USSBX vs. SPSB

Last updated Aug 5, 2026

USSBX (USAA Short Term Bond Fund) and SPSB (SPDR Portfolio Short Term Corporate Bond ETF) are both funds - USSBX is a Short-Term Bond fund managed by Victory, while SPSB is a Corporate Bonds fund tracking the Bloomberg U.S. 1-3 Year Corporate Bond Index. Over the past 10 years, USSBX returned 3.03%/yr vs 2.63%/yr for SPSB. Their 0.44 correlation means their historical movements had little consistent relationship. USSBX charges 0.54%/yr vs 0.07%/yr for SPSB.

Performance

USSBX vs. SPSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Short Term Bond Fund (USSBX) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USSBX achieves a 1.16% return, which is significantly lower than SPSB's 1.49% return. Over the past 10 years, USSBX has outperformed SPSB with an annualized return of 3.03%, while SPSB has yielded a comparatively lower 2.63% annualized return.

USSBX

• 1D: 0.00%
• 1M: -0.22%
• 6M: 0.77%
• YTD: 1.16%
• 1Y: 3.22%
• 3Y*: 5.50%
• 5Y*: 3.13%
• 10Y*: 3.03%
• ALL TIME*: 3.75%

SPSB

• 1D: 0.13%
• 1M: 0.26%
• 6M: 1.13%
• YTD: 1.49%
• 1Y: 3.59%
• 3Y*: 5.28%
• 5Y*: 2.83%
• 10Y*: 2.63%
• ALL TIME*: 2.30%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPSB SPDR Portfolio Short Term Corporate Bond ETF	$112.51M	$100.06M	$93.08M
USSBX USAA Short Term Bond Fund	$0.00	$0.00	$0.00

USSBX vs. SPSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USSBX USAA Short Term Bond Fund	1.16%	5.79%	6.21%	5.99%	-2.95%	1.08%	4.75%	5.00%	1.24%	2.30%
SPSB SPDR Portfolio Short Term Corporate Bond ETF	1.49%	5.86%	5.25%	5.60%	-3.31%	-0.20%	3.83%	5.21%	1.45%	1.58%

Correlation

The correlation between USSBX and SPSB is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Dec 17, 2009	0.44

The correlation between USSBX and SPSB shifts across timeframes, from 0.44 (all time) to 0.70 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USSBX vs. SPSB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USSBX

USSBX Risk / Return Rank: 86
USSBX Sharpe Ratio Rank: 75
USSBX Sortino Ratio Rank: 92
USSBX Omega Ratio Rank: 93
USSBX Calmar Ratio Rank: 83
USSBX Martin Ratio Rank: 86

SPSB

SPSB Risk / Return Rank: 93
SPSB Sharpe Ratio Rank: 94
SPSB Sortino Ratio Rank: 95
SPSB Omega Ratio Rank: 95
SPSB Calmar Ratio Rank: 90
SPSB Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USSBX vs. SPSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Short Term Bond Fund (USSBX) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). 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.

	USSBX	SPSB	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.75	-0.89
Sortino ratio: Return per unit of downside risk	3.48	4.13	-0.64
Omega ratio: Gain probability vs. loss probability	1.50	1.56	-0.06
Calmar ratio: Return relative to maximum drawdown	2.97	4.13	-1.16
Martin ratio: Return relative to average drawdown	11.90	18.68	-6.78

USSBX vs. SPSB - Sharpe Ratio Comparison

The current USSBX Sharpe Ratio is 1.86, which is lower than the SPSB Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of USSBX and SPSB, 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

USSBX vs. SPSB - Drawdown Comparison

The maximum USSBX drawdown since its inception was -6.87%, smaller than the maximum SPSB drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for USSBX and SPSB.

Drawdown Indicators

	USSBX	SPSB	Difference
Max Drawdown Largest peak-to-trough decline	-6.87%	-11.75%	+4.88%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-0.87%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-1.09%	-0.87%	-0.22%
Max Drawdown (5Y) Largest decline over 5 years	-5.11%	-5.96%	+0.85%
Max Drawdown (10Y) Largest decline over 10 years	-5.57%	-11.75%	+6.18%
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.54%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.19%	+0.08%

Volatility

USSBX vs. SPSB - Volatility Comparison

USAA Short Term Bond Fund (USSBX) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB) have volatilities of 0.39% and 0.41%, 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

	USSBX	SPSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.41%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.33%	1.08%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	1.74%	1.31%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.00%	2.00%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.79%	3.06%	-1.27%

USSBX vs. SPSB - Expense Ratio Comparison

USSBX has a 0.54% expense ratio, which is higher than SPSB's 0.07% expense ratio.

Dividends

USSBX vs. SPSB - Dividend Comparison

USSBX's dividend yield for the trailing twelve months is around 4.18%, less than SPSB's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPSB SPDR Portfolio Short Term Corporate Bond ETF	4.36%	4.55%	4.85%	4.05%	1.92%	1.19%	1.94%	2.77%	2.36%	1.94%	1.65%	1.43%
USSBX USAA Short Term Bond Fund	4.18%	4.51%	4.32%	3.37%	2.38%	2.72%	3.41%	2.79%	2.44%	1.94%	1.86%	1.69%

Frequently Asked Questions

Can I hold both USSBX and SPSB in my portfolio?

USSBX and SPSB have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USSBX or SPSB?

SPSB has higher volatility (0.41%) compared to USSBX (0.39%). In terms of maximum drawdown, USSBX dropped -6.87% vs SPSB's -11.75%.

Which has better risk-adjusted returns?

SPSB currently has the higher Sharpe Ratio (2.75 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.