USIFX vs. USSPX

Last updated Jun 24, 2026

USIFX (USAA International Fund) and USSPX (USAA 500 Index Fund) are both mutual funds - USIFX is a Foreign Large Cap Equities fund managed by Victory, while USSPX is a Large Cap Blend Equities fund managed by Victory. Over the past 10 years, USIFX returned 10.54%/yr vs 15.72%/yr for USSPX. A 0.68 correlation means they provide meaningful diversification when combined. USIFX charges 1.02%/yr vs 0.24%/yr for USSPX.

Performance

USIFX vs. USSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA International Fund (USIFX) and USAA 500 Index Fund (USSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USIFX achieves a 12.99% return, which is significantly higher than USSPX's 9.96% return. Over the past 10 years, USIFX has underperformed USSPX with an annualized return of 10.54%, while USSPX has yielded a comparatively higher 15.72% annualized return.

USIFX

• 1D: 0.12%
• 1M: 2.18%
• YTD: 12.99%
• 6M: 12.51%
• 1Y: 27.98%
• 3Y*: 19.84%
• 5Y*: 9.85%
• 10Y*: 10.54%

USSPX

• 1D: -0.39%
• 1M: 0.24%
• YTD: 9.96%
• 6M: 8.96%
• 1Y: 25.33%
• 3Y*: 21.51%
• 5Y*: 13.25%
• 10Y*: 15.72%

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

USIFX vs. USSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USIFX USAA International Fund	12.99%	33.11%	4.75%	17.47%	-15.92%	14.83%	3.26%	22.76%	-14.15%	28.14%
USSPX USAA 500 Index Fund	9.96%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%

Correlation

The correlation between USIFX and USSPX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 30, 1996	0.68

The correlation between USIFX and USSPX shifts across timeframes, from 0.68 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USIFX vs. USSPX — Risk / Return Rank

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

USIFX

USIFX Risk / Return Rank: 46
USIFX Sharpe Ratio Rank: 47
USIFX Sortino Ratio Rank: 45
USIFX Omega Ratio Rank: 47
USIFX Calmar Ratio Rank: 46
USIFX Martin Ratio Rank: 48

USSPX

USSPX Risk / Return Rank: 63
USSPX Sharpe Ratio Rank: 61
USSPX Sortino Ratio Rank: 55
USSPX Omega Ratio Rank: 57
USSPX Calmar Ratio Rank: 66
USSPX Martin Ratio Rank: 76

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.

USIFX vs. USSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA International Fund (USIFX) and USAA 500 Index Fund (USSPX). 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.

	USIFX	USSPX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.12	-0.26
Sortino ratio: Return per unit of downside risk	2.59	2.86	-0.27
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	2.46	2.98	-0.53
Martin ratio: Return relative to average drawdown	9.45	13.36	-3.91

USIFX vs. USSPX - Sharpe Ratio Comparison

The current USIFX Sharpe Ratio is 1.86, which is comparable to the USSPX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of USIFX and USSPX, 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

USIFX vs. USSPX - Drawdown Comparison

The maximum USIFX drawdown since its inception was -53.23%, roughly equal to the maximum USSPX drawdown of -55.39%. Use the drawdown chart below to compare losses from any high point for USIFX and USSPX.

Drawdown Indicators

	USIFX	USSPX	Difference
Max Drawdown Largest peak-to-trough decline	-53.23%	-55.39%	+2.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.74%	-8.92%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.61%	-19.64%	+6.03%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	-26.88%	-5.12%
Max Drawdown (10Y) Largest decline over 10 years	-36.76%	-33.64%	-3.12%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-9.26%	-10.12%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	1.99%	+1.05%

Volatility

USIFX vs. USSPX - Volatility Comparison

USAA International Fund (USIFX) has a higher volatility of 5.19% compared to USAA 500 Index Fund (USSPX) at 4.76%. This indicates that USIFX's price experiences larger fluctuations and is considered to be riskier than USSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USIFX	USSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	4.76%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	9.92%	+3.27%
Volatility (1Y) Calculated over the trailing 1-year period	15.53%	12.61%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	17.59%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	18.41%	-1.48%

USIFX vs. USSPX - Expense Ratio Comparison

USIFX has a 1.02% expense ratio, which is higher than USSPX's 0.24% expense ratio.

Dividends

USIFX vs. USSPX - Dividend Comparison

USIFX's dividend yield for the trailing twelve months is around 10.76%, more than USSPX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USIFX USAA International Fund	10.76%	12.16%	5.44%	1.87%	2.94%	8.74%	1.91%	25.11%	8.50%	3.07%	1.55%	5.64%
USSPX USAA 500 Index Fund	3.77%	4.14%	3.63%	2.07%	2.81%	4.98%	3.38%	4.98%	3.03%	1.34%	2.34%	1.89%

Frequently Asked Questions

Can I hold both USIFX and USSPX in my portfolio?

USIFX and USSPX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USIFX or USSPX?

USIFX has higher volatility (5.19%) compared to USSPX (4.76%). In terms of maximum drawdown, USIFX dropped -53.23% vs USSPX's -55.39%.

Which has better risk-adjusted returns?

USSPX currently has the higher Sharpe Ratio (2.12 vs 1.86), 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.