UVALX vs. ADVGX

Last updated Jul 3, 2026

UVALX (USAA Value Fund) and ADVGX (North Square Advisory Research Small Cap Value Fund) are both Large Cap Value Equities funds. Over the past 10 years, UVALX returned 10.72%/yr vs 12.89%/yr for ADVGX. Their correlation of 0.91 suggests significant overlap in exposure. UVALX charges 0.92%/yr vs 0.95%/yr for ADVGX.

Performance

UVALX vs. ADVGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Value Fund (UVALX) and North Square Advisory Research Small Cap Value Fund (ADVGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVALX achieves a 9.52% return, which is significantly lower than ADVGX's 24.89% return. Over the past 10 years, UVALX has underperformed ADVGX with an annualized return of 10.72%, while ADVGX has yielded a comparatively higher 12.89% annualized return.

UVALX

• 1D: 0.57%
• 1M: 1.96%
• 6M: 9.52%
• YTD: 9.52%
• 1Y: 19.16%
• 3Y*: 16.45%
• 5Y*: 10.72%
• 10Y*: 10.72%

ADVGX

• 1D: -0.48%
• 1M: 12.08%
• 6M: 24.89%
• YTD: 24.89%
• 1Y: 30.68%
• 3Y*: 21.21%
• 5Y*: 12.11%
• 10Y*: 12.89%

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

UVALX vs. ADVGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UVALX USAA Value Fund	9.52%	16.13%	15.51%	13.92%	-5.71%	25.92%	-1.04%	24.92%	-12.89%	15.20%
ADVGX North Square Advisory Research Small Cap Value Fund	24.89%	7.13%	15.52%	20.90%	-12.98%	29.94%	-2.61%	27.64%	-3.27%	19.60%

Correlation

The correlation between UVALX and ADVGX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.91

The correlation between UVALX and ADVGX shifts across timeframes, from 0.76 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UVALX vs. ADVGX — Risk / Return Rank

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

UVALX

UVALX Risk / Return Rank: 66
UVALX Sharpe Ratio Rank: 63
UVALX Sortino Ratio Rank: 68
UVALX Omega Ratio Rank: 58
UVALX Calmar Ratio Rank: 71
UVALX Martin Ratio Rank: 68

ADVGX

ADVGX Risk / Return Rank: 48
ADVGX Sharpe Ratio Rank: 53
ADVGX Sortino Ratio Rank: 59
ADVGX Omega Ratio Rank: 46
ADVGX Calmar Ratio Rank: 49
ADVGX Martin Ratio Rank: 33

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.

UVALX vs. ADVGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Value Fund (UVALX) and North Square Advisory Research Small Cap Value Fund (ADVGX). 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.

	UVALX	ADVGX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.71	+0.11
Sortino ratio: Return per unit of downside risk	2.69	2.52	+0.16
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.69	2.22	+0.47
Martin ratio: Return relative to average drawdown	10.51	5.91	+4.60

UVALX vs. ADVGX - Sharpe Ratio Comparison

The current UVALX Sharpe Ratio is 1.82, which is comparable to the ADVGX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of UVALX and ADVGX, 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

UVALX vs. ADVGX - Drawdown Comparison

The maximum UVALX drawdown since its inception was -57.15%, which is greater than ADVGX's maximum drawdown of -41.34%. Use the drawdown chart below to compare losses from any high point for UVALX and ADVGX.

Drawdown Indicators

	UVALX	ADVGX	Difference
Max Drawdown Largest peak-to-trough decline	-57.15%	-41.34%	-15.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-14.92%	+7.65%
Max Drawdown (3Y) Largest decline over 3 years	-21.91%	-27.69%	+5.78%
Max Drawdown (5Y) Largest decline over 5 years	-21.91%	-27.69%	+5.78%
Max Drawdown (10Y) Largest decline over 10 years	-40.63%	-41.34%	+0.71%
Current Drawdown Current decline from peak	0.00%	-0.48%	+0.48%
Average Drawdown Average peak-to-trough decline	-8.17%	-5.54%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	5.59%	-3.73%

Volatility

UVALX vs. ADVGX - Volatility Comparison

The current volatility for USAA Value Fund (UVALX) is 3.17%, while North Square Advisory Research Small Cap Value Fund (ADVGX) has a volatility of 5.31%. This indicates that UVALX experiences smaller price fluctuations and is considered to be less risky than ADVGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVALX	ADVGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	5.31%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	14.37%	-6.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	19.50%	-8.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.75%	21.55%	-4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	21.06%	-2.64%

UVALX vs. ADVGX - Expense Ratio Comparison

UVALX has a 0.92% expense ratio, which is lower than ADVGX's 0.95% expense ratio.

Dividends

UVALX vs. ADVGX - Dividend Comparison

UVALX's dividend yield for the trailing twelve months is around 10.02%, more than ADVGX's 4.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADVGX North Square Advisory Research Small Cap Value Fund	4.55%	5.68%	1.16%	0.85%	6.87%	7.52%	11.47%	11.43%	41.46%	9.66%	7.34%	19.79%
UVALX USAA Value Fund	10.02%	10.97%	14.09%	1.23%	8.14%	5.99%	1.58%	28.71%	14.41%	7.33%	4.28%	5.51%

Frequently Asked Questions

Can I hold both UVALX and ADVGX in my portfolio?

UVALX and ADVGX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVALX or ADVGX?

ADVGX has higher volatility (5.31%) compared to UVALX (3.17%). In terms of maximum drawdown, UVALX dropped -57.15% vs ADVGX's -41.34%.

Which has better risk-adjusted returns?

UVALX currently has the higher Sharpe Ratio (1.82 vs 1.71), 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.