USNQX vs. WMICX

Last updated Jun 26, 2026

USNQX (USAA Nasdaq 100 Index Fund) and WMICX (Wasatch Micro Cap Fund) are both mutual funds - USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while WMICX is a Small Cap Growth Equities fund managed by Wasatch. Over the past 10 years, USNQX returned 21.71%/yr vs 14.90%/yr for WMICX. A 0.76 correlation means they provide meaningful diversification when combined. USNQX charges 0.42%/yr vs 1.63%/yr for WMICX.

Performance

USNQX vs. WMICX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Nasdaq 100 Index Fund (USNQX) and Wasatch Micro Cap Fund (WMICX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with USNQX having a 15.89% return and WMICX slightly higher at 16.15%. Over the past 10 years, USNQX has outperformed WMICX with an annualized return of 21.71%, while WMICX has yielded a comparatively lower 14.90% annualized return.

USNQX

• 1D: -0.44%
• 1M: -2.56%
• YTD: 15.89%
• 6M: 14.06%
• 1Y: 31.74%
• 3Y*: 25.65%
• 5Y*: 15.68%
• 10Y*: 21.71%

WMICX

• 1D: 0.40%
• 1M: 2.76%
• YTD: 16.15%
• 6M: 13.15%
• 1Y: 31.63%
• 3Y*: 16.25%
• 5Y*: -0.62%
• 10Y*: 14.90%

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

USNQX vs. WMICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USNQX USAA Nasdaq 100 Index Fund	15.89%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%
WMICX Wasatch Micro Cap Fund	16.15%	4.84%	20.91%	22.58%	-40.64%	4.51%	64.84%	42.31%	1.73%	36.17%

Correlation

The correlation between USNQX and WMICX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 27, 2000	0.76

The correlation between USNQX and WMICX shifts across timeframes, from 0.64 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USNQX vs. WMICX — Risk / Return Rank

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

USNQX

USNQX Risk / Return Rank: 53
USNQX Sharpe Ratio Rank: 52
USNQX Sortino Ratio Rank: 46
USNQX Omega Ratio Rank: 48
USNQX Calmar Ratio Rank: 63
USNQX Martin Ratio Rank: 56

WMICX

WMICX Risk / Return Rank: 38
WMICX Sharpe Ratio Rank: 38
WMICX Sortino Ratio Rank: 41
WMICX Omega Ratio Rank: 32
WMICX Calmar Ratio Rank: 40
WMICX Martin Ratio Rank: 38

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. WMICX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) and Wasatch Micro Cap Fund (WMICX). 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	WMICX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.50	+0.28
Sortino ratio: Return per unit of downside risk	2.38	2.23	+0.14
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	2.66	2.08	+0.59
Martin ratio: Return relative to average drawdown	9.81	7.17	+2.63

USNQX vs. WMICX - Sharpe Ratio Comparison

The current USNQX Sharpe Ratio is 1.79, which is comparable to the WMICX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of USNQX and WMICX, 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

USNQX vs. WMICX - Drawdown Comparison

The maximum USNQX drawdown since its inception was -76.24%, which is greater than WMICX's maximum drawdown of -65.21%. Use the drawdown chart below to compare losses from any high point for USNQX and WMICX.

Drawdown Indicators

	USNQX	WMICX	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-65.21%	-11.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-14.32%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-22.88%	-29.44%	+6.56%
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	-48.70%	+11.75%
Max Drawdown (10Y) Largest decline over 10 years	-36.95%	-50.96%	+14.01%
Current Drawdown Current decline from peak	-4.65%	-8.54%	+3.89%
Average Drawdown Average peak-to-trough decline	-26.70%	-13.33%	-13.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	4.14%	-0.87%

Volatility

USNQX vs. WMICX - Volatility Comparison

USAA Nasdaq 100 Index Fund (USNQX) has a higher volatility of 9.09% compared to Wasatch Micro Cap Fund (WMICX) at 6.38%. This indicates that USNQX's price experiences larger fluctuations and is considered to be riskier than WMICX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USNQX	WMICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.09%	6.38%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	14.53%	14.50%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	18.03%	19.81%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.19%	24.56%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	24.40%	-1.63%

USNQX vs. WMICX - Expense Ratio Comparison

USNQX has a 0.42% expense ratio, which is lower than WMICX's 1.63% expense ratio.

Dividends

USNQX vs. WMICX - Dividend Comparison

USNQX's dividend yield for the trailing twelve months is around 2.60%, while WMICX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USNQX USAA Nasdaq 100 Index Fund	2.60%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%
WMICX Wasatch Micro Cap Fund	0.00%	0.00%	0.00%	0.00%	0.00%	30.82%	5.68%	11.40%	29.75%	15.30%	9.30%	16.58%

Frequently Asked Questions

Can I hold both USNQX and WMICX in my portfolio?

USNQX and WMICX have a correlation of 0.64, 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 WMICX?

USNQX has higher volatility (9.09%) compared to WMICX (6.38%). In terms of maximum drawdown, USNQX dropped -76.24% vs WMICX's -65.21%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (1.79 vs 1.50), 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.