USAUX vs. USSPX

Last updated Aug 1, 2026

USAUX (USAA Aggressive Growth Fund) and USSPX (Victory 500 Index Fund Member Shares) are both mutual funds - USAUX is a Large Cap Growth Equities fund managed by Victory, while USSPX is a Large Cap Blend Equities fund tracking the Victory US Large Cap 500 Index. Over the past 10 years, USAUX returned 14.70%/yr vs 14.90%/yr for USSPX. Their correlation of 0.88 means they have usually moved in the same direction. USAUX charges 0.63%/yr vs 0.23%/yr for USSPX.

Performance

USAUX vs. USSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Aggressive Growth Fund (USAUX) and Victory 500 Index Fund Member Shares (USSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAUX achieves a 1.29% return, which is significantly lower than USSPX's 9.34% return. Both investments have delivered pretty close results over the past 10 years, with USAUX having a 14.70% annualized return and USSPX not far ahead at 14.90%.

USAUX

• 1D: 2.06%
• 1M: -2.41%
• 6M: 2.39%
• YTD: 1.29%
• 1Y: 7.91%
• 3Y*: 19.59%
• 5Y*: 9.13%
• 10Y*: 14.70%
• ALL TIME*: 9.50%

USSPX

• 1D: 1.71%
• 1M: -0.72%
• 6M: 7.93%
• YTD: 9.34%
• 1Y: 20.29%
• 3Y*: 19.04%
• 5Y*: 12.30%
• 10Y*: 14.90%
• ALL TIME*: 10.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USAUX USAA Aggressive Growth Fund	$0.00	$0.00	$0.00
USSPX Victory 500 Index Fund Member Shares	$0.00	$0.00	$0.00

USAUX vs. USSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAUX USAA Aggressive Growth Fund	1.29%	16.98%	33.63%	48.36%	-35.30%	16.68%	41.82%	23.23%	-0.75%	30.12%
USSPX Victory 500 Index Fund Member Shares	9.34%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%

Correlation

The correlation between USAUX and USSPX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 30, 1996	0.88

The correlation between USAUX and USSPX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

USAUX vs. USSPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USAUX

USAUX Risk / Return Rank: 10
USAUX Sharpe Ratio Rank: 10
USAUX Sortino Ratio Rank: 10
USAUX Omega Ratio Rank: 10
USAUX Calmar Ratio Rank: 9
USAUX Martin Ratio Rank: 9

USSPX

USSPX Risk / Return Rank: 59
USSPX Sharpe Ratio Rank: 57
USSPX Sortino Ratio Rank: 54
USSPX Omega Ratio Rank: 54
USSPX Calmar Ratio Rank: 61
USSPX Martin Ratio Rank: 72

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USAUX vs. USSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Aggressive Growth Fund (USAUX) and Victory 500 Index Fund Member Shares (USSPX). 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	USSPX	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.39	-1.06
Sortino ratio: Return per unit of downside risk	0.56	1.94	-1.38
Omega ratio: Gain probability vs. loss probability	1.07	1.25	-0.18
Calmar ratio: Return relative to maximum drawdown	0.33	2.02	-1.68
Martin ratio: Return relative to average drawdown	0.98	8.54	-7.56

USAUX vs. USSPX - Sharpe Ratio Comparison

The current USAUX Sharpe Ratio is 0.32, which is lower than the USSPX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of USAUX and USSPX, 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. USSPX - Drawdown Comparison

The maximum USAUX drawdown since its inception was -76.19%, which is greater than USSPX's maximum drawdown of -55.39%. Use the drawdown chart below to compare losses from any high point for USAUX and USSPX.

Drawdown Indicators

	USAUX	USSPX	Difference
Max Drawdown Largest peak-to-trough decline	-76.19%	-55.39%	-20.80%
Max Drawdown (1Y) Largest decline over 1 year	-17.09%	-8.92%	-8.17%
Max Drawdown (3Y) Largest decline over 3 years	-25.97%	-19.64%	-6.33%
Max Drawdown (5Y) Largest decline over 5 years	-43.84%	-26.88%	-16.96%
Max Drawdown (10Y) Largest decline over 10 years	-43.84%	-33.64%	-10.20%
Current Drawdown Current decline from peak	-8.00%	-2.30%	-5.70%
Average Drawdown Average peak-to-trough decline	-26.64%	-10.09%	-16.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.79%	2.10%	+3.69%

Volatility

USAUX vs. USSPX - Volatility Comparison

USAA Aggressive Growth Fund (USAUX) has a higher volatility of 5.12% compared to Victory 500 Index Fund Member Shares (USSPX) at 3.49%. This indicates that USAUX's price experiences larger fluctuations and is considered to be riskier than USSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAUX	USSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	3.49%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	10.21%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	12.98%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.59%	17.62%	+6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	18.37%	+4.57%

USAUX vs. USSPX - Expense Ratio Comparison

USAUX has a 0.63% expense ratio, which is higher than USSPX's 0.23% expense ratio.

Dividends

USAUX vs. USSPX - Dividend Comparison

USAUX's dividend yield for the trailing twelve months is around 4.37%, more than USSPX's 3.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAUX USAA Aggressive Growth Fund	4.37%	4.43%	5.15%	0.00%	2.37%	11.36%	0.18%	20.25%	18.58%	9.19%	7.42%	6.80%
USSPX Victory 500 Index Fund Member Shares	3.79%	4.14%	3.63%	2.07%	2.81%	4.98%	3.38%	4.98%	3.03%	1.34%	2.34%	1.89%

Frequently Asked Questions

Can I hold both USAUX and USSPX in my portfolio?

With a correlation of 0.93, USAUX and USSPX 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.

Which is riskier, USAUX or USSPX?

USAUX has higher volatility (5.12%) compared to USSPX (3.49%). In terms of maximum drawdown, USAUX dropped -76.19% vs USSPX's -55.39%.

Which has better risk-adjusted returns?

USSPX currently has the higher Sharpe Ratio (1.39 vs 0.32), 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.