USNQX vs. FXAIX
USNQX (USAA Nasdaq 100 Index Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USNQX returned 21.88%/yr vs 15.58%/yr for FXAIX. Their correlation of 0.90 suggests significant overlap in exposure. USNQX charges 0.42%/yr vs 0.02%/yr for FXAIX.
Performance
USNQX vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, USNQX achieves a 20.60% return, which is significantly higher than FXAIX's 10.19% return. Over the past 10 years, USNQX has outperformed FXAIX with an annualized return of 21.88%, while FXAIX has yielded a comparatively lower 15.58% annualized return.
USNQX
- 1D
- 2.49%
- 1M
- 3.20%
- YTD
- 20.60%
- 6M
- 19.59%
- 1Y
- 40.96%
- 3Y*
- 26.79%
- 5Y*
- 17.09%
- 10Y*
- 21.88%
FXAIX
- 1D
- 1.09%
- 1M
- 0.47%
- YTD
- 10.19%
- 6M
- 9.68%
- 1Y
- 27.18%
- 3Y*
- 20.98%
- 5Y*
- 14.10%
- 10Y*
- 15.58%
USNQX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USNQX USAA Nasdaq 100 Index Fund | 20.60% | 20.52% | 25.42% | 54.46% | -32.71% | 26.82% | 48.31% | 38.86% | -0.43% | 32.30% |
FXAIX Fidelity 500 Index Fund | 10.19% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between USNQX and FXAIX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.90 |
The correlation between USNQX and FXAIX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
USNQX vs. FXAIX — Risk / Return Rank
USNQX
FXAIX
USNQX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) and Fidelity 500 Index Fund (FXAIX). 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.
| USNQX | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.39 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 3.04 | +0.32 |
| Martin ratioReturn relative to average drawdown | 12.47 | 13.75 | -1.28 |
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Drawdowns
USNQX vs. FXAIX - Drawdown Comparison
The maximum USNQX drawdown since its inception was -76.24%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for USNQX and FXAIX.
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Drawdown Indicators
| USNQX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.24% | -33.79% | -42.45% |
Max Drawdown (1Y)Largest decline over 1 year | -12.07% | -8.89% | -3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -22.88% | -18.76% | -4.12% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -24.50% | -12.45% |
Max Drawdown (10Y)Largest decline over 10 years | -36.95% | -33.79% | -3.16% |
Current DrawdownCurrent decline from peak | -0.78% | -1.36% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -26.71% | -3.79% | -22.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 1.96% | +1.29% |
Volatility
USNQX vs. FXAIX - Volatility Comparison
USAA Nasdaq 100 Index Fund (USNQX) has a higher volatility of 8.49% compared to Fidelity 500 Index Fund (FXAIX) at 4.77%. This indicates that USNQX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USNQX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.49% | 4.77% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 14.36% | 9.91% | +4.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.72% | 12.47% | +5.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.13% | 17.01% | +6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.78% | 18.11% | +4.67% |
USNQX vs. FXAIX - Expense Ratio Comparison
USNQX has a 0.42% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
USNQX vs. FXAIX - Dividend Comparison
USNQX's dividend yield for the trailing twelve months is around 2.50%, more than FXAIX's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXAIX Fidelity 500 Index Fund | 1.04% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
USNQX USAA Nasdaq 100 Index Fund | 2.50% | 3.01% | 2.19% | 2.60% | 4.13% | 4.48% | 1.53% | 0.88% | 0.69% | 1.97% | 0.50% | 2.73% |
Frequently Asked Questions
With a correlation of 0.94, USNQX and FXAIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
USNQX has higher volatility (8.49%) compared to FXAIX (4.77%). In terms of maximum drawdown, USNQX dropped -76.24% vs FXAIX's -33.79%.
USNQX currently has the higher Sharpe Ratio (2.29 vs 2.17), 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.
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