USGNX vs. RFBAX

Last updated Jun 4, 2026

USGNX (USAA Government Securities Fund) and RFBAX (Davis Government Bond Fund) are both Government Bonds funds. Over the past 10 years, USGNX returned 1.57%/yr vs 1.08%/yr for RFBAX. A 0.63 correlation means they provide meaningful diversification when combined. USGNX charges 0.53%/yr vs 1.00%/yr for RFBAX.

Performance

USGNX vs. RFBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Government Securities Fund (USGNX) and Davis Government Bond Fund (RFBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USGNX achieves a 0.34% return, which is significantly lower than RFBAX's 0.88% return. Over the past 10 years, USGNX has outperformed RFBAX with an annualized return of 1.57%, while RFBAX has yielded a comparatively lower 1.08% annualized return.

USGNX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.34%
• 6M: 0.44%
• 1Y: 5.05%
• 3Y*: 3.85%
• 5Y*: 0.80%
• 10Y*: 1.57%

RFBAX

• 1D: 0.00%
• 1M: 0.06%
• YTD: 0.88%
• 6M: 1.15%
• 1Y: 3.48%
• 3Y*: 3.97%
• 5Y*: 1.31%
• 10Y*: 1.08%

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

USGNX vs. RFBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USGNX USAA Government Securities Fund	0.34%	7.20%	1.94%	4.13%	-8.13%	-1.05%	5.48%	5.60%	1.05%	1.35%
RFBAX Davis Government Bond Fund	0.88%	4.49%	4.33%	3.63%	-5.29%	-1.48%	1.69%	3.23%	0.42%	0.21%

Correlation

The correlation between USGNX and RFBAX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 4, 1995	0.63

The correlation between USGNX and RFBAX has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

Return for Risk

USGNX vs. RFBAX — Risk / Return Rank

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

USGNX

USGNX Risk / Return Rank: 25
USGNX Sharpe Ratio Rank: 25
USGNX Sortino Ratio Rank: 27
USGNX Omega Ratio Rank: 25
USGNX Calmar Ratio Rank: 25
USGNX Martin Ratio Rank: 24

RFBAX

RFBAX Risk / Return Rank: 69
RFBAX Sharpe Ratio Rank: 40
RFBAX Sortino Ratio Rank: 51
RFBAX Omega Ratio Rank: 77
RFBAX Calmar Ratio Rank: 89
RFBAX Martin Ratio Rank: 89

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.

USGNX vs. RFBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Government Securities Fund (USGNX) and Davis Government Bond Fund (RFBAX). 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.

	USGNX	RFBAX	Difference
Sharpe ratio Return per unit of total volatility	1.44	1.86	-0.42
Sortino ratio Return per unit of downside risk	2.19	3.01	-0.83
Omega ratio Gain probability vs. loss probability	1.26	1.51	-0.24
Calmar ratio Return relative to maximum drawdown	1.84	4.53	-2.69
Martin ratio Return relative to average drawdown	5.95	17.94	-12.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USGNX vs. RFBAX - Sharpe Ratio Comparison

The current USGNX Sharpe Ratio is 1.44, which is comparable to the RFBAX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of USGNX and RFBAX, 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

	USGNX	RFBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.86	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.62	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.61	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.05	+0.08

Drawdowns

USGNX vs. RFBAX - Drawdown Comparison

The maximum USGNX drawdown since its inception was -12.03%, which is greater than RFBAX's maximum drawdown of -8.03%. Use the drawdown chart below to compare losses from any high point for USGNX and RFBAX.

Drawdown Indicators

	USGNX	RFBAX	Difference
Max Drawdown Largest peak-to-trough decline	-12.03%	-8.03%	-4.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-0.77%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-5.11%	-0.88%	-4.23%
Max Drawdown (5Y) Largest decline over 5 years	-12.03%	-7.61%	-4.42%
Max Drawdown (10Y) Largest decline over 10 years	-12.03%	-8.03%	-4.00%
Current Drawdown Current decline from peak	-1.37%	-0.19%	-1.18%
Average Drawdown Average peak-to-trough decline	-1.36%	-1.18%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.19%	+0.64%

Volatility

USGNX vs. RFBAX - Volatility Comparison

USAA Government Securities Fund (USGNX) has a higher volatility of 1.31% compared to Davis Government Bond Fund (RFBAX) at 0.59%. This indicates that USGNX's price experiences larger fluctuations and is considered to be riskier than RFBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USGNX	RFBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	0.59%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	1.26%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	1.89%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	2.10%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	1.79%	+2.01%

USGNX vs. RFBAX - Expense Ratio Comparison

USGNX has a 0.53% expense ratio, which is lower than RFBAX's 1.00% expense ratio.

Dividends

USGNX vs. RFBAX - Dividend Comparison

USGNX's dividend yield for the trailing twelve months is around 3.82%, more than RFBAX's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RFBAX Davis Government Bond Fund	3.04%	3.01%	3.23%	2.15%	0.80%	0.57%	0.93%	1.67%	1.17%	0.59%	0.68%	0.75%
USGNX USAA Government Securities Fund	3.82%	3.75%	3.65%	2.77%	2.07%	3.02%	2.84%	2.46%	2.26%	2.07%	2.07%	2.38%

Frequently Asked Questions

Can I hold both USGNX and RFBAX in my portfolio?

USGNX and RFBAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USGNX or RFBAX?

USGNX has higher volatility (1.31%) compared to RFBAX (0.59%). In terms of maximum drawdown, USGNX dropped -12.03% vs RFBAX's -8.03%.

Which has better risk-adjusted returns?

RFBAX currently has the higher Sharpe Ratio (1.86 vs 1.44), 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.