USVAX vs. USNQX

Last updated Jun 24, 2026

USVAX (USAA Virginia Bond Fund) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - USVAX is a Municipal Bonds fund managed by Victory, while USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 10 years, USVAX returned 1.87%/yr vs 22.17%/yr for USNQX. At a correlation of -0.09, they often move in opposite directions. USVAX charges 0.55%/yr vs 0.42%/yr for USNQX.

Performance

USVAX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Virginia Bond Fund (USVAX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USVAX achieves a 2.80% return, which is significantly lower than USNQX's 20.37% return. Over the past 10 years, USVAX has underperformed USNQX with an annualized return of 1.87%, while USNQX has yielded a comparatively higher 22.17% annualized return.

USVAX

• 1D: 0.00%
• 1M: 2.31%
• YTD: 2.80%
• 6M: 2.99%
• 1Y: 8.02%
• 3Y*: 3.91%
• 5Y*: 0.95%
• 10Y*: 1.87%

USNQX

• 1D: -0.19%
• 1M: 3.00%
• YTD: 20.37%
• 6M: 18.78%
• 1Y: 39.22%
• 3Y*: 27.25%
• 5Y*: 16.67%
• 10Y*: 22.17%

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

USVAX vs. USNQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USVAX USAA Virginia Bond Fund	2.80%	2.87%	2.56%	6.15%	-9.77%	1.92%	4.61%	6.16%	0.73%	4.58%
USNQX USAA Nasdaq 100 Index Fund	20.37%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between USVAX and USNQX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Oct 27, 2000	-0.09

The correlation between USVAX and USNQX shifts across timeframes, from -0.09 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USVAX vs. USNQX — Risk / Return Rank

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

USVAX

USVAX Risk / Return Rank: 74
USVAX Sharpe Ratio Rank: 83
USVAX Sortino Ratio Rank: 86
USVAX Omega Ratio Rank: 91
USVAX Calmar Ratio Rank: 61
USVAX Martin Ratio Rank: 51

USNQX

USNQX Risk / Return Rank: 69
USNQX Sharpe Ratio Rank: 74
USNQX Sortino Ratio Rank: 61
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 79
USNQX Martin Ratio Rank: 70

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.

USVAX vs. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Virginia Bond Fund (USVAX) and USAA Nasdaq 100 Index Fund (USNQX). 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.

	USVAX	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.31	+0.20
Sortino ratio: Return per unit of downside risk	3.79	3.00	+0.79
Omega ratio: Gain probability vs. loss probability	1.63	1.40	+0.23
Calmar ratio: Return relative to maximum drawdown	2.86	3.39	-0.52
Martin ratio: Return relative to average drawdown	9.91	12.56	-2.65

USVAX vs. USNQX - Sharpe Ratio Comparison

The current USVAX Sharpe Ratio is 2.50, which is comparable to the USNQX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of USVAX and USNQX, 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

USVAX vs. USNQX - Drawdown Comparison

The maximum USVAX drawdown since its inception was -15.08%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for USVAX and USNQX.

Drawdown Indicators

	USVAX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-15.08%	-76.24%	+61.16%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-12.07%	+9.22%
Max Drawdown (3Y) Largest decline over 3 years	-7.99%	-22.88%	+14.89%
Max Drawdown (5Y) Largest decline over 5 years	-15.08%	-36.95%	+21.87%
Max Drawdown (10Y) Largest decline over 10 years	-15.08%	-36.95%	+21.87%
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	-1.85%	-26.70%	+24.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	3.25%	-2.43%

Volatility

USVAX vs. USNQX - Volatility Comparison

The current volatility for USAA Virginia Bond Fund (USVAX) is 0.97%, while USAA Nasdaq 100 Index Fund (USNQX) has a volatility of 8.38%. This indicates that USVAX experiences smaller price fluctuations and is considered to be less risky than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVAX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	8.38%	-7.41%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	14.20%	-11.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.27%	17.75%	-14.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	23.14%	-17.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.47%	22.79%	-18.32%

USVAX vs. USNQX - Expense Ratio Comparison

USVAX has a 0.55% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

USVAX vs. USNQX - Dividend Comparison

USVAX's dividend yield for the trailing twelve months is around 3.17%, more than USNQX's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USNQX USAA Nasdaq 100 Index Fund	2.50%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%
USVAX USAA Virginia Bond Fund	3.17%	3.44%	3.48%	2.81%	2.77%	2.16%	2.56%	2.77%	2.95%	2.95%	3.29%	3.63%

Frequently Asked Questions

Can I hold both USVAX and USNQX in my portfolio?

USVAX and USNQX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USVAX or USNQX?

USNQX has higher volatility (8.38%) compared to USVAX (0.97%). In terms of maximum drawdown, USVAX dropped -15.08% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USVAX currently has the higher Sharpe Ratio (2.50 vs 2.31), 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.