USAUX vs. USCAX

Last updated Jun 26, 2026

USAUX (USAA Aggressive Growth Fund) and USCAX (USAA Small Cap Stock Fund) are both mutual funds - USAUX is a Large Cap Growth Equities fund managed by Victory, while USCAX is a Small Cap Blend Equities fund managed by Victory. Over the past 10 years, USAUX returned 15.69%/yr vs 11.23%/yr for USCAX. Their correlation of 0.81 suggests significant overlap in exposure. USAUX charges 0.63%/yr vs 1.10%/yr for USCAX.

Performance

USAUX vs. USCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Aggressive Growth Fund (USAUX) and USAA Small Cap Stock Fund (USCAX). 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 USCAX's 22.90% return. Over the past 10 years, USAUX has outperformed USCAX with an annualized return of 15.69%, while USCAX has yielded a comparatively lower 11.23% 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%

USCAX

• 1D: 0.92%
• 1M: 5.35%
• YTD: 22.90%
• 6M: 20.31%
• 1Y: 40.19%
• 3Y*: 16.47%
• 5Y*: 5.40%
• 10Y*: 11.23%

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

USAUX vs. USCAX - 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%
USCAX USAA Small Cap Stock Fund	22.90%	9.15%	5.34%	17.35%	-19.99%	17.08%	22.22%	29.04%	-9.97%	10.10%

Correlation

The correlation between USAUX and USCAX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 30, 1999	0.81

Over the past year, the correlation between USAUX and USCAX has dropped to 0.59 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

USAUX vs. USCAX — 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

USCAX

USCAX Risk / Return Rank: 80
USCAX Sharpe Ratio Rank: 78
USCAX Sortino Ratio Rank: 77
USCAX Omega Ratio Rank: 66
USCAX Calmar Ratio Rank: 92
USCAX Martin Ratio Rank: 89

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. USCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Aggressive Growth Fund (USAUX) and USAA Small Cap Stock Fund (USCAX). 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	USCAX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.17	-1.38
Sortino ratio: Return per unit of downside risk	1.17	3.07	-1.91
Omega ratio: Gain probability vs. loss probability	1.15	1.37	-0.22
Calmar ratio: Return relative to maximum drawdown	0.79	4.29	-3.49
Martin ratio: Return relative to average drawdown	2.48	14.60	-12.12

USAUX vs. USCAX - Sharpe Ratio Comparison

The current USAUX Sharpe Ratio is 0.79, which is lower than the USCAX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of USAUX and USCAX, 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. USCAX - Drawdown Comparison

The maximum USAUX drawdown since its inception was -76.19%, which is greater than USCAX's maximum drawdown of -60.17%. Use the drawdown chart below to compare losses from any high point for USAUX and USCAX.

Drawdown Indicators

	USAUX	USCAX	Difference
Max Drawdown Largest peak-to-trough decline	-76.19%	-60.17%	-16.02%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-9.11%	-7.98%
Max Drawdown (3Y) Largest decline over 3 years	-25.97%	-28.89%	+2.92%
Max Drawdown (5Y) Largest decline over 5 years	-43.84%	-47.97%	+4.13%
Max Drawdown (10Y) Largest decline over 10 years	-43.84%	-47.97%	+4.13%
Current Drawdown Current decline from peak	-7.08%	-6.10%	-0.98%
Average Drawdown Average peak-to-trough decline	-26.68%	-18.71%	-7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.46%	2.67%	+2.79%

Volatility

USAUX vs. USCAX - Volatility Comparison

USAA Aggressive Growth Fund (USAUX) has a higher volatility of 6.47% compared to USAA Small Cap Stock Fund (USCAX) at 5.01%. This indicates that USAUX's price experiences larger fluctuations and is considered to be riskier than USCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAUX	USCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.47%	5.01%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	12.66%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	18.05%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.53%	33.20%	-8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.90%	28.85%	-5.95%

USAUX vs. USCAX - Expense Ratio Comparison

USAUX has a 0.63% expense ratio, which is lower than USCAX's 1.10% expense ratio.

Dividends

USAUX vs. USCAX - Dividend Comparison

USAUX's dividend yield for the trailing twelve months is around 4.33%, less than USCAX's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USCAX USAA Small Cap Stock Fund	6.13%	7.53%	6.00%	0.18%	6.19%	43.14%	8.50%	9.92%	13.94%	11.05%	1.24%	9.23%

Frequently Asked Questions

Can I hold both USAUX and USCAX in my portfolio?

USAUX and USCAX have a correlation of 0.59, 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 USCAX?

USAUX has higher volatility (6.47%) compared to USCAX (5.01%). In terms of maximum drawdown, USAUX dropped -76.19% vs USCAX's -60.17%.

Which has better risk-adjusted returns?

USCAX currently has the higher Sharpe Ratio (2.17 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.