USCAX vs. USNQX

Last updated Jun 25, 2026

USCAX (USAA Small Cap Stock Fund) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - USCAX is a Small Cap Blend Equities fund managed by Victory, while USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 10 years, USCAX returned 11.13%/yr vs 21.76%/yr for USNQX. A 0.76 correlation means they provide meaningful diversification when combined. USCAX charges 1.10%/yr vs 0.42%/yr for USNQX.

Performance

USCAX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Small Cap Stock Fund (USCAX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USCAX achieves a 21.78% return, which is significantly higher than USNQX's 16.40% return. Over the past 10 years, USCAX has underperformed USNQX with an annualized return of 11.13%, while USNQX has yielded a comparatively higher 21.76% annualized return.

USCAX

• 1D: -0.24%
• 1M: 6.23%
• YTD: 21.78%
• 6M: 19.21%
• 1Y: 37.61%
• 3Y*: 16.12%
• 5Y*: 5.25%
• 10Y*: 11.13%

USNQX

• 1D: -3.30%
• 1M: -0.40%
• YTD: 16.40%
• 6M: 14.56%
• 1Y: 32.59%
• 3Y*: 25.83%
• 5Y*: 15.75%
• 10Y*: 21.76%

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

USCAX vs. USNQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USCAX USAA Small Cap Stock Fund	21.78%	9.15%	5.34%	17.35%	-19.99%	17.08%	22.22%	29.04%	-9.97%	10.10%
USNQX USAA Nasdaq 100 Index Fund	16.40%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between USCAX and USNQX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 27, 2000	0.76

The correlation between USCAX and USNQX shifts across timeframes, from 0.65 (3 years) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USCAX vs. USNQX — Risk / Return Rank

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

USCAX

USCAX Risk / Return Rank: 76
USCAX Sharpe Ratio Rank: 72
USCAX Sortino Ratio Rank: 71
USCAX Omega Ratio Rank: 59
USCAX Calmar Ratio Rank: 91
USCAX Martin Ratio Rank: 87

USNQX

USNQX Risk / Return Rank: 52
USNQX Sharpe Ratio Rank: 51
USNQX Sortino Ratio Rank: 43
USNQX Omega Ratio Rank: 46
USNQX Calmar Ratio Rank: 62
USNQX Martin Ratio Rank: 56

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. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Small Cap Stock Fund (USCAX) and USAA Nasdaq 100 Index Fund (USNQX). 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	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.93	+0.27
Sortino ratio: Return per unit of downside risk	3.11	2.54	+0.57
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	4.35	2.88	+1.47
Martin ratio: Return relative to average drawdown	14.82	10.66	+4.16

USCAX vs. USNQX - Sharpe Ratio Comparison

The current USCAX Sharpe Ratio is 2.20, which is comparable to the USNQX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of USCAX and USNQX, 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. USNQX - Drawdown Comparison

The maximum USCAX drawdown since its inception was -60.17%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for USCAX and USNQX.

Drawdown Indicators

	USCAX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-60.17%	-76.24%	+16.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-12.07%	+2.96%
Max Drawdown (3Y) Largest decline over 3 years	-28.89%	-22.88%	-6.01%
Max Drawdown (5Y) Largest decline over 5 years	-47.97%	-36.95%	-11.02%
Max Drawdown (10Y) Largest decline over 10 years	-47.97%	-36.95%	-11.02%
Current Drawdown Current decline from peak	-6.96%	-4.23%	-2.73%
Average Drawdown Average peak-to-trough decline	-18.71%	-26.70%	+7.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.26%	-0.59%

Volatility

USCAX vs. USNQX - Volatility Comparison

The current volatility for USAA Small Cap Stock Fund (USCAX) is 5.03%, while USAA Nasdaq 100 Index Fund (USNQX) has a volatility of 9.09%. This indicates that USCAX experiences smaller price fluctuations and is considered to be less risky than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCAX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	9.09%	-4.06%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	14.57%	-1.93%
Volatility (1Y) Calculated over the trailing 1-year period	18.06%	18.05%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.21%	23.19%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.85%	22.78%	+6.07%

USCAX vs. USNQX - Expense Ratio Comparison

USCAX has a 1.10% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

USCAX vs. USNQX - Dividend Comparison

USCAX's dividend yield for the trailing twelve months is around 6.18%, more than USNQX's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USCAX USAA Small Cap Stock Fund	6.18%	7.53%	6.00%	0.18%	6.19%	43.14%	8.50%	9.92%	13.94%	11.05%	1.24%	9.23%
USNQX USAA Nasdaq 100 Index Fund	2.59%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both USCAX and USNQX in my portfolio?

USCAX and USNQX have a correlation of 0.65, 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 USNQX?

USNQX has higher volatility (9.09%) compared to USCAX (5.03%). In terms of maximum drawdown, USCAX dropped -60.17% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USCAX currently has the higher Sharpe Ratio (2.20 vs 1.93), 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.