USCAX vs. NINLX

Last updated Jun 5, 2026

USCAX (USAA Small Cap Stock Fund) and NINLX (Neuberger Berman Intrinsic Value Fund) are both Small Cap Blend Equities funds. Over the past 10 years, USCAX returned 10.24%/yr vs 12.54%/yr for NINLX. Their correlation of 0.92 suggests significant overlap in exposure. USCAX charges 1.10%/yr vs 1.01%/yr for NINLX.

Performance

USCAX vs. NINLX - Performance Comparison

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

Returns By Period

In the year-to-date period, USCAX achieves a 16.80% return, which is significantly lower than NINLX's 22.84% return. Over the past 10 years, USCAX has underperformed NINLX with an annualized return of 10.24%, while NINLX has yielded a comparatively higher 12.54% 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%

NINLX

• 1D: -1.70%
• 1M: 5.51%
• YTD: 22.84%
• 6M: 22.53%
• 1Y: 56.28%
• 3Y*: 19.08%
• 5Y*: 7.54%
• 10Y*: 12.54%

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

USCAX vs. NINLX - 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%
NINLX Neuberger Berman Intrinsic Value Fund	22.84%	18.20%	7.62%	13.89%	-20.22%	26.42%	27.14%	24.92%	-10.56%	16.81%

Correlation

The correlation between USCAX and NINLX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000	0.92

The correlation between USCAX and NINLX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

USCAX vs. NINLX — 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

NINLX

NINLX Risk / Return Rank: 83
NINLX Sharpe Ratio Rank: 85
NINLX Sortino Ratio Rank: 74
NINLX Omega Ratio Rank: 65
NINLX Calmar Ratio Rank: 95
NINLX Martin Ratio Rank: 95

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. NINLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Small Cap Stock Fund (USCAX) and Neuberger Berman Intrinsic Value Fund (NINLX). 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	NINLX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.76	-0.77
Sortino ratio: Return per unit of downside risk	2.86	3.58	-0.72
Omega ratio: Gain probability vs. loss probability	1.34	1.44	-0.11
Calmar ratio: Return relative to maximum drawdown	3.89	6.00	-2.11
Martin ratio: Return relative to average drawdown	13.18	21.62	-8.45
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. NINLX - Sharpe Ratio Comparison

The current USCAX Sharpe Ratio is 1.99, which is comparable to the NINLX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of USCAX and NINLX, 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	NINLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.76	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.35	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.54	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.48	-0.15

Drawdowns

USCAX vs. NINLX - Drawdown Comparison

The maximum USCAX drawdown since its inception was -60.17%, roughly equal to the maximum NINLX drawdown of -59.95%. Use the drawdown chart below to compare losses from any high point for USCAX and NINLX.

Drawdown Indicators

	USCAX	NINLX	Difference
Max Drawdown Largest peak-to-trough decline	-60.17%	-59.95%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-9.39%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-28.89%	-26.46%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	-47.97%	-28.71%	-19.26%
Max Drawdown (10Y) Largest decline over 10 years	-47.97%	-44.43%	-3.54%
Current Drawdown Current decline from peak	-10.76%	-1.70%	-9.06%
Average Drawdown Average peak-to-trough decline	-18.73%	-9.90%	-8.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.59%	+0.09%

Volatility

USCAX vs. NINLX - Volatility Comparison

The current volatility for USAA Small Cap Stock Fund (USCAX) is 5.25%, while Neuberger Berman Intrinsic Value Fund (NINLX) has a volatility of 5.96%. This indicates that USCAX experiences smaller price fluctuations and is considered to be less risky than NINLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCAX	NINLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	5.96%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	14.68%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	20.45%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.18%	21.80%	+11.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.86%	23.10%	+5.76%

USCAX vs. NINLX - Expense Ratio Comparison

USCAX has a 1.10% expense ratio, which is higher than NINLX's 1.01% expense ratio.

Dividends

USCAX vs. NINLX - Dividend Comparison

USCAX's dividend yield for the trailing twelve months is around 6.45%, more than NINLX's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NINLX Neuberger Berman Intrinsic Value Fund	3.46%	4.25%	0.92%	0.25%	3.76%	6.40%	1.62%	2.85%	14.51%	5.19%	1.42%	5.22%
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 NINLX in my portfolio?

With a correlation of 0.92, USCAX and NINLX 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 NINLX?

NINLX has higher volatility (5.96%) compared to USCAX (5.25%). In terms of maximum drawdown, USCAX dropped -60.17% vs NINLX's -59.95%.

Which has better risk-adjusted returns?

NINLX currently has the higher Sharpe Ratio (2.76 vs 1.99), 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.