USBLX vs. MAFRX

Last updated Aug 1, 2026

USBLX (USAA Growth and Tax Strategy Fund) and MAFRX (Victory Pioneer Multi-Asset Ultrashort Income Fund Class A) are both mutual funds - USBLX is a Diversified Portfolio fund managed by Victory, while MAFRX is a Ultrashort Bond fund actively managed by Victory. Over the past 10 years, USBLX returned 7.87%/yr vs 2.61%/yr for MAFRX. Their 0.06 correlation means their historical movements had little consistent relationship. Both charge a 0.58% expense ratio.

Performance

USBLX vs. MAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Growth and Tax Strategy Fund (USBLX) and Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USBLX achieves a 5.25% return, which is significantly higher than MAFRX's 1.69% return. Over the past 10 years, USBLX has outperformed MAFRX with an annualized return of 7.87%, while MAFRX has yielded a comparatively lower 2.61% annualized return.

USBLX

• 1D: 0.61%
• 1M: -1.17%
• 6M: 4.25%
• YTD: 5.25%
• 1Y: 12.76%
• 3Y*: 11.00%
• 5Y*: 5.99%
• 10Y*: 7.87%
• ALL TIME*: 7.01%

MAFRX

• 1D: 0.00%
• 1M: -0.21%
• 6M: 1.30%
• YTD: 1.69%
• 1Y: 3.39%
• 3Y*: 4.70%
• 5Y*: 3.66%
• 10Y*: 2.61%
• ALL TIME*: 2.08%

*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)
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	$0.00	$0.00	$0.00
USBLX USAA Growth and Tax Strategy Fund	$0.00	$0.00	$0.00

USBLX vs. MAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USBLX USAA Growth and Tax Strategy Fund	5.25%	10.30%	13.32%	16.10%	-15.82%	14.80%	10.78%	18.46%	-1.95%	13.48%
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	1.69%	4.64%	5.96%	5.84%	0.14%	1.42%	-0.86%	3.30%	1.66%	1.57%

Correlation

The correlation between USBLX and MAFRX is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.08
Correlation (All Time) Calculated using the full available price history since Apr 29, 2011	0.06

Return for Risk

USBLX vs. MAFRX — Risk / Return Rank

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

USBLX

USBLX Risk / Return Rank: 78
USBLX Sharpe Ratio Rank: 78
USBLX Sortino Ratio Rank: 76
USBLX Omega Ratio Rank: 76
USBLX Calmar Ratio Rank: 73
USBLX Martin Ratio Rank: 86

MAFRX

MAFRX Risk / Return Rank: 99
MAFRX Sharpe Ratio Rank: 97
MAFRX Sortino Ratio Rank: 99
MAFRX Omega Ratio Rank: 99
MAFRX Calmar Ratio Rank: 100
MAFRX Martin Ratio Rank: 99

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.

USBLX vs. MAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Growth and Tax Strategy Fund (USBLX) and Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX). 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.

	USBLX	MAFRX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.81	-0.99
Sortino ratio: Return per unit of downside risk	2.56	9.67	-7.10
Omega ratio: Gain probability vs. loss probability	1.33	3.58	-2.25
Calmar ratio: Return relative to maximum drawdown	2.33	18.36	-16.04
Martin ratio: Return relative to average drawdown	10.73	50.22	-39.50

USBLX vs. MAFRX - Sharpe Ratio Comparison

The current USBLX Sharpe Ratio is 1.82, which is lower than the MAFRX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of USBLX and MAFRX, 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

USBLX vs. MAFRX - Drawdown Comparison

The maximum USBLX drawdown since its inception was -33.49%, which is greater than MAFRX's maximum drawdown of -10.18%. Use the drawdown chart below to compare losses from any high point for USBLX and MAFRX.

Drawdown Indicators

	USBLX	MAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-33.49%	-10.18%	-23.31%
Max Drawdown (1Y) Largest decline over 1 year	-5.24%	-0.21%	-5.03%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-0.52%	-11.14%
Max Drawdown (5Y) Largest decline over 5 years	-20.51%	-1.59%	-18.92%
Max Drawdown (10Y) Largest decline over 10 years	-21.93%	-10.18%	-11.75%
Current Drawdown Current decline from peak	-1.57%	-0.21%	-1.36%
Average Drawdown Average peak-to-trough decline	-4.28%	-0.29%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.08%	+1.05%

Volatility

USBLX vs. MAFRX - Volatility Comparison

USAA Growth and Tax Strategy Fund (USBLX) has a higher volatility of 1.85% compared to Victory Pioneer Multi-Asset Ultrashort Income Fund Class A (MAFRX) at 0.14%. This indicates that USBLX's price experiences larger fluctuations and is considered to be riskier than MAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USBLX	MAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	0.14%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	5.38%	0.91%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	6.71%	1.36%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.71%	1.46%	+7.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.11%	1.76%	+7.35%

USBLX vs. MAFRX - Expense Ratio Comparison

Both USBLX and MAFRX have an expense ratio of 0.58%.

Dividends

USBLX vs. MAFRX - Dividend Comparison

USBLX's dividend yield for the trailing twelve months is around 2.27%, less than MAFRX's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAFRX Victory Pioneer Multi-Asset Ultrashort Income Fund Class A	4.07%	4.84%	5.47%	4.18%	2.24%	1.20%	1.78%	2.84%	2.47%	1.76%	1.64%	1.22%
USBLX USAA Growth and Tax Strategy Fund	2.27%	1.96%	2.28%	2.11%	1.74%	1.66%	1.88%	1.95%	2.73%	2.16%	2.31%	2.69%

Frequently Asked Questions

Can I hold both USBLX and MAFRX in my portfolio?

USBLX and MAFRX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USBLX or MAFRX?

USBLX has higher volatility (1.85%) compared to MAFRX (0.14%). In terms of maximum drawdown, USBLX dropped -33.49% vs MAFRX's -10.18%.

Which has better risk-adjusted returns?

MAFRX currently has the higher Sharpe Ratio (2.81 vs 1.82), 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.