USBLX vs. VTMFX

Last updated Jun 3, 2026

USBLX (USAA Growth and Tax Strategy Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 10 years, USBLX returned 8.27%/yr vs 8.68%/yr for VTMFX. With a 0.95 correlation, they move nearly in lockstep. USBLX charges 0.58%/yr vs 0.09%/yr for VTMFX.

Performance

USBLX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Growth and Tax Strategy Fund (USBLX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USBLX achieves a 6.50% return, which is significantly higher than VTMFX's 5.85% return. Both investments have delivered pretty close results over the past 10 years, with USBLX having a 8.27% annualized return and VTMFX not far ahead at 8.68%.

USBLX

• 1D: 0.13%
• 1M: 2.81%
• YTD: 6.50%
• 6M: 6.64%
• 1Y: 17.70%
• 3Y*: 12.96%
• 5Y*: 6.85%
• 10Y*: 8.27%

VTMFX

• 1D: 0.15%
• 1M: 2.66%
• YTD: 5.85%
• 6M: 6.14%
• 1Y: 17.04%
• 3Y*: 12.68%
• 5Y*: 7.25%
• 10Y*: 8.68%

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

USBLX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USBLX USAA Growth and Tax Strategy Fund	6.50%	10.30%	13.32%	16.10%	-15.82%	14.80%	10.78%	18.46%	-1.95%	13.48%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.85%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between USBLX and VTMFX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 7, 1994	0.95

The correlation between USBLX and VTMFX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

USBLX vs. VTMFX — Risk / Return Rank

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

USBLX

USBLX Risk / Return Rank: 84
USBLX Sharpe Ratio Rank: 88
USBLX Sortino Ratio Rank: 87
USBLX Omega Ratio Rank: 83
USBLX Calmar Ratio Rank: 75
USBLX Martin Ratio Rank: 87

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 85
VTMFX Omega Ratio Rank: 82
VTMFX Calmar Ratio Rank: 68
VTMFX Martin Ratio Rank: 81

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.

USBLX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Growth and Tax Strategy Fund (USBLX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	USBLX	VTMFX	Difference
Sharpe ratio Return per unit of total volatility	2.89	2.82	+0.07
Sortino ratio Return per unit of downside risk	4.16	4.04	+0.12
Omega ratio Gain probability vs. loss probability	1.55	1.55	+0.01
Calmar ratio Return relative to maximum drawdown	3.43	3.19	+0.23
Martin ratio Return relative to average drawdown	16.86	15.32	+1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USBLX vs. VTMFX - Sharpe Ratio Comparison

The current USBLX Sharpe Ratio is 2.89, which is comparable to the VTMFX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of USBLX and VTMFX, 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

	USBLX	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.82	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.85	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.95	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.85	-0.02

Drawdowns

USBLX vs. VTMFX - Drawdown Comparison

The maximum USBLX drawdown since its inception was -33.49%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for USBLX and VTMFX.

Drawdown Indicators

	USBLX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-33.49%	-28.49%	-5.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.24%	-5.38%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	-10.61%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	-20.51%	-17.40%	-3.11%
Max Drawdown (10Y) Largest decline over 10 years	-21.93%	-21.87%	-0.06%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.30%	-3.55%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	1.12%	-0.05%

Volatility

USBLX vs. VTMFX - Volatility Comparison

USAA Growth and Tax Strategy Fund (USBLX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) have volatilities of 1.77% and 1.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USBLX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.70%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	4.87%	4.76%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.23%	6.14%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.65%	8.52%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.09%	9.12%	-0.03%

USBLX vs. VTMFX - Expense Ratio Comparison

USBLX has a 0.58% expense ratio, which is higher than VTMFX's 0.09% expense ratio.

Dividends

USBLX vs. VTMFX - Dividend Comparison

USBLX's dividend yield for the trailing twelve months is around 2.01%, less than VTMFX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USBLX USAA Growth and Tax Strategy Fund	2.01%	1.96%	2.28%	2.11%	1.74%	1.66%	1.88%	1.95%	2.73%	2.16%	2.31%	2.69%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.11%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both USBLX and VTMFX in my portfolio?

With a correlation of 0.98, USBLX and VTMFX 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, USBLX or VTMFX?

USBLX has higher volatility (1.77%) compared to VTMFX (1.70%). In terms of maximum drawdown, USBLX dropped -33.49% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

USBLX currently has the higher Sharpe Ratio (2.89 vs 2.82), 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.