USSTX vs. TRBUX

Last updated Jun 4, 2026

USSTX (USAA Tax Exempt Short Term Fund) and TRBUX (T. Rowe Price Ultra Short-Term Bond Fund) are both mutual funds - USSTX is a Municipal Bonds fund managed by Victory, while TRBUX is a Ultrashort Bond fund managed by T. Rowe Price. Over the past 10 years, USSTX returned 1.82%/yr vs 3.31%/yr for TRBUX. At a 0.30 correlation, their price movements are largely independent. USSTX charges 0.49%/yr vs 0.31%/yr for TRBUX.

Performance

USSTX vs. TRBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Tax Exempt Short Term Fund (USSTX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USSTX achieves a 1.12% return, which is significantly lower than TRBUX's 1.59% return. Over the past 10 years, USSTX has underperformed TRBUX with an annualized return of 1.82%, while TRBUX has yielded a comparatively higher 3.31% annualized return.

USSTX

• 1D: 0.10%
• 1M: 0.43%
• YTD: 1.12%
• 6M: 1.46%
• 1Y: 4.08%
• 3Y*: 4.17%
• 5Y*: 1.90%
• 10Y*: 1.82%

TRBUX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.59%
• 6M: 2.58%
• 1Y: 6.43%
• 3Y*: 6.82%
• 5Y*: 4.32%
• 10Y*: 3.31%

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

USSTX vs. TRBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USSTX USAA Tax Exempt Short Term Fund	1.12%	4.73%	3.65%	4.11%	-4.15%	1.23%	2.38%	2.69%	1.60%	1.81%
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	1.59%	6.88%	7.88%	6.99%	-1.28%	0.22%	3.11%	3.60%	1.88%	1.83%

Correlation

The correlation between USSTX and TRBUX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	0.30

The correlation between USSTX and TRBUX shifts across timeframes, from 0.20 (1 year) to 0.30 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

USSTX vs. TRBUX — Risk / Return Rank

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

USSTX

USSTX Risk / Return Rank: 79
USSTX Sharpe Ratio Rank: 87
USSTX Sortino Ratio Rank: 95
USSTX Omega Ratio Rank: 97
USSTX Calmar Ratio Rank: 62
USSTX Martin Ratio Rank: 54

TRBUX

TRBUX Risk / Return Rank: 99
TRBUX Sharpe Ratio Rank: 98
TRBUX Sortino Ratio Rank: 99
TRBUX Omega Ratio Rank: 99
TRBUX Calmar Ratio Rank: 99
TRBUX Martin Ratio Rank: 99

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.

USSTX vs. TRBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Short Term Fund (USSTX) and T. Rowe Price Ultra Short-Term Bond Fund (TRBUX). 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.

	USSTX	TRBUX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	3.90	-1.04
Sortino ratio: Return per unit of downside risk	5.12	10.21	-5.09
Omega ratio: Gain probability vs. loss probability	1.90	4.18	-2.28
Calmar ratio: Return relative to maximum drawdown	3.05	16.93	-13.88
Martin ratio: Return relative to average drawdown	10.88	65.96	-55.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USSTX vs. TRBUX - Sharpe Ratio Comparison

The current USSTX Sharpe Ratio is 2.86, which is comparable to the TRBUX Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of USSTX and TRBUX, 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

	USSTX	TRBUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	3.90	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	2.60	-1.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	2.21	-1.23
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.96	-0.40

Drawdowns

USSTX vs. TRBUX - Drawdown Comparison

The maximum USSTX drawdown since its inception was -6.82%, which is greater than TRBUX's maximum drawdown of -4.15%. Use the drawdown chart below to compare losses from any high point for USSTX and TRBUX.

Drawdown Indicators

	USSTX	TRBUX	Difference
Max Drawdown Largest peak-to-trough decline	-6.82%	-4.15%	-2.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-0.39%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-1.95%	-0.78%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-6.82%	-2.68%	-4.14%
Max Drawdown (10Y) Largest decline over 10 years	-6.82%	-4.15%	-2.67%
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-0.67%	-0.21%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.10%	+0.28%

Volatility

USSTX vs. TRBUX - Volatility Comparison

The current volatility for USAA Tax Exempt Short Term Fund (USSTX) is 0.50%, while T. Rowe Price Ultra Short-Term Bond Fund (TRBUX) has a volatility of 0.68%. This indicates that USSTX experiences smaller price fluctuations and is considered to be less risky than TRBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USSTX	TRBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	0.68%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	1.18%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	1.71%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.99%	1.68%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.85%	1.50%	+0.35%

USSTX vs. TRBUX - Expense Ratio Comparison

USSTX has a 0.49% expense ratio, which is higher than TRBUX's 0.31% expense ratio.

Dividends

USSTX vs. TRBUX - Dividend Comparison

USSTX's dividend yield for the trailing twelve months is around 2.73%, less than TRBUX's 6.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRBUX T. Rowe Price Ultra Short-Term Bond Fund	6.03%	6.23%	6.36%	4.48%	1.53%	1.21%	1.86%	2.73%	2.47%	1.62%	1.18%	0.81%
USSTX USAA Tax Exempt Short Term Fund	2.73%	3.04%	3.38%	2.50%	1.89%	1.13%	1.48%	1.79%	1.78%	1.50%	1.42%	1.52%

Frequently Asked Questions

Can I hold both USSTX and TRBUX in my portfolio?

USSTX and TRBUX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USSTX or TRBUX?

TRBUX has higher volatility (0.68%) compared to USSTX (0.50%). In terms of maximum drawdown, USSTX dropped -6.82% vs TRBUX's -4.15%.

Which has better risk-adjusted returns?

TRBUX currently has the higher Sharpe Ratio (3.90 vs 2.86), 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.