USSTX vs. USBLX

Last updated Jun 4, 2026

USSTX (USAA Tax Exempt Short Term Fund) and USBLX (USAA Growth and Tax Strategy Fund) are both mutual funds - USSTX is a Municipal Bonds fund managed by Victory, while USBLX is a Diversified Portfolio fund managed by Victory. Over the past 10 years, USSTX returned 1.82%/yr vs 8.29%/yr for USBLX. At a 0.13 correlation, their price movements are largely independent. USSTX charges 0.49%/yr vs 0.58%/yr for USBLX.

Performance

USSTX vs. USBLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Tax Exempt Short Term Fund (USSTX) and USAA Growth and Tax Strategy Fund (USBLX). 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 USBLX's 6.70% return. Over the past 10 years, USSTX has underperformed USBLX with an annualized return of 1.82%, while USBLX has yielded a comparatively higher 8.29% 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%

USBLX

• 1D: 0.19%
• 1M: 3.23%
• YTD: 6.70%
• 6M: 6.67%
• 1Y: 17.71%
• 3Y*: 13.04%
• 5Y*: 6.93%
• 10Y*: 8.29%

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

USSTX vs. USBLX - 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%
USBLX USAA Growth and Tax Strategy Fund	6.70%	10.30%	13.32%	16.10%	-15.82%	14.80%	10.78%	18.46%	-1.95%	13.48%

Correlation

The correlation between USSTX and USBLX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 12, 1989	0.13

The correlation between USSTX and USBLX shifts across timeframes, from 0.13 (all time) to 0.26 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

USSTX vs. USBLX — 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

USBLX

USBLX Risk / Return Rank: 84
USBLX Sharpe Ratio Rank: 89
USBLX Sortino Ratio Rank: 87
USBLX Omega Ratio Rank: 83
USBLX Calmar Ratio Rank: 76
USBLX Martin Ratio Rank: 87

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. USBLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Short Term Fund (USSTX) and USAA Growth and Tax Strategy Fund (USBLX). 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	USBLX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.89	-0.03
Sortino ratio: Return per unit of downside risk	5.12	4.17	+0.95
Omega ratio: Gain probability vs. loss probability	1.90	1.55	+0.35
Calmar ratio: Return relative to maximum drawdown	3.05	3.44	-0.39
Martin ratio: Return relative to average drawdown	10.88	16.87	-5.99
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. USBLX - Sharpe Ratio Comparison

The current USSTX Sharpe Ratio is 2.86, which is comparable to the USBLX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of USSTX and USBLX, 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	USBLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	2.89	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.81	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.92	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	0.82	+0.73

Drawdowns

USSTX vs. USBLX - Drawdown Comparison

The maximum USSTX drawdown since its inception was -6.82%, smaller than the maximum USBLX drawdown of -33.49%. Use the drawdown chart below to compare losses from any high point for USSTX and USBLX.

Drawdown Indicators

	USSTX	USBLX	Difference
Max Drawdown Largest peak-to-trough decline	-6.82%	-33.49%	+26.67%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-5.24%	+3.90%
Max Drawdown (3Y) Largest decline over 3 years	-1.95%	-11.66%	+9.71%
Max Drawdown (5Y) Largest decline over 5 years	-6.82%	-20.51%	+13.69%
Max Drawdown (10Y) Largest decline over 10 years	-6.82%	-21.93%	+15.11%
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-0.67%	-4.30%	+3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	1.07%	-0.69%

Volatility

USSTX vs. USBLX - Volatility Comparison

The current volatility for USAA Tax Exempt Short Term Fund (USSTX) is 0.50%, while USAA Growth and Tax Strategy Fund (USBLX) has a volatility of 1.77%. This indicates that USSTX experiences smaller price fluctuations and is considered to be less risky than USBLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USSTX	USBLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	1.77%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	4.86%	-3.78%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	6.22%	-4.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.99%	8.65%	-6.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.85%	9.09%	-7.24%

USSTX vs. USBLX - Expense Ratio Comparison

USSTX has a 0.49% expense ratio, which is lower than USBLX's 0.58% expense ratio.

Dividends

USSTX vs. USBLX - Dividend Comparison

USSTX's dividend yield for the trailing twelve months is around 2.73%, more than USBLX's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USBLX USAA Growth and Tax Strategy Fund	2.01%	1.96%	2.28%	2.11%	1.74%	1.66%	1.88%	1.95%	2.73%	2.16%	2.31%	2.69%
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 USBLX in my portfolio?

USSTX and USBLX have a correlation of 0.26, 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 USBLX?

USBLX has higher volatility (1.77%) compared to USSTX (0.50%). In terms of maximum drawdown, USSTX dropped -6.82% vs USBLX's -33.49%.

Which has better risk-adjusted returns?

USBLX currently has the higher Sharpe Ratio (2.89 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.