USHYX vs. USAIX

Last updated Jun 23, 2026

USHYX (USAA High Income Fund) and USAIX (USAA Income Fund) are both mutual funds - USHYX is a High Yield Bonds fund managed by Victory, while USAIX is a Intermediate Core-Plus Bond fund managed by Victory. Over the past 10 years, USHYX returned 4.99%/yr vs 2.61%/yr for USAIX. At a 0.25 correlation, their price movements are largely independent. USHYX charges 0.76%/yr vs 0.44%/yr for USAIX.

Performance

USHYX vs. USAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA High Income Fund (USHYX) and USAA Income Fund (USAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USHYX achieves a 1.55% return, which is significantly higher than USAIX's 0.93% return. Over the past 10 years, USHYX has outperformed USAIX with an annualized return of 4.99%, while USAIX has yielded a comparatively lower 2.61% annualized return.

USHYX

• 1D: 0.00%
• 1M: 0.74%
• YTD: 1.55%
• 6M: 1.70%
• 1Y: 6.17%
• 3Y*: 7.85%
• 5Y*: 3.65%
• 10Y*: 4.99%

USAIX

• 1D: 0.26%
• 1M: 1.05%
• YTD: 0.93%
• 6M: 1.19%
• 1Y: 5.10%
• 3Y*: 5.01%
• 5Y*: 0.61%
• 10Y*: 2.61%

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

USHYX vs. USAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USHYX USAA High Income Fund	1.55%	7.22%	6.85%	13.05%	-10.95%	5.61%	3.74%	13.13%	-3.52%	7.17%
USAIX USAA Income Fund	0.93%	6.36%	3.32%	7.13%	-13.38%	0.39%	8.18%	11.07%	-1.37%	5.66%

Correlation

The correlation between USHYX and USAIX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jul 30, 1999	0.25

Over the past year, USHYX and USAIX have become more correlated (0.54) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

USHYX vs. USAIX — Risk / Return Rank

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

USHYX

USHYX Risk / Return Rank: 79
USHYX Sharpe Ratio Rank: 80
USHYX Sortino Ratio Rank: 84
USHYX Omega Ratio Rank: 85
USHYX Calmar Ratio Rank: 61
USHYX Martin Ratio Rank: 84

USAIX

USAIX Risk / Return Rank: 31
USAIX Sharpe Ratio Rank: 31
USAIX Sortino Ratio Rank: 33
USAIX Omega Ratio Rank: 30
USAIX Calmar Ratio Rank: 34
USAIX Martin Ratio Rank: 28

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.

USHYX vs. USAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA High Income Fund (USHYX) and USAA Income Fund (USAIX). 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.

	USHYX	USAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.49	+0.94
Sortino ratio: Return per unit of downside risk	3.67	2.21	+1.46
Omega ratio: Gain probability vs. loss probability	1.53	1.27	+0.26
Calmar ratio: Return relative to maximum drawdown	2.87	2.10	+0.77
Martin ratio: Return relative to average drawdown	14.53	6.06	+8.47

USHYX vs. USAIX - Sharpe Ratio Comparison

The current USHYX Sharpe Ratio is 2.42, which is higher than the USAIX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of USHYX and USAIX, 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

USHYX vs. USAIX - Drawdown Comparison

The maximum USHYX drawdown since its inception was -33.59%, which is greater than USAIX's maximum drawdown of -18.67%. Use the drawdown chart below to compare losses from any high point for USHYX and USAIX.

Drawdown Indicators

	USHYX	USAIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.59%	-18.67%	-14.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-2.48%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-3.75%	-5.31%	+1.56%
Max Drawdown (5Y) Largest decline over 5 years	-15.10%	-18.67%	+3.57%
Max Drawdown (10Y) Largest decline over 10 years	-24.55%	-18.67%	-5.88%
Current Drawdown Current decline from peak	-0.15%	-0.72%	+0.57%
Average Drawdown Average peak-to-trough decline	-2.97%	-2.97%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.86%	-0.42%

Volatility

USHYX vs. USAIX - Volatility Comparison

The current volatility for USAA High Income Fund (USHYX) is 0.75%, while USAA Income Fund (USAIX) has a volatility of 1.10%. This indicates that USHYX experiences smaller price fluctuations and is considered to be less risky than USAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USHYX	USAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	1.10%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	2.62%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	3.50%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	5.55%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.46%	4.65%	+0.81%

USHYX vs. USAIX - Expense Ratio Comparison

USHYX has a 0.76% expense ratio, which is higher than USAIX's 0.44% expense ratio.

Dividends

USHYX vs. USAIX - Dividend Comparison

USHYX's dividend yield for the trailing twelve months is around 6.96%, more than USAIX's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAIX USAA Income Fund	4.05%	3.36%	4.00%	3.70%	3.49%	4.84%	4.53%	3.66%	3.50%	3.51%	3.53%	3.65%
USHYX USAA High Income Fund	6.96%	5.48%	7.65%	7.15%	5.89%	4.83%	5.23%	5.78%	6.31%	5.72%	5.91%	6.44%

Frequently Asked Questions

Can I hold both USHYX and USAIX in my portfolio?

USHYX and USAIX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USHYX or USAIX?

USAIX has higher volatility (1.10%) compared to USHYX (0.75%). In terms of maximum drawdown, USHYX dropped -33.59% vs USAIX's -18.67%.

Which has better risk-adjusted returns?

USHYX currently has the higher Sharpe Ratio (2.42 vs 1.49), 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.