USMIX vs. QQQM

Last updated Jun 3, 2026

USMIX (USAA Extended Market Index Fund) and QQQM (Invesco NASDAQ 100 ETF) are both funds - USMIX is a Mid Cap Growth Equities fund managed by Victory, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, USMIX returned 5.89%/yr vs 18.52%/yr for QQQM. A 0.73 correlation means they provide meaningful diversification when combined. USMIX charges 0.38%/yr vs 0.15%/yr for QQQM.

Performance

USMIX vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Extended Market Index Fund (USMIX) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USMIX achieves a 11.07% return, which is significantly lower than QQQM's 21.64% return.

USMIX

• 1D: -0.21%
• 1M: 2.33%
• YTD: 11.07%
• 6M: 12.12%
• 1Y: 29.35%
• 3Y*: 16.94%
• 5Y*: 5.89%
• 10Y*: 11.69%

QQQM

• 1D: 0.46%
• 1M: 10.70%
• YTD: 21.64%
• 6M: 20.29%
• 1Y: 43.37%
• 3Y*: 28.98%
• 5Y*: 18.52%
• 10Y*: —

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

USMIX vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
USMIX USAA Extended Market Index Fund	11.07%	10.44%	11.99%	25.81%	-24.04%	15.29%	19.33%
QQQM Invesco NASDAQ 100 ETF	21.64%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%

Correlation

The correlation between USMIX and QQQM is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.73

The correlation between USMIX and QQQM has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

USMIX vs. QQQM — Risk / Return Rank

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

USMIX

USMIX Risk / Return Rank: 43
USMIX Sharpe Ratio Rank: 37
USMIX Sortino Ratio Rank: 37
USMIX Omega Ratio Rank: 33
USMIX Calmar Ratio Rank: 57
USMIX Martin Ratio Rank: 51

QQQM

QQQM Risk / Return Rank: 77
QQQM Sharpe Ratio Rank: 83
QQQM Sortino Ratio Rank: 78
QQQM Omega Ratio Rank: 78
QQQM Calmar Ratio Rank: 73
QQQM Martin Ratio Rank: 74

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.

USMIX vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Extended Market Index Fund (USMIX) and Invesco NASDAQ 100 ETF (QQQM). 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.

	USMIX	QQQM	Difference
Sharpe ratio Return per unit of total volatility	1.78	2.74	-0.96
Sortino ratio Return per unit of downside risk	2.56	3.56	-0.99
Omega ratio Gain probability vs. loss probability	1.31	1.47	-0.16
Calmar ratio Return relative to maximum drawdown	2.89	3.72	-0.83
Martin ratio Return relative to average drawdown	10.46	14.29	-3.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USMIX vs. QQQM - Sharpe Ratio Comparison

The current USMIX Sharpe Ratio is 1.78, which is lower than the QQQM Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of USMIX and QQQM, 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

	USMIX	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.74	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.84	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.85	-0.47

Drawdowns

USMIX vs. QQQM - Drawdown Comparison

The maximum USMIX drawdown since its inception was -57.91%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for USMIX and QQQM.

Drawdown Indicators

	USMIX	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-57.91%	-35.04%	-22.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-11.96%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-31.84%	-22.70%	-9.14%
Max Drawdown (5Y) Largest decline over 5 years	-37.86%	-35.04%	-2.82%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	—	—
Current Drawdown Current decline from peak	-0.67%	0.00%	-0.67%
Average Drawdown Average peak-to-trough decline	-12.00%	-8.26%	-3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	3.11%	-0.35%

Volatility

USMIX vs. QQQM - Volatility Comparison

USAA Extended Market Index Fund (USMIX) and Invesco NASDAQ 100 ETF (QQQM) have volatilities of 4.31% and 4.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USMIX	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	4.47%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	12.06%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.58%	15.92%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.95%	22.24%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.68%	22.13%	+1.55%

USMIX vs. QQQM - Expense Ratio Comparison

USMIX has a 0.38% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

USMIX vs. QQQM - Dividend Comparison

USMIX's dividend yield for the trailing twelve months is around 5.83%, more than QQQM's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQM Invesco NASDAQ 100 ETF	0.41%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
USMIX USAA Extended Market Index Fund	5.83%	6.47%	14.41%	4.41%	8.78%	17.98%	3.32%	3.18%	6.48%	7.48%	7.07%	8.02%

Frequently Asked Questions

Can I hold both USMIX and QQQM in my portfolio?

USMIX and QQQM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMIX or QQQM?

QQQM has higher volatility (4.47%) compared to USMIX (4.31%). In terms of maximum drawdown, USMIX dropped -57.91% vs QQQM's -35.04%.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.74 vs 1.78), 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.