USEMX vs. USAAX

Last updated Jun 4, 2026

USEMX (USAA Emerging Markets Fund) and USAAX (USAA Growth Fund) are both mutual funds - USEMX is a Emerging Markets Diversified fund managed by Victory, while USAAX is a Large Cap Growth Equities fund managed by Victory. Over the past 10 years, USEMX returned 11.13%/yr vs 15.66%/yr for USAAX. A 0.59 correlation means they provide meaningful diversification when combined. USEMX charges 1.47%/yr vs 0.84%/yr for USAAX.

Performance

USEMX vs. USAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Emerging Markets Fund (USEMX) 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, USEMX achieves a 35.03% return, which is significantly higher than USAAX's 4.85% return. Over the past 10 years, USEMX has underperformed USAAX with an annualized return of 11.13%, while USAAX has yielded a comparatively higher 15.66% annualized return.

USEMX

• 1D: 0.89%
• 1M: 10.71%
• YTD: 35.03%
• 6M: 37.98%
• 1Y: 66.43%
• 3Y*: 27.65%
• 5Y*: 10.02%
• 10Y*: 11.13%

USAAX

• 1D: -1.11%
• 1M: 4.90%
• YTD: 4.85%
• 6M: 4.89%
• 1Y: 20.40%
• 3Y*: 22.97%
• 5Y*: 12.72%
• 10Y*: 15.66%

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

USEMX vs. USAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USEMX USAA Emerging Markets Fund	35.03%	36.50%	5.13%	16.07%	-20.24%	-1.22%	16.74%	22.91%	-20.05%	33.55%
USAAX USAA Growth Fund	4.85%	16.68%	32.82%	48.39%	-32.49%	16.97%	37.07%	27.62%	-4.33%	28.44%

Correlation

The correlation between USEMX and USAAX 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	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Nov 8, 1994	0.59

The correlation between USEMX and USAAX has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

USEMX vs. USAAX — Risk / Return Rank

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

USEMX

USEMX Risk / Return Rank: 93
USEMX Sharpe Ratio Rank: 97
USEMX Sortino Ratio Rank: 90
USEMX Omega Ratio Rank: 91
USEMX Calmar Ratio Rank: 93
USEMX Martin Ratio Rank: 94

USAAX

USAAX Risk / Return Rank: 18
USAAX Sharpe Ratio Rank: 22
USAAX Sortino Ratio Rank: 20
USAAX Omega Ratio Rank: 20
USAAX Calmar Ratio Rank: 13
USAAX Martin Ratio Rank: 14

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.

USEMX vs. USAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Emerging Markets Fund (USEMX) 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.

	USEMX	USAAX	Difference
Sharpe ratio: Return per unit of total volatility	3.63	1.34	+2.29
Sortino ratio: Return per unit of downside risk	4.41	1.88	+2.53
Omega ratio: Gain probability vs. loss probability	1.67	1.24	+0.43
Calmar ratio: Return relative to maximum drawdown	5.18	1.24	+3.93
Martin ratio: Return relative to average drawdown	20.79	4.14	+16.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USEMX vs. USAAX - Sharpe Ratio Comparison

The current USEMX Sharpe Ratio is 3.63, which is higher than the USAAX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of USEMX 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.

Sharpe Ratios by Period

	USEMX	USAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.63	1.34	+2.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.53	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.71	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.51	-0.20

Drawdowns

USEMX vs. USAAX - Drawdown Comparison

The maximum USEMX drawdown since its inception was -64.84%, roughly equal to the maximum USAAX drawdown of -66.79%. Use the drawdown chart below to compare losses from any high point for USEMX and USAAX.

Drawdown Indicators

	USEMX	USAAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.84%	-66.79%	+1.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.93%	-16.92%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-16.26%	-29.85%	+13.59%
Max Drawdown (5Y) Largest decline over 5 years	-35.49%	-41.75%	+6.26%
Max Drawdown (10Y) Largest decline over 10 years	-40.29%	-41.75%	+1.46%
Current Drawdown Current decline from peak	0.00%	-1.11%	+1.11%
Average Drawdown Average peak-to-trough decline	-19.30%	-18.82%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	5.08%	-1.87%

Volatility

USEMX vs. USAAX - Volatility Comparison

USAA Emerging Markets Fund (USEMX) has a higher volatility of 8.10% compared to USAA Growth Fund (USAAX) at 3.68%. This indicates that USEMX's price experiences larger fluctuations and is considered to be riskier than USAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USEMX	USAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	3.68%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	11.73%	+3.90%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	15.69%	+2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	23.99%	-7.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	22.10%	-4.31%

USEMX vs. USAAX - Expense Ratio Comparison

USEMX has a 1.47% expense ratio, which is higher than USAAX's 0.84% expense ratio.

Dividends

USEMX vs. USAAX - Dividend Comparison

USEMX's dividend yield for the trailing twelve months is around 6.46%, less than USAAX's 10.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAAX USAA Growth Fund	10.13%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%
USEMX USAA Emerging Markets Fund	6.46%	8.73%	3.20%	1.83%	1.73%	0.70%	1.04%	0.32%	1.29%	0.33%	0.91%	0.82%

Frequently Asked Questions

Can I hold both USEMX and USAAX in my portfolio?

USEMX and USAAX 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, USEMX or USAAX?

USEMX has higher volatility (8.10%) compared to USAAX (3.68%). In terms of maximum drawdown, USEMX dropped -64.84% vs USAAX's -66.79%.

Which has better risk-adjusted returns?

USEMX currently has the higher Sharpe Ratio (3.63 vs 1.34), 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.