USAIX vs. SMTRX

Last updated Jun 26, 2026

USAIX (USAA Income Fund) and SMTRX (ALPS/Smith Total Return Bond Fund) are both Intermediate Core-Plus Bond funds. Their correlation of 0.92 suggests significant overlap in exposure. USAIX charges 0.44%/yr vs 0.99%/yr for SMTRX.

Performance

USAIX vs. SMTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Income Fund (USAIX) and ALPS/Smith Total Return Bond Fund (SMTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USAIX

• 1D: 0.43%
• 1M: 0.88%
• YTD: 1.19%
• 6M: 1.19%
• 1Y: 4.74%
• 3Y*: 5.09%
• 5Y*: 0.74%
• 10Y*: 2.60%

SMTRX

• 1D: 0.52%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USAIX vs. SMTRX - Yearly Performance Comparison

	2026 (YTD)
USAIX USAA Income Fund	0.88%
SMTRX ALPS/Smith Total Return Bond Fund	0.62%

Correlation

The correlation between USAIX and SMTRX 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 (All Time) Calculated using the full available price history since May 28, 2026	0.92

Return for Risk

USAIX vs. SMTRX — Risk / Return Rank

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

USAIX

USAIX Risk / Return Rank: 32
USAIX Sharpe Ratio Rank: 33
USAIX Sortino Ratio Rank: 34
USAIX Omega Ratio Rank: 31
USAIX Calmar Ratio Rank: 36
USAIX Martin Ratio Rank: 29

SMTRX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Income Fund (USAIX) and ALPS/Smith Total Return Bond Fund (SMTRX). 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	SMTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	—	—
Sortino ratio: Return per unit of downside risk	2.04	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	1.95	—	—
Martin ratio: Return relative to average drawdown	5.60	—	—

Drawdowns

USAIX vs. SMTRX - Drawdown Comparison

The maximum USAIX drawdown since its inception was -18.67%, which is greater than SMTRX's maximum drawdown of -0.62%. Use the drawdown chart below to compare losses from any high point for USAIX and SMTRX.

Drawdown Indicators

	USAIX	SMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-18.67%	-0.62%	-18.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.67%	—	—
Current Drawdown Current decline from peak	-0.47%	0.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-2.97%	-0.17%	-2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	—	—

Volatility

Volatility by Period

	USAIX	SMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.54%	3.93%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.56%	3.93%	+1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	3.93%	+0.72%

USAIX vs. SMTRX - Expense Ratio Comparison

USAIX has a 0.44% expense ratio, which is lower than SMTRX's 0.99% expense ratio.

Dividends

USAIX vs. SMTRX - Dividend Comparison

USAIX's dividend yield for the trailing twelve months is around 4.04%, more than SMTRX's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMTRX ALPS/Smith Total Return Bond Fund	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USAIX USAA Income Fund	4.04%	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 SMTRX in my portfolio?

With a correlation of 0.92, USAIX and SMTRX 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.