USSBX vs. THOPX

Last updated Jun 4, 2026

USSBX (USAA Short Term Bond Fund) and THOPX (Thompson Bond Fund) are both Short-Term Bond funds. Over the past 10 years, USSBX returned 3.10%/yr vs 4.12%/yr for THOPX. A 0.55 correlation means they provide meaningful diversification when combined. USSBX charges 0.54%/yr vs 0.71%/yr for THOPX.

Performance

USSBX vs. THOPX - Performance Comparison

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

Returns By Period

In the year-to-date period, USSBX achieves a 1.11% return, which is significantly higher than THOPX's 1.04% return. Over the past 10 years, USSBX has underperformed THOPX with an annualized return of 3.10%, while THOPX has yielded a comparatively higher 4.12% annualized return.

USSBX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.11%
• 6M: 1.51%
• 1Y: 4.51%
• 3Y*: 5.86%
• 5Y*: 3.19%
• 10Y*: 3.10%

THOPX

• 1D: 0.09%
• 1M: 0.38%
• YTD: 1.04%
• 6M: 1.41%
• 1Y: 6.34%
• 3Y*: 9.01%
• 5Y*: 4.07%
• 10Y*: 4.12%

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

USSBX vs. THOPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USSBX USAA Short Term Bond Fund	1.11%	5.79%	6.21%	5.99%	-2.95%	1.08%	4.75%	5.00%	1.24%	2.30%
THOPX Thompson Bond Fund	1.04%	7.98%	11.54%	6.98%	-7.28%	5.75%	-1.71%	5.56%	1.80%	4.75%

Correlation

The correlation between USSBX and THOPX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 1, 1993	0.55

The correlation between USSBX and THOPX shifts across timeframes, from 0.48 (10 years) to 0.63 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USSBX vs. THOPX — Risk / Return Rank

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

USSBX

USSBX Risk / Return Rank: 87
USSBX Sharpe Ratio Rank: 73
USSBX Sortino Ratio Rank: 94
USSBX Omega Ratio Rank: 93
USSBX Calmar Ratio Rank: 86
USSBX Martin Ratio Rank: 88

THOPX

THOPX Risk / Return Rank: 93
THOPX Sharpe Ratio Rank: 95
THOPX Sortino Ratio Rank: 96
THOPX Omega Ratio Rank: 95
THOPX Calmar Ratio Rank: 88
THOPX Martin Ratio Rank: 89

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.

USSBX vs. THOPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Short Term Bond Fund (USSBX) and Thompson Bond Fund (THOPX). 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.

	USSBX	THOPX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	3.40	-0.91
Sortino ratio: Return per unit of downside risk	4.89	5.23	-0.34
Omega ratio: Gain probability vs. loss probability	1.71	1.77	-0.06
Calmar ratio: Return relative to maximum drawdown	4.16	4.36	-0.20
Martin ratio: Return relative to average drawdown	17.33	17.76	-0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USSBX vs. THOPX - Sharpe Ratio Comparison

The current USSBX Sharpe Ratio is 2.49, which is comparable to the THOPX Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of USSBX and THOPX, 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

	USSBX	THOPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	3.40	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.61	1.89	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.74	1.87	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	1.25	+0.44

Drawdowns

USSBX vs. THOPX - Drawdown Comparison

The maximum USSBX drawdown since its inception was -6.87%, smaller than the maximum THOPX drawdown of -19.45%. Use the drawdown chart below to compare losses from any high point for USSBX and THOPX.

Drawdown Indicators

	USSBX	THOPX	Difference
Max Drawdown Largest peak-to-trough decline	-6.87%	-19.45%	+12.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-1.48%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-1.09%	-1.61%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-5.11%	-8.00%	+2.89%
Max Drawdown (10Y) Largest decline over 10 years	-5.57%	-11.74%	+6.17%
Current Drawdown Current decline from peak	-0.11%	-0.26%	+0.15%
Average Drawdown Average peak-to-trough decline	-0.63%	-1.86%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.36%	-0.10%

Volatility

USSBX vs. THOPX - Volatility Comparison

The current volatility for USAA Short Term Bond Fund (USSBX) is 0.63%, while Thompson Bond Fund (THOPX) has a volatility of 0.84%. This indicates that USSBX experiences smaller price fluctuations and is considered to be less risky than THOPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USSBX	THOPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.84%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	1.36%	1.58%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	1.82%	1.90%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.99%	2.16%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.79%	2.20%	-0.41%

USSBX vs. THOPX - Expense Ratio Comparison

USSBX has a 0.54% expense ratio, which is lower than THOPX's 0.71% expense ratio.

Dividends

USSBX vs. THOPX - Dividend Comparison

USSBX's dividend yield for the trailing twelve months is around 4.54%, less than THOPX's 5.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THOPX Thompson Bond Fund	5.10%	4.90%	5.34%	5.88%	3.93%	3.59%	5.16%	3.48%	3.07%	3.06%	4.24%	4.58%
USSBX USAA Short Term Bond Fund	4.54%	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 THOPX in my portfolio?

USSBX and THOPX 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 THOPX?

THOPX has higher volatility (0.84%) compared to USSBX (0.63%). In terms of maximum drawdown, USSBX dropped -6.87% vs THOPX's -19.45%.

Which has better risk-adjusted returns?

THOPX currently has the higher Sharpe Ratio (3.40 vs 2.49), 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.