USAUX vs. QYLD

Last updated Jun 26, 2026

USAUX (USAA Aggressive Growth Fund) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both funds - USAUX is a Large Cap Growth Equities fund managed by Victory, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Over the past 10 years, USAUX returned 15.69%/yr vs 10.21%/yr for QYLD. Their correlation of 0.81 suggests significant overlap in exposure. USAUX charges 0.63%/yr vs 0.60%/yr for QYLD.

Performance

USAUX vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Aggressive Growth Fund (USAUX) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAUX achieves a 2.31% return, which is significantly lower than QYLD's 8.25% return. Over the past 10 years, USAUX has outperformed QYLD with an annualized return of 15.69%, while QYLD has yielded a comparatively lower 10.21% annualized return.

USAUX

• 1D: 0.08%
• 1M: -4.04%
• YTD: 2.31%
• 6M: 0.85%
• 1Y: 13.01%
• 3Y*: 22.11%
• 5Y*: 10.12%
• 10Y*: 15.69%

QYLD

• 1D: 0.56%
• 1M: 1.12%
• YTD: 8.25%
• 6M: 7.89%
• 1Y: 22.07%
• 3Y*: 14.40%
• 5Y*: 8.29%
• 10Y*: 10.21%

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

USAUX vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAUX USAA Aggressive Growth Fund	2.31%	16.98%	33.63%	48.36%	-35.30%	16.68%	41.82%	23.23%	-0.75%	30.12%
QYLD Global X NASDAQ 100 Covered Call ETF	8.25%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between USAUX and QYLD is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Dec 12, 2013	0.81

The correlation between USAUX and QYLD has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

USAUX vs. QYLD — Risk / Return Rank

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

USAUX

USAUX Risk / Return Rank: 12
USAUX Sharpe Ratio Rank: 13
USAUX Sortino Ratio Rank: 12
USAUX Omega Ratio Rank: 13
USAUX Calmar Ratio Rank: 10
USAUX Martin Ratio Rank: 11

QYLD

QYLD Risk / Return Rank: 88
QYLD Sharpe Ratio Rank: 83
QYLD Sortino Ratio Rank: 83
QYLD Omega Ratio Rank: 91
QYLD Calmar Ratio Rank: 88
QYLD Martin Ratio Rank: 95

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Aggressive Growth Fund (USAUX) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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.

	USAUX	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.29	-1.49
Sortino ratio: Return per unit of downside risk	1.17	3.21	-2.05
Omega ratio: Gain probability vs. loss probability	1.15	1.51	-0.36
Calmar ratio: Return relative to maximum drawdown	0.79	4.46	-3.67
Martin ratio: Return relative to average drawdown	2.48	24.33	-21.85

USAUX vs. QYLD - Sharpe Ratio Comparison

The current USAUX Sharpe Ratio is 0.79, which is lower than the QYLD Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of USAUX and QYLD, 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

USAUX vs. QYLD - Drawdown Comparison

The maximum USAUX drawdown since its inception was -76.19%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for USAUX and QYLD.

Drawdown Indicators

	USAUX	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-76.19%	-24.75%	-51.44%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-4.97%	-12.12%
Max Drawdown (3Y) Largest decline over 3 years	-25.97%	-19.06%	-6.91%
Max Drawdown (5Y) Largest decline over 5 years	-43.84%	-24.61%	-19.23%
Max Drawdown (10Y) Largest decline over 10 years	-43.84%	-24.75%	-19.09%
Current Drawdown Current decline from peak	-7.08%	-1.77%	-5.31%
Average Drawdown Average peak-to-trough decline	-26.68%	-3.82%	-22.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	0.91%	+4.55%

Volatility

USAUX vs. QYLD - Volatility Comparison

USAA Aggressive Growth Fund (USAUX) has a higher volatility of 6.47% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 4.78%. This indicates that USAUX's price experiences larger fluctuations and is considered to be riskier than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAUX	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	4.78%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	8.45%	+4.69%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	9.69%	+7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.53%	14.84%	+9.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.90%	15.55%	+7.35%

USAUX vs. QYLD - Expense Ratio Comparison

USAUX has a 0.63% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

USAUX vs. QYLD - Dividend Comparison

USAUX's dividend yield for the trailing twelve months is around 4.33%, less than QYLD's 11.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.64%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
USAUX USAA Aggressive Growth Fund	4.33%	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 QYLD in my portfolio?

USAUX and QYLD have a correlation of 0.81, 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 QYLD?

USAUX has higher volatility (6.47%) compared to QYLD (4.78%). In terms of maximum drawdown, USAUX dropped -76.19% vs QYLD's -24.75%.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.29 vs 0.79), 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.