USCAX vs. AZBIX

Last updated Jun 5, 2026

USCAX (USAA Small Cap Stock Fund) and AZBIX (Virtus Small-Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, USCAX returned 10.24%/yr vs 11.77%/yr for AZBIX. Their correlation of 0.94 suggests significant overlap in exposure. USCAX charges 1.10%/yr vs 0.89%/yr for AZBIX.

Performance

USCAX vs. AZBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Small Cap Stock Fund (USCAX) and Virtus Small-Cap Fund (AZBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with USCAX having a 16.80% return and AZBIX slightly higher at 17.18%. Over the past 10 years, USCAX has underperformed AZBIX with an annualized return of 10.24%, while AZBIX has yielded a comparatively higher 11.77% annualized return.

USCAX

• 1D: -0.88%
• 1M: 2.15%
• YTD: 16.80%
• 6M: 15.91%
• 1Y: 35.59%
• 3Y*: 14.35%
• 5Y*: 4.72%
• 10Y*: 10.24%

AZBIX

• 1D: -0.86%
• 1M: 0.84%
• YTD: 17.18%
• 6M: 16.12%
• 1Y: 32.63%
• 3Y*: 17.89%
• 5Y*: 8.04%
• 10Y*: 11.77%

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

USCAX vs. AZBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCAX USAA Small Cap Stock Fund	16.80%	9.15%	5.34%	17.35%	-19.99%	17.08%	22.22%	29.04%	-9.97%	10.10%
AZBIX Virtus Small-Cap Fund	17.18%	8.49%	19.06%	14.09%	-18.04%	18.92%	16.98%	24.13%	-9.25%	21.27%

Correlation

The correlation between USCAX and AZBIX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 3, 2013	0.94

The correlation between USCAX and AZBIX has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

USCAX vs. AZBIX — Risk / Return Rank

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

USCAX

USCAX Risk / Return Rank: 58
USCAX Sharpe Ratio Rank: 47
USCAX Sortino Ratio Rank: 47
USCAX Omega Ratio Rank: 42
USCAX Calmar Ratio Rank: 84
USCAX Martin Ratio Rank: 70

AZBIX

AZBIX Risk / Return Rank: 54
AZBIX Sharpe Ratio Rank: 45
AZBIX Sortino Ratio Rank: 45
AZBIX Omega Ratio Rank: 40
AZBIX Calmar Ratio Rank: 78
AZBIX Martin Ratio Rank: 62

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.

USCAX vs. AZBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Small Cap Stock Fund (USCAX) and Virtus Small-Cap Fund (AZBIX). 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.

	USCAX	AZBIX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.94	+0.05
Sortino ratio: Return per unit of downside risk	2.86	2.78	+0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.89	3.47	+0.42
Martin ratio: Return relative to average drawdown	13.18	12.14	+1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCAX vs. AZBIX - Sharpe Ratio Comparison

The current USCAX Sharpe Ratio is 1.99, which is comparable to the AZBIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of USCAX and AZBIX, 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

	USCAX	AZBIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	1.94	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.39	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.55	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.54	-0.22

Drawdowns

USCAX vs. AZBIX - Drawdown Comparison

The maximum USCAX drawdown since its inception was -60.17%, which is greater than AZBIX's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for USCAX and AZBIX.

Drawdown Indicators

	USCAX	AZBIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.17%	-40.80%	-19.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-9.33%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-28.89%	-29.01%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-47.97%	-29.85%	-18.12%
Max Drawdown (10Y) Largest decline over 10 years	-47.97%	-40.80%	-7.17%
Current Drawdown Current decline from peak	-10.76%	-0.86%	-9.90%
Average Drawdown Average peak-to-trough decline	-18.73%	-7.71%	-11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.66%	+0.02%

Volatility

USCAX vs. AZBIX - Volatility Comparison

USAA Small Cap Stock Fund (USCAX) and Virtus Small-Cap Fund (AZBIX) have volatilities of 5.25% and 5.05%, 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

	USCAX	AZBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	5.05%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	12.17%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	16.72%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.18%	20.50%	+12.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.86%	21.36%	+7.50%

USCAX vs. AZBIX - Expense Ratio Comparison

USCAX has a 1.10% expense ratio, which is higher than AZBIX's 0.89% expense ratio.

Dividends

USCAX vs. AZBIX - Dividend Comparison

USCAX's dividend yield for the trailing twelve months is around 6.45%, more than AZBIX's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZBIX Virtus Small-Cap Fund	4.18%	4.90%	10.82%	2.31%	4.78%	13.82%	0.45%	0.38%	9.62%	13.80%	0.03%	3.59%
USCAX USAA Small Cap Stock Fund	6.45%	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 USCAX and AZBIX in my portfolio?

With a correlation of 0.94, USCAX and AZBIX 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, USCAX or AZBIX?

USCAX has higher volatility (5.25%) compared to AZBIX (5.05%). In terms of maximum drawdown, USCAX dropped -60.17% vs AZBIX's -40.80%.

Which has better risk-adjusted returns?

USCAX currently has the higher Sharpe Ratio (1.99 vs 1.94), 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.