USAAX vs. MAFRX

Last updated Aug 1, 2026

USAAX (USAA Growth Fund) and MAFRX (Victory Pioneer Multi-Asset Ultrashort Income Fund Class A) are both mutual funds - USAAX is a Large Cap Growth Equities fund managed by Victory, while MAFRX is a Ultrashort Bond fund actively managed by Victory. Over the past 10 years, USAAX returned 14.32%/yr vs 2.61%/yr for MAFRX. Their 0.05 correlation means their historical movements had little consistent relationship. USAAX charges 0.84%/yr vs 0.58%/yr for MAFRX.

Performance

USAAX vs. MAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Growth Fund (USAAX) and Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAAX achieves a -2.61% return, which is significantly lower than MAFRX's 1.69% return. Over the past 10 years, USAAX has outperformed MAFRX with an annualized return of 14.32%, while MAFRX has yielded a comparatively lower 2.61% annualized return.

USAAX

• 1D: 2.06%
• 1M: -2.34%
• 6M: -1.37%
• YTD: -2.61%
• 1Y: 5.48%
• 3Y*: 16.96%
• 5Y*: 9.03%
• 10Y*: 14.32%
• ALL TIME*: 9.53%

MAFRX

• 1D: 0.00%
• 1M: -0.21%
• 6M: 1.30%
• YTD: 1.69%
• 1Y: 3.39%
• 3Y*: 4.70%
• 5Y*: 3.66%
• 10Y*: 2.61%
• ALL TIME*: 2.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	$0.00	$0.00	$0.00
USAAX USAA Growth Fund	$0.00	$0.00	$0.00

USAAX vs. MAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAAX USAA Growth Fund	-2.61%	16.68%	32.82%	48.39%	-32.49%	16.97%	37.07%	27.62%	-4.33%	28.44%
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	1.69%	4.64%	5.96%	5.84%	0.14%	1.42%	-0.86%	3.30%	1.66%	1.57%

Correlation

The correlation between USAAX and MAFRX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.07
Correlation (10Y) Provides a long-term view across more market conditions.	0.06
Correlation (All Time) Calculated using the full available price history since Apr 29, 2011	0.05

Return for Risk

USAAX vs. MAFRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USAAX

USAAX Risk / Return Rank: 7
USAAX Sharpe Ratio Rank: 8
USAAX Sortino Ratio Rank: 8
USAAX Omega Ratio Rank: 8
USAAX Calmar Ratio Rank: 7
USAAX Martin Ratio Rank: 7

MAFRX

MAFRX Risk / Return Rank: 99
MAFRX Sharpe Ratio Rank: 97
MAFRX Sortino Ratio Rank: 99
MAFRX Omega Ratio Rank: 99
MAFRX Calmar Ratio Rank: 100
MAFRX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USAAX vs. MAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Growth Fund (USAAX) and Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX). 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.

	USAAX	MAFRX	Difference
Sharpe ratio: Return per unit of total volatility	0.19	2.81	-2.61
Sortino ratio: Return per unit of downside risk	0.38	9.67	-9.28
Omega ratio: Gain probability vs. loss probability	1.05	3.58	-2.53
Calmar ratio: Return relative to maximum drawdown	0.20	18.36	-18.17
Martin ratio: Return relative to average drawdown	0.58	50.22	-49.64

USAAX vs. MAFRX - Sharpe Ratio Comparison

The current USAAX Sharpe Ratio is 0.19, which is lower than the MAFRX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of USAAX and MAFRX, 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

USAAX vs. MAFRX - Drawdown Comparison

The maximum USAAX drawdown since its inception was -66.79%, which is greater than MAFRX's maximum drawdown of -10.18%. Use the drawdown chart below to compare losses from any high point for USAAX and MAFRX.

Drawdown Indicators

	USAAX	MAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-66.79%	-10.18%	-56.61%
Max Drawdown (1Y) Largest decline over 1 year	-16.92%	-0.21%	-16.71%
Max Drawdown (3Y) Largest decline over 3 years	-29.85%	-0.52%	-29.33%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-1.59%	-40.16%
Max Drawdown (10Y) Largest decline over 10 years	-41.75%	-10.18%	-31.57%
Current Drawdown Current decline from peak	-8.14%	-0.21%	-7.93%
Average Drawdown Average peak-to-trough decline	-18.77%	-0.29%	-18.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.66%	0.08%	+5.58%

Volatility

USAAX vs. MAFRX - Volatility Comparison

USAA Growth Fund (USAAX) has a higher volatility of 4.91% compared to Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) at 0.14%. This indicates that USAAX's price experiences larger fluctuations and is considered to be riskier than MAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAAX	MAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	0.14%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	0.91%	+12.32%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	1.36%	+15.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.16%	1.46%	+22.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.14%	1.76%	+20.38%

USAAX vs. MAFRX - Expense Ratio Comparison

USAAX has a 0.84% expense ratio, which is higher than MAFRX's 0.58% expense ratio.

Dividends

USAAX vs. MAFRX - Dividend Comparison

USAAX's dividend yield for the trailing twelve months is around 10.91%, more than MAFRX's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	4.07%	4.84%	5.47%	4.18%	2.24%	1.20%	1.78%	2.84%	2.47%	1.76%	1.64%	1.22%
USAAX USAA Growth Fund	10.91%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%

Frequently Asked Questions

Can I hold both USAAX and MAFRX in my portfolio?

USAAX and MAFRX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USAAX or MAFRX?

USAAX has higher volatility (4.91%) compared to MAFRX (0.14%). In terms of maximum drawdown, USAAX dropped -66.79% vs MAFRX's -10.18%.

Which has better risk-adjusted returns?

MAFRX currently has the higher Sharpe Ratio (2.81 vs 0.19), 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.