USNQX vs. VSIAX

Last updated Jun 5, 2026

USNQX (USAA Nasdaq 100 Index Fund) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both mutual funds - USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while VSIAX is a Small Cap Value Equities fund managed by Vanguard. Over the past 10 years, USNQX returned 21.64%/yr vs 10.52%/yr for VSIAX. A 0.65 correlation means they provide meaningful diversification when combined. USNQX charges 0.42%/yr vs 0.07%/yr for VSIAX.

Performance

USNQX vs. VSIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Nasdaq 100 Index Fund (USNQX) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USNQX achieves a 21.19% return, which is significantly higher than VSIAX's 11.64% return. Over the past 10 years, USNQX has outperformed VSIAX with an annualized return of 21.64%, while VSIAX has yielded a comparatively lower 10.52% annualized return.

USNQX

• 1D: -0.29%
• 1M: 9.17%
• YTD: 21.19%
• 6M: 19.57%
• 1Y: 41.10%
• 3Y*: 28.54%
• 5Y*: 17.67%
• 10Y*: 21.64%

VSIAX

• 1D: -0.37%
• 1M: 1.33%
• YTD: 11.64%
• 6M: 11.86%
• 1Y: 26.38%
• 3Y*: 16.45%
• 5Y*: 7.96%
• 10Y*: 10.52%

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

USNQX vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USNQX USAA Nasdaq 100 Index Fund	21.19%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	11.64%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%

Correlation

The correlation between USNQX and VSIAX 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	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.65

The correlation between USNQX and VSIAX shifts across timeframes, from 0.54 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USNQX vs. VSIAX — Risk / Return Rank

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

USNQX

USNQX Risk / Return Rank: 70
USNQX Sharpe Ratio Rank: 78
USNQX Sortino Ratio Rank: 65
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 77
USNQX Martin Ratio Rank: 69

VSIAX

VSIAX Risk / Return Rank: 42
VSIAX Sharpe Ratio Rank: 35
VSIAX Sortino Ratio Rank: 36
VSIAX Omega Ratio Rank: 32
VSIAX Calmar Ratio Rank: 58
VSIAX Martin Ratio Rank: 50

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.

USNQX vs. VSIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). 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.

	USNQX	VSIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.71	+0.88
Sortino ratio: Return per unit of downside risk	3.39	2.52	+0.87
Omega ratio: Gain probability vs. loss probability	1.44	1.30	+0.15
Calmar ratio: Return relative to maximum drawdown	3.45	2.92	+0.54
Martin ratio: Return relative to average drawdown	13.21	10.34	+2.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USNQX vs. VSIAX - Sharpe Ratio Comparison

The current USNQX Sharpe Ratio is 2.59, which is higher than the VSIAX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of USNQX and VSIAX, 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

	USNQX	VSIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	1.71	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.40	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.96	0.47	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.59	-0.22

Drawdowns

USNQX vs. VSIAX - Drawdown Comparison

The maximum USNQX drawdown since its inception was -76.24%, which is greater than VSIAX's maximum drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for USNQX and VSIAX.

Drawdown Indicators

	USNQX	VSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-45.39%	-30.85%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-8.87%	-3.20%
Max Drawdown (3Y) Largest decline over 3 years	-22.88%	-24.09%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	-24.09%	-12.86%
Max Drawdown (10Y) Largest decline over 10 years	-36.95%	-45.39%	+8.44%
Current Drawdown Current decline from peak	-0.29%	-0.37%	+0.08%
Average Drawdown Average peak-to-trough decline	-26.75%	-5.49%	-21.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.50%	+0.65%

Volatility

USNQX vs. VSIAX - Volatility Comparison

USAA Nasdaq 100 Index Fund (USNQX) has a higher volatility of 4.53% compared to Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) at 3.97%. This indicates that USNQX's price experiences larger fluctuations and is considered to be riskier than VSIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USNQX	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	3.97%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	10.43%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	15.19%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.90%	19.77%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.66%	22.45%	+0.21%

USNQX vs. VSIAX - Expense Ratio Comparison

USNQX has a 0.42% expense ratio, which is higher than VSIAX's 0.07% expense ratio.

Dividends

USNQX vs. VSIAX - Dividend Comparison

USNQX's dividend yield for the trailing twelve months is around 2.49%, more than VSIAX's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USNQX USAA Nasdaq 100 Index Fund	2.49%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.76%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both USNQX and VSIAX in my portfolio?

USNQX and VSIAX 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, USNQX or VSIAX?

USNQX has higher volatility (4.53%) compared to VSIAX (3.97%). In terms of maximum drawdown, USNQX dropped -76.24% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.59 vs 1.71), 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.