USAUX vs. NEA

Last updated Jun 3, 2026

USAUX (USAA Aggressive Growth Fund) is Large Cap Growth Equities fund managed by Victory, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, USAUX returned 16.12%/yr vs 3.04%/yr for NEA. At a 0.13 correlation, their price movements are largely independent. USAUX charges 0.63%/yr vs 1.41%/yr for NEA.

Performance

USAUX vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Aggressive Growth Fund (USAUX) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAUX achieves a 10.11% return, which is significantly higher than NEA's 2.35% return. Over the past 10 years, USAUX has outperformed NEA with an annualized return of 16.12%, while NEA has yielded a comparatively lower 3.04% annualized return.

USAUX

• 1D: 1.40%
• 1M: 7.23%
• YTD: 10.11%
• 6M: 8.59%
• 1Y: 26.03%
• 3Y*: 26.14%
• 5Y*: 13.22%
• 10Y*: 16.12%

NEA

• 1D: 0.09%
• 1M: 1.38%
• YTD: 2.35%
• 6M: 3.76%
• 1Y: 15.04%
• 3Y*: 9.62%
• 5Y*: 0.08%
• 10Y*: 3.04%

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

USAUX vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAUX USAA Aggressive Growth Fund	10.11%	16.98%	33.63%	48.36%	-35.30%	16.68%	41.82%	23.23%	-0.75%	30.12%
NEA Nuveen AMT-Free Quality Municipal Income Fund	2.35%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between USAUX and NEA is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Nov 25, 2002	0.13

The correlation between USAUX and NEA shifts across timeframes, from 0.13 (all time) to 0.26 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USAUX vs. NEA — Risk / Return Rank

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

USAUX

USAUX Risk / Return Rank: 26
USAUX Sharpe Ratio Rank: 33
USAUX Sortino Ratio Rank: 29
USAUX Omega Ratio Rank: 30
USAUX Calmar Ratio Rank: 18
USAUX Martin Ratio Rank: 18

NEA

NEA Risk / Return Rank: 78
NEA Sharpe Ratio Rank: 80
NEA Sortino Ratio Rank: 77
NEA Omega Ratio Rank: 77
NEA Calmar Ratio Rank: 74
NEA Martin Ratio Rank: 83

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.

USAUX vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Aggressive Growth Fund (USAUX) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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.

	USAUX	NEA	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.43	+0.24
Sortino ratio Return per unit of downside risk	2.28	2.14	+0.14
Omega ratio Gain probability vs. loss probability	1.29	1.28	+0.01
Calmar ratio Return relative to maximum drawdown	1.60	2.00	-0.39
Martin ratio Return relative to average drawdown	5.16	8.02	-2.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USAUX vs. NEA - Sharpe Ratio Comparison

The current USAUX Sharpe Ratio is 1.67, which is comparable to the NEA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of USAUX and NEA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USAUX	NEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.43	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.01	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.26	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.32	+0.12

Drawdowns

USAUX vs. NEA - Drawdown Comparison

The maximum USAUX drawdown since its inception was -76.19%, which is greater than NEA's maximum drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for USAUX and NEA.

Drawdown Indicators

	USAUX	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-76.19%	-43.83%	-32.36%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-7.27%	-9.82%
Max Drawdown (3Y) Largest decline over 3 years	-25.97%	-15.16%	-10.81%
Max Drawdown (5Y) Largest decline over 5 years	-43.84%	-36.57%	-7.27%
Max Drawdown (10Y) Largest decline over 10 years	-43.84%	-36.57%	-7.27%
Current Drawdown Current decline from peak	0.00%	-4.84%	+4.84%
Average Drawdown Average peak-to-trough decline	-26.72%	-8.01%	-18.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.31%	1.81%	+3.50%

Volatility

USAUX vs. NEA - Volatility Comparison

The current volatility for USAA Aggressive Growth Fund (USAUX) is 3.48%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 4.63%. This indicates that USAUX experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAUX	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	4.63%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	12.21%	8.51%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.34%	10.58%	+5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.42%	11.48%	+12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	11.81%	+11.05%

USAUX vs. NEA - Expense Ratio Comparison

USAUX has a 0.63% expense ratio, which is lower than NEA's 1.41% expense ratio.

Dividends

USAUX vs. NEA - Dividend Comparison

USAUX's dividend yield for the trailing twelve months is around 4.02%, less than NEA's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.19%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%
USAUX USAA Aggressive Growth Fund	4.02%	4.43%	5.15%	0.00%	2.37%	11.36%	0.18%	20.25%	18.58%	9.19%	7.42%	6.80%

Frequently Asked Questions

Can I hold both USAUX and NEA in my portfolio?

USAUX and NEA have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USAUX or NEA?

NEA has higher volatility (4.63%) compared to USAUX (3.48%). In terms of maximum drawdown, USAUX dropped -76.19% vs NEA's -43.83%.

Which has better risk-adjusted returns?

USAUX currently has the higher Sharpe Ratio (1.67 vs 1.43), 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.