UVALX vs. FLCOX

Last updated Aug 1, 2026

UVALX (USAA Value Fund) and FLCOX (Fidelity Large Cap Value Index Fund) are both Large Cap Value Equities funds. Over the past 5 years, UVALX returned 11.54%/yr vs 11.70%/yr for FLCOX. Their 0.96 correlation means they have historically moved very closely together. UVALX charges 0.92%/yr vs 0.04%/yr for FLCOX.

Performance

UVALX vs. FLCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Value Fund (UVALX) and Fidelity Large Cap Value Index Fund (FLCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVALX achieves a 13.22% return, which is significantly lower than FLCOX's 20.05% return.

UVALX

• 1D: 0.50%
• 1M: 2.04%
• 6M: 9.50%
• YTD: 13.22%
• 1Y: 26.64%
• 3Y*: 16.48%
• 5Y*: 11.54%
• 10Y*: 10.77%
• ALL TIME*: 8.71%

FLCOX

• 1D: 0.49%
• 1M: 1.47%
• 6M: 14.83%
• YTD: 20.05%
• 1Y: 32.24%
• 3Y*: 17.69%
• 5Y*: 11.70%
• 10Y*: —
• ALL TIME*: 10.99%

*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)
FLCOX Fidelity Large Cap Value Index Fund	$0.00	$0.00	$0.00
UVALX USAA Value Fund	$0.00	$0.00	$0.00

UVALX vs. FLCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UVALX USAA Value Fund	13.22%	16.13%	15.51%	13.92%	-5.71%	25.92%	-1.04%	24.92%	-12.89%	15.20%
FLCOX Fidelity Large Cap Value Index Fund	20.05%	15.90%	14.38%	11.48%	-7.57%	25.09%	2.87%	26.54%	-8.38%	10.90%

Correlation

The correlation between UVALX and FLCOX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.96

The correlation between UVALX and FLCOX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

UVALX vs. FLCOX — Risk / Return Rank

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

UVALX

UVALX Risk / Return Rank: 88
UVALX Sharpe Ratio Rank: 89
UVALX Sortino Ratio Rank: 89
UVALX Omega Ratio Rank: 83
UVALX Calmar Ratio Rank: 89
UVALX Martin Ratio Rank: 92

FLCOX

FLCOX Risk / Return Rank: 94
FLCOX Sharpe Ratio Rank: 95
FLCOX Sortino Ratio Rank: 93
FLCOX Omega Ratio Rank: 89
FLCOX Calmar Ratio Rank: 96
FLCOX Martin Ratio Rank: 97

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.

UVALX vs. FLCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Value Fund (UVALX) and Fidelity Large Cap Value Index Fund (FLCOX). 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	FLCOX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.59	-0.35
Sortino ratio: Return per unit of downside risk	3.30	3.65	-0.34
Omega ratio: Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio: Return relative to maximum drawdown	3.32	4.35	-1.03
Martin ratio: Return relative to average drawdown	13.69	18.62	-4.93

UVALX vs. FLCOX - Sharpe Ratio Comparison

The current UVALX Sharpe Ratio is 2.25, which is comparable to the FLCOX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of UVALX and FLCOX, 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. FLCOX - Drawdown Comparison

The maximum UVALX drawdown since its inception was -57.15%, which is greater than FLCOX's maximum drawdown of -38.28%. Use the drawdown chart below to compare losses from any high point for UVALX and FLCOX.

Drawdown Indicators

	UVALX	FLCOX	Difference
Max Drawdown Largest peak-to-trough decline	-57.15%	-38.28%	-18.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-6.80%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	-21.91%	-15.60%	-6.31%
Max Drawdown (5Y) Largest decline over 5 years	-21.91%	-19.00%	-2.91%
Max Drawdown (10Y) Largest decline over 10 years	-40.63%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.56%	+0.29%
Average Drawdown Average peak-to-trough decline	-8.15%	-4.39%	-3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.60%	+0.18%

Volatility

UVALX vs. FLCOX - Volatility Comparison

USAA Value Fund (UVALX) and Fidelity Large Cap Value Index Fund (FLCOX) have volatilities of 3.04% and 2.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVALX	FLCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.92%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	8.72%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	11.43%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.69%	14.84%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	17.56%	+0.86%

UVALX vs. FLCOX - Expense Ratio Comparison

UVALX has a 0.92% expense ratio, which is higher than FLCOX's 0.04% expense ratio.

Dividends

UVALX vs. FLCOX - Dividend Comparison

UVALX's dividend yield for the trailing twelve months is around 9.69%, more than FLCOX's 0.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLCOX Fidelity Large Cap Value Index Fund	0.87%	1.51%	1.92%	1.99%	2.01%	1.55%	2.28%	3.82%	2.79%	0.60%	0.00%	0.00%
UVALX USAA Value Fund	9.69%	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 FLCOX in my portfolio?

With a correlation of 0.92, UVALX and FLCOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UVALX or FLCOX?

UVALX has higher volatility (3.04%) compared to FLCOX (2.92%). In terms of maximum drawdown, UVALX dropped -57.15% vs FLCOX's -38.28%.

Which has better risk-adjusted returns?

FLCOX currently has the higher Sharpe Ratio (2.59 vs 2.25), 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.