USHYX vs. USSTX

Last updated Jun 23, 2026

USHYX (USAA High Income Fund) and USSTX (USAA Tax Exempt Short Term Fund) are both mutual funds - USHYX is a High Yield Bonds fund managed by Victory, while USSTX is a Municipal Bonds fund managed by Victory. Over the past 10 years, USHYX returned 4.99%/yr vs 1.81%/yr for USSTX. At a 0.16 correlation, their price movements are largely independent. USHYX charges 0.76%/yr vs 0.49%/yr for USSTX.

Performance

USHYX vs. USSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA High Income Fund (USHYX) and USAA Tax Exempt Short Term Fund (USSTX). 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 USSTX's 1.12% return. Over the past 10 years, USHYX has outperformed USSTX with an annualized return of 4.99%, while USSTX has yielded a comparatively lower 1.81% 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%

USSTX

• 1D: 0.00%
• 1M: 0.72%
• YTD: 1.12%
• 6M: 1.37%
• 1Y: 3.88%
• 3Y*: 4.14%
• 5Y*: 1.90%
• 10Y*: 1.81%

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

USHYX vs. USSTX - 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%
USSTX USAA Tax Exempt Short Term Fund	1.12%	4.73%	3.65%	4.11%	-4.15%	1.23%	2.38%	2.69%	1.60%	1.81%

Correlation

The correlation between USHYX and USSTX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 30, 1999	0.16

The correlation between USHYX and USSTX shifts across timeframes, from 0.16 (all time) to 0.32 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

USHYX vs. USSTX — 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

USSTX

USSTX Risk / Return Rank: 80
USSTX Sharpe Ratio Rank: 89
USSTX Sortino Ratio Rank: 96
USSTX Omega Ratio Rank: 97
USSTX Calmar Ratio Rank: 63
USSTX Martin Ratio Rank: 54

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. USSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA High Income Fund (USHYX) and USAA Tax Exempt Short Term Fund (USSTX). 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	USSTX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.73	-0.30
Sortino ratio: Return per unit of downside risk	3.67	4.87	-1.20
Omega ratio: Gain probability vs. loss probability	1.53	1.86	-0.33
Calmar ratio: Return relative to maximum drawdown	2.87	2.90	-0.03
Martin ratio: Return relative to average drawdown	14.53	10.28	+4.25

USHYX vs. USSTX - Sharpe Ratio Comparison

The current USHYX Sharpe Ratio is 2.42, which is comparable to the USSTX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of USHYX and USSTX, 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. USSTX - Drawdown Comparison

The maximum USHYX drawdown since its inception was -33.59%, which is greater than USSTX's maximum drawdown of -6.82%. Use the drawdown chart below to compare losses from any high point for USHYX and USSTX.

Drawdown Indicators

	USHYX	USSTX	Difference
Max Drawdown Largest peak-to-trough decline	-33.59%	-6.82%	-26.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-1.34%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-3.75%	-1.95%	-1.80%
Max Drawdown (5Y) Largest decline over 5 years	-15.10%	-6.82%	-8.28%
Max Drawdown (10Y) Largest decline over 10 years	-24.55%	-6.82%	-17.73%
Current Drawdown Current decline from peak	-0.15%	-0.17%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.97%	-0.67%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.38%	+0.06%

Volatility

USHYX vs. USSTX - Volatility Comparison

USAA High Income Fund (USHYX) has a higher volatility of 0.75% compared to USAA Tax Exempt Short Term Fund (USSTX) at 0.41%. This indicates that USHYX's price experiences larger fluctuations and is considered to be riskier than USSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USHYX	USSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.41%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	1.06%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	1.43%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.61%	1.99%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.46%	1.85%	+3.61%

USHYX vs. USSTX - Expense Ratio Comparison

USHYX has a 0.76% expense ratio, which is higher than USSTX's 0.49% expense ratio.

Dividends

USHYX vs. USSTX - Dividend Comparison

USHYX's dividend yield for the trailing twelve months is around 6.96%, more than USSTX's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USSTX USAA Tax Exempt Short Term Fund	2.73%	3.04%	3.38%	2.50%	1.89%	1.13%	1.48%	1.79%	1.78%	1.50%	1.42%	1.52%

Frequently Asked Questions

Can I hold both USHYX and USSTX in my portfolio?

USHYX and USSTX have a correlation of 0.27, 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 USSTX?

USHYX has higher volatility (0.75%) compared to USSTX (0.41%). In terms of maximum drawdown, USHYX dropped -33.59% vs USSTX's -6.82%.

Which has better risk-adjusted returns?

USSTX currently has the higher Sharpe Ratio (2.73 vs 2.42), 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.