USCAX vs. USAAX

Last updated Aug 4, 2026

USCAX (USAA Small Cap Stock Fund) and USAAX (USAA Growth Fund) are both mutual funds - USCAX is a Small Cap Blend Equities fund managed by Victory, while USAAX is a Large Cap Growth Equities fund managed by Victory. Over the past 10 years, USCAX returned 10.68%/yr vs 14.58%/yr for USAAX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. USCAX charges 1.10%/yr vs 0.84%/yr for USAAX.

Performance

USCAX vs. USAAX - Performance Comparison

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

Returns By Period

In the year-to-date period, USCAX achieves a 24.09% return, which is significantly higher than USAAX's -1.01% return. Over the past 10 years, USCAX has underperformed USAAX with an annualized return of 10.68%, while USAAX has yielded a comparatively higher 14.58% annualized return.

USCAX

• 1D: -0.18%
• 1M: -1.01%
• 6M: 17.70%
• YTD: 24.09%
• 1Y: 39.34%
• 3Y*: 13.56%
• 5Y*: 6.35%
• 10Y*: 10.68%
• ALL TIME*: 8.36%

USAAX

• 1D: 1.64%
• 1M: -0.74%
• 6M: 0.35%
• YTD: -1.01%
• 1Y: 7.22%
• 3Y*: 17.71%
• 5Y*: 9.39%
• 10Y*: 14.58%
• ALL TIME*: 9.56%

*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)
USAAX USAA Growth Fund	$0.00	$0.00	$0.00
USCAX USAA Small Cap Stock Fund	$0.00	$0.00	$0.00

USCAX vs. USAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCAX USAA Small Cap Stock Fund	24.09%	9.15%	5.34%	17.35%	-19.99%	17.08%	22.22%	29.04%	-9.97%	10.10%
USAAX USAA Growth Fund	-1.01%	16.68%	32.82%	48.39%	-32.49%	16.97%	37.07%	27.62%	-4.33%	28.44%

Correlation

The correlation between USCAX and USAAX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Jul 30, 1999	0.80

The correlation between USCAX and USAAX shifts across timeframes, from 0.61 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USCAX vs. USAAX — Risk / Return Rank

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

USCAX

USCAX Risk / Return Rank: 86
USCAX Sharpe Ratio Rank: 84
USCAX Sortino Ratio Rank: 83
USCAX Omega Ratio Rank: 76
USCAX Calmar Ratio Rank: 94
USCAX Martin Ratio Rank: 92

USAAX

USAAX Risk / Return Rank: 8
USAAX Sharpe Ratio Rank: 8
USAAX Sortino Ratio Rank: 8
USAAX Omega Ratio Rank: 8
USAAX Calmar Ratio Rank: 7
USAAX Martin Ratio Rank: 8

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. USAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Small Cap Stock Fund (USCAX) and USAA Growth Fund (USAAX). 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	USAAX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	0.30	+1.78
Sortino ratio: Return per unit of downside risk	2.99	0.53	+2.47
Omega ratio: Gain probability vs. loss probability	1.35	1.06	+0.29
Calmar ratio: Return relative to maximum drawdown	4.03	0.30	+3.73
Martin ratio: Return relative to average drawdown	13.86	0.90	+12.96

USCAX vs. USAAX - Sharpe Ratio Comparison

The current USCAX Sharpe Ratio is 2.08, which is higher than the USAAX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of USCAX and USAAX, 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. USAAX - Drawdown Comparison

The maximum USCAX drawdown since its inception was -60.17%, smaller than the maximum USAAX drawdown of -66.79%. Use the drawdown chart below to compare losses from any high point for USCAX and USAAX.

Drawdown Indicators

	USCAX	USAAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.17%	-66.79%	+6.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-16.92%	+7.81%
Max Drawdown (3Y) Largest decline over 3 years	-28.89%	-29.85%	+0.96%
Max Drawdown (5Y) Largest decline over 5 years	-47.97%	-41.75%	-6.22%
Max Drawdown (10Y) Largest decline over 10 years	-47.97%	-41.75%	-6.22%
Current Drawdown Current decline from peak	-5.19%	-6.64%	+1.45%
Average Drawdown Average peak-to-trough decline	-18.65%	-18.77%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	5.68%	-3.03%

Volatility

USCAX vs. USAAX - Volatility Comparison

The current volatility for USAA Small Cap Stock Fund (USCAX) is 3.64%, while USAA Growth Fund (USAAX) has a volatility of 5.18%. This indicates that USCAX experiences smaller price fluctuations and is considered to be less risky than USAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCAX	USAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	5.18%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	13.32%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	17.04%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.11%	24.16%	+8.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.81%	22.14%	+6.67%

USCAX vs. USAAX - Expense Ratio Comparison

USCAX has a 1.10% expense ratio, which is higher than USAAX's 0.84% expense ratio.

Dividends

USCAX vs. USAAX - Dividend Comparison

USCAX's dividend yield for the trailing twelve months is around 6.07%, less than USAAX's 10.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAAX USAA Growth Fund	10.73%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%
USCAX USAA Small Cap Stock Fund	6.07%	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 USAAX in my portfolio?

USCAX and USAAX have a correlation of 0.61, 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 USAAX?

USAAX has higher volatility (5.18%) compared to USCAX (3.64%). In terms of maximum drawdown, USCAX dropped -60.17% vs USAAX's -66.79%.

Which has better risk-adjusted returns?

USCAX currently has the higher Sharpe Ratio (2.08 vs 0.30), 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.