USAGX vs. VGPMX

Last updated Aug 1, 2026

USAGX (USAA Precious Metals and Minerals Fund) and VGPMX (Vanguard Global Capital Cycles Fund) are both mutual funds - USAGX is a Precious Metals fund managed by Victory, while VGPMX is a Global Equities fund managed by Vanguard. Over the past 10 years, USAGX returned 9.82%/yr vs 9.11%/yr for VGPMX. Their 0.77 correlation means they have sometimes moved together and sometimes differently. USAGX charges 1.12%/yr vs 0.36%/yr for VGPMX.

Performance

USAGX vs. VGPMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Precious Metals and Minerals Fund (USAGX) and Vanguard Global Capital Cycles Fund (VGPMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAGX achieves a -10.35% return, which is significantly lower than VGPMX's 16.88% return. Over the past 10 years, USAGX has outperformed VGPMX with an annualized return of 9.82%, while VGPMX has yielded a comparatively lower 9.11% annualized return.

USAGX

• 1D: 3.50%
• 1M: -1.33%
• 6M: -17.87%
• YTD: -10.35%
• 1Y: 47.47%
• 3Y*: 36.25%
• 5Y*: 17.54%
• 10Y*: 9.82%
• ALL TIME*: 5.65%

VGPMX

• 1D: 2.26%
• 1M: 2.84%
• 6M: 6.45%
• YTD: 16.88%
• 1Y: 58.07%
• 3Y*: 27.54%
• 5Y*: 20.65%
• 10Y*: 9.11%
• ALL TIME*: 6.52%

*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)
USAGX USAA Precious Metals and Minerals Fund	$0.00	$0.00	$0.00
VGPMX Vanguard Global Capital Cycles Fund	$0.00	$0.00	$0.00

USAGX vs. VGPMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAGX USAA Precious Metals and Minerals Fund	-10.35%	156.06%	10.76%	6.73%	-11.80%	-10.14%	25.85%	42.97%	-12.26%	9.65%
VGPMX Vanguard Global Capital Cycles Fund	16.88%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-32.26%	13.75%

Correlation

The correlation between USAGX and VGPMX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Aug 15, 1984	0.77

The correlation between USAGX and VGPMX shifts across timeframes, from 0.66 (10 years) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USAGX vs. VGPMX — Risk / Return Rank

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

USAGX

USAGX Risk / Return Rank: 32
USAGX Sharpe Ratio Rank: 36
USAGX Sortino Ratio Rank: 34
USAGX Omega Ratio Rank: 37
USAGX Calmar Ratio Rank: 30
USAGX Martin Ratio Rank: 21

VGPMX

VGPMX Risk / Return Rank: 95
VGPMX Sharpe Ratio Rank: 98
VGPMX Sortino Ratio Rank: 94
VGPMX Omega Ratio Rank: 92
VGPMX Calmar Ratio Rank: 96
VGPMX Martin Ratio Rank: 95

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.

USAGX vs. VGPMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Precious Metals and Minerals Fund (USAGX) and Vanguard Global Capital Cycles Fund (VGPMX). 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.

	USAGX	VGPMX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	3.13	-2.03
Sortino ratio: Return per unit of downside risk	1.54	3.78	-2.24
Omega ratio: Gain probability vs. loss probability	1.21	1.53	-0.32
Calmar ratio: Return relative to maximum drawdown	1.30	4.42	-3.12
Martin ratio: Return relative to average drawdown	2.85	14.96	-12.11

USAGX vs. VGPMX - Sharpe Ratio Comparison

The current USAGX Sharpe Ratio is 1.09, which is lower than the VGPMX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of USAGX and VGPMX, 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

USAGX vs. VGPMX - Drawdown Comparison

The maximum USAGX drawdown since its inception was -80.89%, roughly equal to the maximum VGPMX drawdown of -78.85%. Use the drawdown chart below to compare losses from any high point for USAGX and VGPMX.

Drawdown Indicators

	USAGX	VGPMX	Difference
Max Drawdown Largest peak-to-trough decline	-80.89%	-78.85%	-2.04%
Max Drawdown (1Y) Largest decline over 1 year	-38.32%	-12.80%	-25.52%
Max Drawdown (3Y) Largest decline over 3 years	-38.32%	-14.63%	-23.69%
Max Drawdown (5Y) Largest decline over 5 years	-45.72%	-22.71%	-23.01%
Max Drawdown (10Y) Largest decline over 10 years	-51.03%	-54.56%	+3.53%
Current Drawdown Current decline from peak	-32.91%	-3.52%	-29.39%
Average Drawdown Average peak-to-trough decline	-43.03%	-34.44%	-8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.44%	3.77%	+13.67%

Volatility

USAGX vs. VGPMX - Volatility Comparison

USAA Precious Metals and Minerals Fund (USAGX) has a higher volatility of 11.59% compared to Vanguard Global Capital Cycles Fund (VGPMX) at 4.49%. This indicates that USAGX's price experiences larger fluctuations and is considered to be riskier than VGPMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAGX	VGPMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.59%	4.49%	+7.10%
Volatility (6M) Calculated over the trailing 6-month period	37.94%	15.24%	+22.70%
Volatility (1Y) Calculated over the trailing 1-year period	45.63%	18.11%	+27.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.70%	17.49%	+16.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.92%	20.63%	+12.29%

USAGX vs. VGPMX - Expense Ratio Comparison

USAGX has a 1.12% expense ratio, which is higher than VGPMX's 0.36% expense ratio.

Dividends

USAGX vs. VGPMX - Dividend Comparison

USAGX's dividend yield for the trailing twelve months is around 0.27%, less than VGPMX's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAGX USAA Precious Metals and Minerals Fund	0.27%	0.24%	0.00%	2.45%	0.95%	0.84%	0.04%	0.00%	0.00%	0.00%	4.20%	0.00%
VGPMX Vanguard Global Capital Cycles Fund	3.34%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%

Frequently Asked Questions

Can I hold both USAGX and VGPMX in my portfolio?

USAGX and VGPMX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USAGX or VGPMX?

USAGX has higher volatility (11.59%) compared to VGPMX (4.49%). In terms of maximum drawdown, USAGX dropped -80.89% vs VGPMX's -78.85%.

Which has better risk-adjusted returns?

VGPMX currently has the higher Sharpe Ratio (3.13 vs 1.09), 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.