USTEX vs. USSPX

Last updated Aug 1, 2026

USTEX (USAA Tax Exempt Long Term Fund) and USSPX (Victory 500 Index Fund Member Shares) are both mutual funds - USTEX is a Municipal Bonds fund managed by Victory, while USSPX is a Large Cap Blend Equities fund tracking the Victory US Large Cap 500 Index. Over the past 10 years, USTEX returned 2.04%/yr vs 15.05%/yr for USSPX. Their -0.07 correlation means they have often moved in opposite directions in the past. USTEX charges 0.46%/yr vs 0.23%/yr for USSPX.

Performance

USTEX vs. USSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Tax Exempt Long Term Fund (USTEX) and Victory 500 Index Fund Member Shares (USSPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USTEX achieves a 1.06% return, which is significantly lower than USSPX's 10.08% return. Over the past 10 years, USTEX has underperformed USSPX with an annualized return of 2.04%, while USSPX has yielded a comparatively higher 15.05% annualized return.

USTEX

• 1D: -0.33%
• 1M: -2.38%
• 6M: 0.25%
• YTD: 1.06%
• 1Y: 6.75%
• 3Y*: 3.84%
• 5Y*: 0.27%
• 10Y*: 2.04%
• ALL TIME*: 4.54%

USSPX

• 1D: 0.68%
• 1M: -0.04%
• 6M: 8.06%
• YTD: 10.08%
• 1Y: 21.10%
• 3Y*: 19.42%
• 5Y*: 12.45%
• 10Y*: 15.05%
• ALL TIME*: 10.20%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USSPX Victory 500 Index Fund Member Shares	$0.00	$0.00	$0.00
USTEX USAA Tax Exempt Long Term Fund	$0.00	$0.00	$0.00

USTEX vs. USSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USTEX USAA Tax Exempt Long Term Fund	1.06%	3.60%	3.51%	6.91%	-12.39%	3.53%	5.45%	7.49%	0.82%	5.44%
USSPX Victory 500 Index Fund Member Shares	10.08%	17.63%	25.04%	26.99%	-19.37%	27.45%	21.21%	31.19%	-4.66%	21.19%

Correlation

The correlation between USTEX and USSPX is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.03
Correlation (All Time) Calculated using the full available price history since Apr 30, 1996	-0.07

The correlation between USTEX and USSPX shifts across timeframes, from -0.07 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USTEX vs. USSPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USTEX

USTEX Risk / Return Rank: 83
USTEX Sharpe Ratio Rank: 90
USTEX Sortino Ratio Rank: 91
USTEX Omega Ratio Rank: 93
USTEX Calmar Ratio Rank: 74
USTEX Martin Ratio Rank: 68

USSPX

USSPX Risk / Return Rank: 55
USSPX Sharpe Ratio Rank: 52
USSPX Sortino Ratio Rank: 48
USSPX Omega Ratio Rank: 48
USSPX Calmar Ratio Rank: 57
USSPX Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USTEX vs. USSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Tax Exempt Long Term Fund (USTEX) and Victory 500 Index Fund Member Shares (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.

	USTEX	USSPX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.48	+0.80
Sortino ratio: Return per unit of downside risk	3.47	2.06	+1.41
Omega ratio: Gain probability vs. loss probability	1.55	1.26	+0.28
Calmar ratio: Return relative to maximum drawdown	2.41	2.15	+0.26
Martin ratio: Return relative to average drawdown	8.43	9.11	-0.67

USTEX vs. USSPX - Sharpe Ratio Comparison

The current USTEX Sharpe Ratio is 2.27, which is higher than the USSPX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of USTEX and USSPX, 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

USTEX vs. USSPX - Drawdown Comparison

The maximum USTEX drawdown since its inception was -20.42%, smaller than the maximum USSPX drawdown of -55.39%. Use the drawdown chart below to compare losses from any high point for USTEX and USSPX.

Drawdown Indicators

	USTEX	USSPX	Difference
Max Drawdown Largest peak-to-trough decline	-20.42%	-55.39%	+34.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.27%	-8.92%	+5.65%
Max Drawdown (3Y) Largest decline over 3 years	-7.83%	-19.64%	+11.81%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-26.88%	+8.99%
Max Drawdown (10Y) Largest decline over 10 years	-17.95%	-33.64%	+15.69%
Current Drawdown Current decline from peak	-2.45%	-1.64%	-0.81%
Average Drawdown Average peak-to-trough decline	-2.84%	-10.09%	+7.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	2.10%	-1.17%

Volatility

USTEX vs. USSPX - Volatility Comparison

The current volatility for USAA Tax Exempt Long Term Fund (USTEX) is 1.33%, while Victory 500 Index Fund Member Shares (USSPX) has a volatility of 3.56%. This indicates that USTEX 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.

Volatility by Period

	USTEX	USSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	3.56%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	10.23%	-7.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.48%	12.99%	-9.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.74%	17.61%	-11.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	18.37%	-13.30%

USTEX vs. USSPX - Expense Ratio Comparison

USTEX has a 0.46% expense ratio, which is higher than USSPX's 0.23% expense ratio.

Dividends

USTEX vs. USSPX - Dividend Comparison

USTEX's dividend yield for the trailing twelve months is around 3.39%, less than USSPX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USSPX Victory 500 Index Fund Member Shares	3.76%	4.14%	3.63%	2.07%	2.81%	4.98%	3.38%	4.98%	3.03%	1.34%	2.34%	1.89%
USTEX USAA Tax Exempt Long Term Fund	3.39%	4.04%	4.29%	3.33%	3.42%	2.66%	3.39%	3.42%	3.78%	3.54%	4.13%	3.86%

Frequently Asked Questions

Can I hold both USTEX and USSPX in my portfolio?

USTEX and USSPX 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, USTEX or USSPX?

USSPX has higher volatility (3.56%) compared to USTEX (1.33%). In terms of maximum drawdown, USTEX dropped -20.42% vs USSPX's -55.39%.

Which has better risk-adjusted returns?

USTEX currently has the higher Sharpe Ratio (2.27 vs 1.48), 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.