UUSTX vs. TLDIX

Last updated Jun 4, 2026

UUSTX (USAA Ultra Short-Term Bond Fund) and TLDIX (Thornburg Ultra Short Income Fund) are both Ultrashort Bond funds. Over the past 10 years, UUSTX returned 2.97%/yr vs 2.80%/yr for TLDIX. At a 0.45 correlation, their price movements are largely independent. UUSTX charges 0.62%/yr vs 0.76%/yr for TLDIX.

Performance

UUSTX vs. TLDIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with UUSTX having a 1.49% return and TLDIX slightly lower at 1.42%. Over the past 10 years, UUSTX has outperformed TLDIX with an annualized return of 2.97%, while TLDIX has yielded a comparatively lower 2.80% 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%

TLDIX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.42%
• 6M: 1.80%
• 1Y: 4.19%
• 3Y*: 5.07%
• 5Y*: 3.40%
• 10Y*: 2.80%

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

UUSTX vs. TLDIX - 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%
TLDIX Thornburg Ultra Short Income Fund	1.42%	4.84%	5.81%	4.92%	-0.00%	0.32%	3.26%	3.87%	1.90%	1.39%

Correlation

The correlation between UUSTX and TLDIX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.45

The correlation between UUSTX and TLDIX shifts across timeframes, from 0.36 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

UUSTX vs. TLDIX — 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

TLDIX

TLDIX Risk / Return Rank: 99
TLDIX Sharpe Ratio Rank: 96
TLDIX Sortino Ratio Rank: 100
TLDIX Omega Ratio Rank: 100
TLDIX Calmar Ratio Rank: 99
TLDIX Martin Ratio Rank: 100

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. TLDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Ultra Short-Term Bond Fund (UUSTX) and Thornburg Ultra Short Income Fund (TLDIX). 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	TLDIX	Difference
Sharpe ratio: Return per unit of total volatility	3.17	3.55	-0.38
Sortino ratio: Return per unit of downside risk	9.79	15.07	-5.28
Omega ratio: Gain probability vs. loss probability	3.08	5.43	-2.35
Calmar ratio: Return relative to maximum drawdown	7.84	17.12	-9.27
Martin ratio: Return relative to average drawdown	38.33	83.37	-45.04
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. TLDIX - Sharpe Ratio Comparison

The current UUSTX Sharpe Ratio is 3.17, which is comparable to the TLDIX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of UUSTX and TLDIX, 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	TLDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	3.55	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.35	2.61	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.98	2.23	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	2.09	-0.27

Drawdowns

UUSTX vs. TLDIX - Drawdown Comparison

The maximum UUSTX drawdown since its inception was -7.34%, which is greater than TLDIX's maximum drawdown of -3.43%. Use the drawdown chart below to compare losses from any high point for UUSTX and TLDIX.

Drawdown Indicators

	UUSTX	TLDIX	Difference
Max Drawdown Largest peak-to-trough decline	-7.34%	-3.43%	-3.91%
Max Drawdown (1Y) Largest decline over 1 year	-0.59%	-0.25%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-0.59%	-0.25%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-2.53%	-1.39%	-1.14%
Max Drawdown (10Y) Largest decline over 10 years	-7.34%	-3.43%	-3.91%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.27%	-0.16%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.05%	+0.07%

Volatility

UUSTX vs. TLDIX - Volatility Comparison

USAA Ultra Short-Term Bond Fund (UUSTX) has a higher volatility of 0.40% compared to Thornburg Ultra Short Income Fund (TLDIX) at 0.14%. This indicates that UUSTX's price experiences larger fluctuations and is considered to be riskier than TLDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UUSTX	TLDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.14%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	1.04%	0.62%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	1.47%	1.19%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.51%	1.31%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.50%	1.26%	+0.24%

UUSTX vs. TLDIX - Expense Ratio Comparison

UUSTX has a 0.62% expense ratio, which is lower than TLDIX's 0.76% expense ratio.

Dividends

UUSTX vs. TLDIX - Dividend Comparison

UUSTX's dividend yield for the trailing twelve months is around 4.53%, more than TLDIX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TLDIX Thornburg Ultra Short Income Fund	4.44%	4.89%	5.64%	4.12%	2.12%	1.53%	2.32%	2.82%	2.37%	1.62%	1.24%	0.89%
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 TLDIX in my portfolio?

UUSTX and TLDIX have a correlation of 0.36, 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 TLDIX?

UUSTX has higher volatility (0.40%) compared to TLDIX (0.14%). In terms of maximum drawdown, UUSTX dropped -7.34% vs TLDIX's -3.43%.

Which has better risk-adjusted returns?

TLDIX currently has the higher Sharpe Ratio (3.55 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.