USAIX vs. FTBFX
USAIX (USAA Income Fund) and FTBFX (Fidelity Total Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, USAIX returned 2.55%/yr vs 2.42%/yr for FTBFX. Their correlation of 0.88 suggests significant overlap in exposure. USAIX charges 0.44%/yr vs 0.45%/yr for FTBFX.
Performance
USAIX vs. FTBFX - Performance Comparison
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Returns By Period
In the year-to-date period, USAIX achieves a 0.67% return, which is significantly higher than FTBFX's 0.36% return. Over the past 10 years, USAIX has outperformed FTBFX with an annualized return of 2.55%, while FTBFX has yielded a comparatively lower 2.42% annualized return.
USAIX
- 1D
- -0.26%
- 1M
- 0.79%
- YTD
- 0.67%
- 6M
- 0.93%
- 1Y
- 4.65%
- 3Y*
- 4.90%
- 5Y*
- 0.60%
- 10Y*
- 2.55%
FTBFX
- 1D
- 0.10%
- 1M
- 0.68%
- YTD
- 0.36%
- 6M
- 0.50%
- 1Y
- 4.31%
- 3Y*
- 4.69%
- 5Y*
- 0.57%
- 10Y*
- 2.42%
USAIX vs. FTBFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USAIX USAA Income Fund | 0.67% | 6.36% | 3.32% | 7.13% | -13.38% | 0.39% | 8.18% | 11.07% | -1.37% | 5.66% |
FTBFX Fidelity Total Bond Fund | 0.36% | 7.50% | 2.13% | 7.25% | -13.58% | -0.44% | 9.34% | 9.89% | -0.66% | 4.19% |
Correlation
The correlation between USAIX and FTBFX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2002 | 0.88 |
The correlation between USAIX and FTBFX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.
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Return for Risk
USAIX vs. FTBFX — Risk / Return Rank
USAIX
FTBFX
USAIX vs. FTBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Income Fund (USAIX) and Fidelity Total Bond Fund (FTBFX). 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 | FTBFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.22 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 1.61 | +0.34 |
| Martin ratioReturn relative to average drawdown | 5.62 | 4.62 | +1.00 |
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Drawdowns
USAIX vs. FTBFX - Drawdown Comparison
The maximum USAIX drawdown since its inception was -18.67%, roughly equal to the maximum FTBFX drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for USAIX and FTBFX.
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Drawdown Indicators
| USAIX | FTBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.67% | -18.25% | -0.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.48% | -2.89% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -5.31% | -5.82% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -18.67% | -18.25% | -0.42% |
Max Drawdown (10Y)Largest decline over 10 years | -18.67% | -18.25% | -0.42% |
Current DrawdownCurrent decline from peak | -0.98% | -1.51% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -2.32% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 1.01% | -0.15% |
Volatility
USAIX vs. FTBFX - Volatility Comparison
The current volatility for USAA Income Fund (USAIX) is 1.09%, while Fidelity Total Bond Fund (FTBFX) has a volatility of 1.18%. This indicates that USAIX experiences smaller price fluctuations and is considered to be less risky than FTBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USAIX | FTBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.18% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 2.89% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 3.82% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.55% | 5.68% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 4.74% | -0.08% |
USAIX vs. FTBFX - Expense Ratio Comparison
USAIX has a 0.44% expense ratio, which is lower than FTBFX's 0.45% expense ratio.
Dividends
USAIX vs. FTBFX - Dividend Comparison
USAIX's dividend yield for the trailing twelve months is around 4.06%, less than FTBFX's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTBFX Fidelity Total Bond Fund | 4.36% | 4.36% | 4.15% | 4.15% | 2.54% | 1.89% | 5.22% | 3.03% | 3.19% | 2.97% | 3.61% | 3.30% |
USAIX USAA Income Fund | 4.06% | 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 0.92, USAIX and FTBFX 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.
FTBFX has higher volatility (1.18%) compared to USAIX (1.09%). In terms of maximum drawdown, USAIX dropped -18.67% vs FTBFX's -18.25%.
USAIX currently has the higher Sharpe Ratio (1.38 vs 1.22), 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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