UUSTX vs. SEMRX

Last updated Jun 4, 2026

UUSTX (USAA Ultra Short-Term Bond Fund) and SEMRX (Semper Short Duration Fund) are both Ultrashort Bond funds. Over the past 10 years, UUSTX returned 2.97%/yr vs 3.40%/yr for SEMRX. At a 0.37 correlation, their price movements are largely independent. UUSTX charges 0.62%/yr vs 0.85%/yr for SEMRX.

Performance

UUSTX vs. SEMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Ultra Short-Term Bond Fund (UUSTX) and Semper Short Duration Fund (SEMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UUSTX achieves a 1.49% return, which is significantly lower than SEMRX's 2.15% return. Over the past 10 years, UUSTX has underperformed SEMRX with an annualized return of 2.97%, while SEMRX has yielded a comparatively higher 3.40% annualized return.

UUSTX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.49%
• 6M: 1.98%
• 1Y: 4.64%
• 3Y*: 5.56%
• 5Y*: 3.53%
• 10Y*: 2.97%

SEMRX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 2.15%
• 6M: 2.54%
• 1Y: 5.95%
• 3Y*: 7.31%
• 5Y*: 4.82%
• 10Y*: 3.40%

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

UUSTX vs. SEMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UUSTX USAA Ultra Short-Term Bond Fund	1.49%	5.25%	6.20%	5.57%	-0.69%	0.78%	3.00%	4.37%	1.58%	1.51%
SEMRX Semper Short Duration Fund	2.15%	6.47%	8.21%	8.76%	-1.69%	1.93%	-1.19%	3.48%	2.11%	2.74%

Correlation

The correlation between UUSTX and SEMRX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.37

The correlation between UUSTX and SEMRX shifts across timeframes, from 0.37 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UUSTX vs. SEMRX — Risk / Return Rank

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

UUSTX

UUSTX Risk / Return Rank: 97
UUSTX Sharpe Ratio Rank: 93
UUSTX Sortino Ratio Rank: 99
UUSTX Omega Ratio Rank: 99
UUSTX Calmar Ratio Rank: 98
UUSTX Martin Ratio Rank: 98

SEMRX

SEMRX Risk / Return Rank: 98
SEMRX Sharpe Ratio Rank: 93
SEMRX Sortino Ratio Rank: 99
SEMRX Omega Ratio Rank: 99
SEMRX Calmar Ratio Rank: 99
SEMRX Martin Ratio Rank: 99

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.

UUSTX vs. SEMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Ultra Short-Term Bond Fund (UUSTX) and Semper Short Duration Fund (SEMRX). 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.

	UUSTX	SEMRX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	3.19	-0.02
Sortino ratio: Return per unit of downside risk	9.79	10.68	-0.89
Omega ratio: Gain probability vs. loss probability	3.08	3.05	+0.03
Calmar ratio: Return relative to maximum drawdown	7.84	11.44	-3.59
Martin ratio: Return relative to average drawdown	38.33	47.40	-9.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UUSTX vs. SEMRX - Sharpe Ratio Comparison

The current UUSTX Sharpe Ratio is 3.17, which is comparable to the SEMRX Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of UUSTX and SEMRX, 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

	UUSTX	SEMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	3.19	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.35	2.64	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.98	1.48	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	1.27	+0.56

Drawdowns

UUSTX vs. SEMRX - Drawdown Comparison

The maximum UUSTX drawdown since its inception was -7.34%, smaller than the maximum SEMRX drawdown of -13.09%. Use the drawdown chart below to compare losses from any high point for UUSTX and SEMRX.

Drawdown Indicators

	UUSTX	SEMRX	Difference
Max Drawdown Largest peak-to-trough decline	-7.34%	-13.09%	+5.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.59%	-0.52%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-0.59%	-0.63%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-2.53%	-4.05%	+1.52%
Max Drawdown (10Y) Largest decline over 10 years	-7.34%	-13.09%	+5.75%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.27%	-0.63%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.13%	-0.01%

Volatility

UUSTX vs. SEMRX - Volatility Comparison

The current volatility for USAA Ultra Short-Term Bond Fund (UUSTX) is 0.40%, while Semper Short Duration Fund (SEMRX) has a volatility of 0.48%. This indicates that UUSTX experiences smaller price fluctuations and is considered to be less risky than SEMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUSTX	SEMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.48%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	1.27%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	1.87%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.51%	1.83%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.50%	2.31%	-0.81%

UUSTX vs. SEMRX - Expense Ratio Comparison

UUSTX has a 0.62% expense ratio, which is lower than SEMRX's 0.85% expense ratio.

Dividends

UUSTX vs. SEMRX - Dividend Comparison

UUSTX's dividend yield for the trailing twelve months is around 4.53%, less than SEMRX's 5.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMRX Semper Short Duration Fund	5.67%	5.94%	6.13%	6.05%	3.22%	1.71%	1.95%	2.90%	2.70%	2.20%	3.03%	2.35%
UUSTX USAA Ultra Short-Term Bond Fund	4.53%	4.81%	5.30%	3.87%	2.01%	0.87%	2.10%	2.66%	2.38%	1.60%	1.31%	1.33%

Frequently Asked Questions

Can I hold both UUSTX and SEMRX in my portfolio?

UUSTX and SEMRX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UUSTX or SEMRX?

SEMRX has higher volatility (0.48%) compared to UUSTX (0.40%). In terms of maximum drawdown, UUSTX dropped -7.34% vs SEMRX's -13.09%.

Which has better risk-adjusted returns?

SEMRX currently has the higher Sharpe Ratio (3.19 vs 3.17), 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.