USAIX vs. FBND
USAIX (USAA Income Fund) and FBND (Fidelity Total Bond ETF) are both Intermediate Core-Plus Bond funds. Over the past 10 years, USAIX returned 2.30%/yr vs 2.28%/yr for FBND. Their correlation of 0.84 means they have usually moved in the same direction. USAIX charges 0.44%/yr vs 0.36%/yr for FBND.
Performance
USAIX vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, USAIX achieves a -0.27% return, which is significantly lower than FBND's -0.08% return. Both investments have delivered pretty close results over the past 10 years, with USAIX having a 2.30% annualized return and FBND not far behind at 2.28%.
USAIX
- 1D
- -0.26%
- 1M
- -1.10%
- 6M
- -0.36%
- YTD
- -0.27%
- 1Y
- 2.16%
- 3Y*
- 4.62%
- 5Y*
- 0.13%
- 10Y*
- 2.30%
- ALL TIME*
- 4.61%
FBND
- 1D
- 0.25%
- 1M
- -1.01%
- 6M
- -0.18%
- YTD
- -0.08%
- 1Y
- 2.33%
- 3Y*
- 4.67%
- 5Y*
- 0.34%
- 10Y*
- 2.28%
- ALL TIME*
- 2.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $137.95M | $129.50M | $125.63M | |
USAIX USAA Income Fund | $0.00 | $0.00 | $0.00 |
USAIX vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USAIX USAA Income Fund | -0.27% | 6.36% | 3.32% | 7.13% | -13.38% | 0.39% | 8.18% | 11.07% | -1.37% | 5.66% |
FBND Fidelity Total Bond ETF | -0.08% | 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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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Return for Risk
USAIX vs. FBND — Risk / Return Rank
USAIX
FBND
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 ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.11 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 0.88 | +0.28 |
| Martin ratioReturn relative to average drawdown | 3.06 | 2.22 | +0.84 |
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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.
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Drawdown Indicators
| USAIX | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -4.51% | -4.95% | +0.44% |
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 DrawdownCurrent decline from peak | -1.91% | -2.00% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -3.32% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.05% | -0.11% |
Volatility
USAIX vs. FBND - Volatility Comparison
USAA Income Fund (USAIX) and Fidelity Total Bond ETF (FBND) have volatilities of 0.98% and 0.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USAIX | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.97% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 2.95% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.50% | 3.71% | -0.21% |
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 4.13%, less than FBND's 4.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.76% | 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 | 4.13% | 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
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.
USAIX has higher volatility (0.98%) compared to FBND (0.97%). In terms of maximum drawdown, USAIX dropped -18.67% vs FBND's -17.25%.
USAIX currently has the higher Sharpe Ratio (0.82 vs 0.63), 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.
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