USCAX vs. TNVIX

Last updated Aug 1, 2026

USCAX (USAA Small Cap Stock Fund) and TNVIX (1290 GAMCO Small/Mid Cap Value Fund) are both Small Cap Blend Equities funds. Over the past 10 years, USCAX returned 10.54%/yr vs 11.58%/yr for TNVIX. Their correlation of 0.91 means they have usually moved in the same direction. USCAX charges 1.10%/yr vs 0.95%/yr for TNVIX.

Performance

USCAX vs. TNVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Small Cap Stock Fund (USCAX) and 1290 GAMCO Small/Mid Cap Value Fund (TNVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCAX achieves a 24.31% return, which is significantly higher than TNVIX's 19.38% return. Over the past 10 years, USCAX has underperformed TNVIX with an annualized return of 10.54%, while TNVIX has yielded a comparatively higher 11.58% annualized return.

USCAX

• 1D: 0.84%
• 1M: -0.83%
• 6M: 19.43%
• YTD: 24.31%
• 1Y: 39.59%
• 3Y*: 13.46%
• 5Y*: 6.38%
• 10Y*: 10.54%
• ALL TIME*: 8.37%

TNVIX

• 1D: 0.77%
• 1M: -0.89%
• 6M: 11.56%
• YTD: 19.38%
• 1Y: 32.86%
• 3Y*: 15.96%
• 5Y*: 10.66%
• 10Y*: 11.58%
• ALL TIME*: 10.07%

*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)
TNVIX 1290 GAMCO Small/Mid Cap Value Fund	$0.00	$0.00	$0.00
USCAX USAA Small Cap Stock Fund	$0.00	$0.00	$0.00

USCAX vs. TNVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCAX USAA Small Cap Stock Fund	24.31%	9.15%	5.34%	17.35%	-19.99%	17.08%	22.22%	29.04%	-9.97%	10.10%
TNVIX 1290 GAMCO Small/Mid Cap Value Fund	19.38%	13.91%	11.48%	21.31%	-11.37%	21.85%	11.33%	19.81%	-14.34%	19.00%

Correlation

The correlation between USCAX and TNVIX is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Nov 28, 2014	0.91

The correlation between USCAX and TNVIX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

USCAX vs. TNVIX — Risk / Return Rank

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

USCAX

USCAX Risk / Return Rank: 86
USCAX Sharpe Ratio Rank: 83
USCAX Sortino Ratio Rank: 82
USCAX Omega Ratio Rank: 77
USCAX Calmar Ratio Rank: 94
USCAX Martin Ratio Rank: 92

TNVIX

TNVIX Risk / Return Rank: 78
TNVIX Sharpe Ratio Rank: 76
TNVIX Sortino Ratio Rank: 77
TNVIX Omega Ratio Rank: 70
TNVIX Calmar Ratio Rank: 85
TNVIX Martin Ratio Rank: 83

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.

USCAX vs. TNVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Small Cap Stock Fund (USCAX) and 1290 GAMCO Small/Mid Cap Value Fund (TNVIX). 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.

	USCAX	TNVIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.80	+0.21
Sortino ratio: Return per unit of downside risk	2.91	2.64	+0.27
Omega ratio: Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio: Return relative to maximum drawdown	3.91	2.95	+0.96
Martin ratio: Return relative to average drawdown	13.44	10.42	+3.03

USCAX vs. TNVIX - Sharpe Ratio Comparison

The current USCAX Sharpe Ratio is 2.01, which is comparable to the TNVIX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of USCAX and TNVIX, 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

USCAX vs. TNVIX - Drawdown Comparison

The maximum USCAX drawdown since its inception was -60.17%, which is greater than TNVIX's maximum drawdown of -42.75%. Use the drawdown chart below to compare losses from any high point for USCAX and TNVIX.

Drawdown Indicators

	USCAX	TNVIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.17%	-42.75%	-17.42%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-10.14%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-28.89%	-20.59%	-8.30%
Max Drawdown (5Y) Largest decline over 5 years	-47.97%	-25.61%	-22.36%
Max Drawdown (10Y) Largest decline over 10 years	-47.97%	-42.75%	-5.22%
Current Drawdown Current decline from peak	-5.02%	-2.58%	-2.44%
Average Drawdown Average peak-to-trough decline	-18.65%	-6.15%	-12.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.87%	-0.22%

Volatility

USCAX vs. TNVIX - Volatility Comparison

The current volatility for USAA Small Cap Stock Fund (USCAX) is 3.65%, while 1290 GAMCO Small/Mid Cap Value Fund (TNVIX) has a volatility of 4.08%. This indicates that USCAX experiences smaller price fluctuations and is considered to be less risky than TNVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCAX	TNVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	4.08%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	12.44%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	16.68%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.12%	19.75%	+13.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.81%	21.10%	+7.71%

USCAX vs. TNVIX - Expense Ratio Comparison

USCAX has a 1.10% expense ratio, which is higher than TNVIX's 0.95% expense ratio.

Dividends

USCAX vs. TNVIX - Dividend Comparison

USCAX's dividend yield for the trailing twelve months is around 6.06%, more than TNVIX's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNVIX 1290 GAMCO Small/Mid Cap Value Fund	3.31%	3.95%	8.76%	3.82%	2.51%	7.05%	0.47%	1.74%	1.58%	1.87%	1.79%	0.00%
USCAX USAA Small Cap Stock Fund	6.06%	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 TNVIX in my portfolio?

USCAX and TNVIX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USCAX or TNVIX?

TNVIX has higher volatility (4.08%) compared to USCAX (3.65%). In terms of maximum drawdown, USCAX dropped -60.17% vs TNVIX's -42.75%.

Which has better risk-adjusted returns?

USCAX currently has the higher Sharpe Ratio (2.01 vs 1.80), 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.