USSTX vs. USSPX
USSTX (USAA Tax Exempt Short Term Fund) and USSPX (USAA 500 Index Fund) are both mutual funds - USSTX is a Municipal Bonds fund managed by Victory, while USSPX is a Large Cap Blend Equities fund managed by Victory. Over the past 10 years, USSTX returned 1.81%/yr vs 15.50%/yr for USSPX. At a correlation of -0.02, they often move in opposite directions. USSTX charges 0.49%/yr vs 0.24%/yr for USSPX.
Performance
USSTX vs. USSPX - Performance Comparison
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Returns By Period
In the year-to-date period, USSTX achieves a 1.12% return, which is significantly lower than USSPX's 10.39% return. Over the past 10 years, USSTX has underperformed USSPX with an annualized return of 1.81%, while USSPX has yielded a comparatively higher 15.50% annualized return.
USSTX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 1.12%
- 6M
- 1.37%
- 1Y
- 3.88%
- 3Y*
- 4.14%
- 5Y*
- 1.90%
- 10Y*
- 1.81%
USSPX
- 1D
- 1.10%
- 1M
- 0.63%
- YTD
- 10.39%
- 6M
- 9.86%
- 1Y
- 26.99%
- 3Y*
- 21.10%
- 5Y*
- 13.74%
- 10Y*
- 15.50%
USSTX vs. USSPX - 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% |
USSPX USAA 500 Index Fund | 10.39% | 17.63% | 25.04% | 26.99% | -19.37% | 27.45% | 21.21% | 31.19% | -4.66% | 21.19% |
Correlation
The correlation between USSTX and USSPX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 1996 | -0.02 |
The correlation between USSTX and USSPX shifts across timeframes, from -0.02 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USSTX vs. USSPX — Risk / Return Rank
USSTX
USSPX
USSTX vs. USSPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Short Term Fund (USSTX) and USAA 500 Index Fund (USSPX). 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.
| USSTX | USSPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 1.38 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.00 | -0.10 |
| Martin ratioReturn relative to average drawdown | 10.28 | 13.48 | -3.20 |
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Drawdowns
USSTX vs. USSPX - Drawdown Comparison
The maximum USSTX drawdown since its inception was -6.82%, smaller than the maximum USSPX drawdown of -55.39%. Use the drawdown chart below to compare losses from any high point for USSTX and USSPX.
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Drawdown Indicators
| USSTX | USSPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.82% | -55.39% | +48.57% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -8.92% | +7.58% |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | -19.64% | +17.69% |
Max Drawdown (5Y)Largest decline over 5 years | -6.82% | -26.88% | +20.06% |
Max Drawdown (10Y)Largest decline over 10 years | -6.82% | -33.64% | +26.82% |
Current DrawdownCurrent decline from peak | -0.17% | -1.37% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -0.67% | -10.12% | +9.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.98% | -1.60% |
Volatility
USSTX vs. USSPX - Volatility Comparison
The current volatility for USAA Tax Exempt Short Term Fund (USSTX) is 0.41%, while USAA 500 Index Fund (USSPX) has a volatility of 4.85%. This indicates that USSTX experiences smaller price fluctuations and is considered to be less risky than USSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USSTX | USSPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 4.85% | -4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1.06% | 9.99% | -8.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.43% | 12.58% | -11.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 17.59% | -15.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.85% | 18.41% | -16.56% |
USSTX vs. USSPX - Expense Ratio Comparison
USSTX has a 0.49% expense ratio, which is higher than USSPX's 0.24% expense ratio.
Dividends
USSTX vs. USSPX - Dividend Comparison
USSTX's dividend yield for the trailing twelve months is around 2.73%, less than USSPX's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USSPX USAA 500 Index Fund | 3.75% | 4.14% | 3.63% | 2.07% | 2.81% | 4.98% | 3.38% | 4.98% | 3.03% | 1.34% | 2.34% | 1.89% |
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
USSTX and USSPX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USSPX has higher volatility (4.85%) compared to USSTX (0.41%). In terms of maximum drawdown, USSTX dropped -6.82% vs USSPX's -55.39%.
USSTX currently has the higher Sharpe Ratio (2.73 vs 2.13), 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.
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