators

	USAAX	FFLC	Difference
Max Drawdown Largest peak-to-trough decline	-66.79%	-19.72%	-47.07%
Max Drawdown (1Y) Largest decline over 1 year	-16.92%	-11.92%	-5.00%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-19.72%	-22.03%
Max Drawdown (10Y) Largest decline over 10 years	-41.75%	—	—
Current Drawdown Current decline from peak	-13.69%	-5.89%	-7.80%
Average Drawdown Average peak-to-trough decline	-18.87%	-3.05%	-15.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.87%	2.79%	+2.08%

Volatility

USAAX vs. FFLC - Volatility Comparison

USAA Growth Fund (USAAX) has a higher volatility of 6.86% compared to Fidelity Fundamental Large Cap Core ETF (FFLC) at 6.15%. This indicates that USAAX's price experiences larger fluctuations and is considered to be riskier than FFLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAAX	FFLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	6.15%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	10.28%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	22.63%	18.69%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.02%	16.94%	+7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.05%	17.78%	+4.27%