USSPX vs. URFRX

Last updated Jun 24, 2026

USSPX (USAA 500 Index Fund) and URFRX (USAA Target Retirement 2040 Fund) are both mutual funds - USSPX is a Large Cap Blend Equities fund managed by Victory, while URFRX is a Target Retirement Date fund managed by Victory. Over the past 10 years, USSPX returned 15.72%/yr vs 9.81%/yr for URFRX. Their correlation of 0.93 suggests significant overlap in exposure. USSPX charges 0.24%/yr vs 0.02%/yr for URFRX.

Performance

USSPX vs. URFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA 500 Index Fund (USSPX) and USAA Target Retirement 2040 Fund (URFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USSPX achieves a 9.96% return, which is significantly lower than URFRX's 10.97% return. Over the past 10 years, USSPX has outperformed URFRX with an annualized return of 15.72%, while URFRX has yielded a comparatively lower 9.81% annualized return.

USSPX

• 1D: -0.39%
• 1M: 0.24%
• YTD: 9.96%
• 6M: 8.96%
• 1Y: 25.33%
• 3Y*: 21.51%
• 5Y*: 13.25%
• 10Y*: 15.72%

URFRX

• 1D: 0.13%
• 1M: 2.27%
• YTD: 10.97%
• 6M: 10.35%
• 1Y: 22.53%
• 3Y*: 16.10%
• 5Y*: 8.47%
• 10Y*: 9.81%

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

USSPX vs. URFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USSPX USAA 500 Index Fund	9.96%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%
URFRX USAA Target Retirement 2040 Fund	10.97%	17.49%	10.37%	16.75%	-14.86%	15.88%	9.22%	19.57%	-8.52%	18.48%

Correlation

The correlation between USSPX and URFRX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 4, 2008	0.93

The correlation between USSPX and URFRX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

USSPX vs. URFRX — Risk / Return Rank

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

USSPX

USSPX Risk / Return Rank: 63
USSPX Sharpe Ratio Rank: 61
USSPX Sortino Ratio Rank: 55
USSPX Omega Ratio Rank: 57
USSPX Calmar Ratio Rank: 66
USSPX Martin Ratio Rank: 76

URFRX

URFRX Risk / Return Rank: 77
URFRX Sharpe Ratio Rank: 76
URFRX Sortino Ratio Rank: 74
URFRX Omega Ratio Rank: 73
URFRX Calmar Ratio Rank: 79
URFRX Martin Ratio Rank: 84

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.

USSPX vs. URFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA 500 Index Fund (USSPX) and USAA Target Retirement 2040 Fund (URFRX). 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.

	USSPX	URFRX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.33	-0.21
Sortino ratio: Return per unit of downside risk	2.86	3.28	-0.42
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	2.98	3.39	-0.41
Martin ratio: Return relative to average drawdown	13.36	14.63	-1.26

USSPX vs. URFRX - Sharpe Ratio Comparison

The current USSPX Sharpe Ratio is 2.12, which is comparable to the URFRX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of USSPX and URFRX, 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

USSPX vs. URFRX - Drawdown Comparison

The maximum USSPX drawdown since its inception was -55.39%, which is greater than URFRX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for USSPX and URFRX.

Drawdown Indicators

	USSPX	URFRX	Difference
Max Drawdown Largest peak-to-trough decline	-55.39%	-39.33%	-16.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-6.88%	-2.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-12.41%	-7.23%
Max Drawdown (5Y) Largest decline over 5 years	-26.88%	-22.27%	-4.61%
Max Drawdown (10Y) Largest decline over 10 years	-33.64%	-28.59%	-5.05%
Current Drawdown Current decline from peak	-1.75%	-0.38%	-1.37%
Average Drawdown Average peak-to-trough decline	-10.12%	-5.17%	-4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.59%	+0.40%

Volatility

USSPX vs. URFRX - Volatility Comparison

USAA 500 Index Fund (USSPX) has a higher volatility of 4.76% compared to USAA Target Retirement 2040 Fund (URFRX) at 4.04%. This indicates that USSPX's price experiences larger fluctuations and is considered to be riskier than URFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USSPX	URFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.04%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	8.33%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	10.04%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.59%	12.41%	+5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	13.11%	+5.30%

USSPX vs. URFRX - Expense Ratio Comparison

USSPX has a 0.24% expense ratio, which is higher than URFRX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USSPX vs. URFRX - Dividend Comparison

USSPX's dividend yield for the trailing twelve months is around 3.77%, less than URFRX's 6.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
URFRX USAA Target Retirement 2040 Fund	6.35%	7.05%	2.78%	3.94%	10.68%	7.78%	5.49%	12.74%	9.99%	6.53%	3.95%	2.55%
USSPX USAA 500 Index Fund	3.77%	4.14%	3.63%	2.07%	2.81%	4.98%	3.38%	4.98%	3.03%	1.34%	2.34%	1.89%

Frequently Asked Questions

Can I hold both USSPX and URFRX in my portfolio?

With a correlation of 0.93, USSPX and URFRX 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.

Which is riskier, USSPX or URFRX?

USSPX has higher volatility (4.76%) compared to URFRX (4.04%). In terms of maximum drawdown, USSPX dropped -55.39% vs URFRX's -39.33%.

Which has better risk-adjusted returns?

URFRX currently has the higher Sharpe Ratio (2.33 vs 2.12), 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.