USAIX vs. FBND

Last updated Jul 15, 2026

USAIX (USAA Income Fund) and FBND (Fidelity Total Bond ETF) are both Intermediate Core-Plus Bond funds. Over the past 10 years, USAIX returned 2.39%/yr vs 2.40%/yr for FBND. Their correlation of 0.84 suggests significant overlap in exposure. USAIX charges 0.44%/yr vs 0.36%/yr for FBND.

Performance

USAIX vs. FBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Income Fund (USAIX) 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, USAIX achieves a 0.23% return, which is significantly lower than FBND's 0.34% return. Both investments have delivered pretty close results over the past 10 years, with USAIX having a 2.39% annualized return and FBND not far ahead at 2.40%.

USAIX

• 1D: -0.26%
• 1M: -0.50%
• 6M: -0.02%
• YTD: 0.23%
• 1Y: 4.11%
• 3Y*: 4.63%
• 5Y*: 0.34%
• 10Y*: 2.39%

FBND

• 1D: 0.22%
• 1M: -0.36%
• 6M: 0.06%
• YTD: 0.34%
• 1Y: 4.28%
• 3Y*: 4.53%
• 5Y*: 0.54%
• 10Y*: 2.40%

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

USAIX vs. FBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAIX USAA Income Fund	0.23%	6.36%	3.32%	7.13%	-13.38%	0.39%	8.18%	11.07%	-1.37%	5.66%
FBND Fidelity Total Bond ETF	0.34%	7.57%	2.13%	6.81%	-12.54%	-0.43%	9.41%	9.82%	-0.57%	3.52%

Correlation

The correlation between USAIX and FBND is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.84

The correlation between USAIX and FBND shifts across timeframes, from 0.84 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USAIX vs. FBND — Risk / Return Rank

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

USAIX

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

FBND

FBND Risk / Return Rank: 38
FBND Sharpe Ratio Rank: 39
FBND Sortino Ratio Rank: 39
FBND Omega Ratio Rank: 35
FBND Calmar Ratio Rank: 39
FBND Martin Ratio Rank: 36

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.

USAIX vs. FBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Income Fund (USAIX) 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.

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.

	USAIX	FBND	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.13	+0.05
Sortino ratio: Return per unit of downside risk	1.73	1.67	+0.05
Omega ratio: Gain probability vs. loss probability	1.21	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.66	1.61	+0.05
Martin ratio: Return relative to average drawdown	4.72	4.47	+0.26

USAIX vs. FBND - Sharpe Ratio Comparison

The current USAIX Sharpe Ratio is 1.18, which is comparable to the FBND Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of USAIX 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.

Drawdowns

USAIX vs. FBND - Drawdown Comparison

The maximum USAIX drawdown since its inception was -18.67%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for USAIX and FBND.

Drawdown Indicators

	USAIX	FBND	Difference
Max Drawdown Largest peak-to-trough decline	-18.67%	-17.25%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	-2.66%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-5.31%	-5.94%	+0.63%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-17.25%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-18.67%	-17.25%	-1.42%
Current Drawdown Current decline from peak	-1.41%	-1.58%	+0.17%
Average Drawdown Average peak-to-trough decline	-2.97%	-3.33%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.96%	-0.09%

Volatility

USAIX vs. FBND - Volatility Comparison

USAA Income Fund (USAIX) has a higher volatility of 1.19% compared to Fidelity Total Bond ETF (FBND) at 1.10%. This indicates that USAIX'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

	USAIX	FBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	1.10%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	2.92%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.51%	3.80%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.56%	5.93%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	6.10%	-1.45%

USAIX vs. FBND - Expense Ratio Comparison

USAIX has a 0.44% expense ratio, which is higher than FBND's 0.36% expense ratio.

Dividends

USAIX vs. FBND - Dividend Comparison

USAIX's dividend yield for the trailing twelve months is around 4.08%, less than FBND's 4.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBND Fidelity Total Bond ETF	4.71%	4.70%	4.73%	4.26%	3.07%	1.86%	4.25%	2.90%	2.93%	2.56%	2.84%	3.26%
USAIX USAA Income Fund	4.08%	3.36%	4.00%	3.70%	3.49%	4.84%	4.53%	3.66%	3.50%	3.51%	3.53%	3.65%

Frequently Asked Questions

Can I hold both USAIX and FBND in my portfolio?

With a correlation of 0.96, USAIX and FBND move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USAIX or FBND?

USAIX has higher volatility (1.19%) compared to FBND (1.10%). In terms of maximum drawdown, USAIX dropped -18.67% vs FBND's -17.25%.

Which has better risk-adjusted returns?

USAIX currently has the higher Sharpe Ratio (1.18 vs 1.13), 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.