USTEX vs. INDEX
Compare and contrast key facts about USAA Tax Exempt Long Term Fund (USTEX) and Index Funds S&P 500 Equal Weight (INDEX).
USTEX is managed by Victory. It was launched on Mar 18, 1982. INDEX is managed by Fidelity. It was launched on Mar 9, 2017.
Performance
USTEX vs. INDEX - Performance Comparison
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USTEX vs. INDEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTEX USAA Tax Exempt Long Term Fund | -0.83% | 3.60% | 3.51% | 6.91% | -12.39% | 3.53% | 5.45% | 7.49% | 0.82% | 5.44% |
INDEX Index Funds S&P 500 Equal Weight | -7.15% | 17.77% | 24.73% | 10.58% | -11.84% | 29.10% | 12.75% | 28.98% | -7.83% | 18.70% |
Returns By Period
In the year-to-date period, USTEX achieves a -0.83% return, which is significantly higher than INDEX's -7.15% return. Over the past 10 years, USTEX has underperformed INDEX with an annualized return of 2.11%, while INDEX has yielded a comparatively higher 11.36% annualized return.
USTEX
- 1D
- 0.08%
- 1M
- -3.19%
- YTD
- -0.83%
- 6M
- 1.35%
- 1Y
- 3.25%
- 3Y*
- 3.42%
- 5Y*
- 0.61%
- 10Y*
- 2.11%
INDEX
- 1D
- -0.40%
- 1M
- -7.68%
- YTD
- -7.15%
- 6M
- -4.57%
- 1Y
- 14.28%
- 3Y*
- 13.53%
- 5Y*
- 9.06%
- 10Y*
- 11.36%
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USTEX vs. INDEX - Expense Ratio Comparison
USTEX has a 0.46% expense ratio, which is higher than INDEX's 0.25% expense ratio.
Return for Risk
USTEX vs. INDEX — Risk / Return Rank
USTEX
INDEX
USTEX vs. INDEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Long Term Fund (USTEX) and Index Funds S&P 500 Equal Weight (INDEX). 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.
| USTEX | INDEX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.48 | 0.83 | -0.35 |
Sortino ratioReturn per unit of downside risk | 0.68 | 1.29 | -0.62 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.20 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.58 | 1.05 | -0.47 |
Martin ratioReturn relative to average drawdown | 1.59 | 5.10 | -3.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USTEX | INDEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.48 | 0.83 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | 0.55 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.61 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.54 | +0.36 |
Correlation
The correlation between USTEX and INDEX is -0.05. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
USTEX vs. INDEX - Dividend Comparison
USTEX's dividend yield for the trailing twelve months is around 3.78%, more than INDEX's 1.12% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USTEX USAA Tax Exempt Long Term Fund | 3.78% | 4.04% | 4.29% | 3.33% | 3.42% | 2.66% | 3.39% | 3.42% | 3.78% | 3.54% | 4.13% | 3.86% |
INDEX Index Funds S&P 500 Equal Weight | 1.12% | 1.04% | 1.97% | 1.56% | 3.25% | 1.81% | 1.53% | 1.61% | 3.09% | 1.15% | 0.00% | 0.00% |
Drawdowns
USTEX vs. INDEX - Drawdown Comparison
The maximum USTEX drawdown since its inception was -20.42%, smaller than the maximum INDEX drawdown of -38.82%. Use the drawdown chart below to compare losses from any high point for USTEX and INDEX.
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Drawdown Indicators
| USTEX | INDEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.42% | -38.82% | +18.40% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -12.10% | +5.02% |
Max Drawdown (5Y)Largest decline over 5 years | -17.95% | -21.52% | +3.57% |
Max Drawdown (10Y)Largest decline over 10 years | -17.95% | -38.82% | +20.87% |
Current DrawdownCurrent decline from peak | -3.19% | -8.93% | +5.74% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -4.69% | +1.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.49% | +0.08% |
Volatility
USTEX vs. INDEX - Volatility Comparison
The current volatility for USAA Tax Exempt Long Term Fund (USTEX) is 1.09%, while Index Funds S&P 500 Equal Weight (INDEX) has a volatility of 4.25%. This indicates that USTEX experiences smaller price fluctuations and is considered to be less risky than INDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USTEX | INDEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 4.25% | -3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.94% | 9.02% | -7.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 18.09% | -9.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.66% | 16.71% | -11.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.03% | 18.62% | -13.59% |