UVALX vs. TOWFX

Last updated Aug 1, 2026

UVALX (USAA Value Fund) and TOWFX (Towpath Focus Fund) are both Large Cap Value Equities funds. Over the past 5 years, UVALX returned 11.54%/yr vs 12.82%/yr for TOWFX. Their correlation of 0.89 means they have usually moved in the same direction. UVALX charges 0.92%/yr vs 1.11%/yr for TOWFX.

Performance

UVALX vs. TOWFX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with UVALX having a 13.22% return and TOWFX slightly higher at 13.66%.

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%

TOWFX

• 1D: -0.32%
• 1M: 3.49%
• 6M: 10.02%
• YTD: 13.66%
• 1Y: 28.88%
• 3Y*: 18.70%
• 5Y*: 12.82%
• 10Y*: —
• ALL TIME*: 15.92%

*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)
TOWFX Towpath Focus Fund	$0.00	$0.00	$0.00
UVALX USAA Value Fund	$0.00	$0.00	$0.00

UVALX vs. TOWFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UVALX USAA Value Fund	13.22%	16.13%	15.51%	13.92%	-5.71%	25.92%	-1.04%	0.37%
TOWFX Towpath Focus Fund	13.66%	23.51%	13.22%	12.33%	-2.06%	26.52%	19.46%	0.00%

Correlation

The correlation between UVALX and TOWFX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Dec 31, 2019	0.89

The correlation between UVALX and TOWFX shifts across timeframes, from 0.78 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UVALX vs. TOWFX — 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

TOWFX

TOWFX Risk / Return Rank: 96
TOWFX Sharpe Ratio Rank: 97
TOWFX Sortino Ratio Rank: 97
TOWFX Omega Ratio Rank: 92
TOWFX Calmar Ratio Rank: 98
TOWFX Martin Ratio Rank: 98

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. TOWFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Value Fund (UVALX) and Towpath Focus Fund (TOWFX). 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	TOWFX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.90	-0.66
Sortino ratio: Return per unit of downside risk	3.30	4.35	-1.05
Omega ratio: Gain probability vs. loss probability	1.40	1.52	-0.12
Calmar ratio: Return relative to maximum drawdown	3.32	5.80	-2.48
Martin ratio: Return relative to average drawdown	13.69	21.97	-8.28

UVALX vs. TOWFX - Sharpe Ratio Comparison

The current UVALX Sharpe Ratio is 2.25, which is comparable to the TOWFX Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of UVALX and TOWFX, 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. TOWFX - Drawdown Comparison

The maximum UVALX drawdown since its inception was -57.15%, smaller than the maximum TOWFX drawdown of -96.18%. Use the drawdown chart below to compare losses from any high point for UVALX and TOWFX.

Drawdown Indicators

	UVALX	TOWFX	Difference
Max Drawdown Largest peak-to-trough decline	-57.15%	-96.18%	+39.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-4.72%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-21.91%	-96.18%	+74.27%
Max Drawdown (5Y) Largest decline over 5 years	-21.91%	-96.18%	+74.27%
Max Drawdown (10Y) Largest decline over 10 years	-40.63%	—	—
Current Drawdown Current decline from peak	-0.27%	-94.38%	+94.11%
Average Drawdown Average peak-to-trough decline	-8.15%	-24.74%	+16.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.25%	+0.53%

Volatility

UVALX vs. TOWFX - Volatility Comparison

The current volatility for USAA Value Fund (UVALX) is 3.04%, while Towpath Focus Fund (TOWFX) has a volatility of 3.24%. This indicates that UVALX experiences smaller price fluctuations and is considered to be less risky than TOWFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVALX	TOWFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	3.24%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	7.28%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	9.45%	+1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.69%	1,041.96%	-1,025.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	908.81%	-890.39%

UVALX vs. TOWFX - Expense Ratio Comparison

UVALX has a 0.92% expense ratio, which is lower than TOWFX's 1.11% expense ratio.

Dividends

UVALX vs. TOWFX - Dividend Comparison

UVALX's dividend yield for the trailing twelve months is around 9.69%, more than TOWFX's 1.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOWFX Towpath Focus Fund	1.60%	1.82%	1.49%	2.81%	2.05%	5.69%	5.94%	0.00%	0.00%	0.00%	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 TOWFX in my portfolio?

UVALX and TOWFX have a correlation of 0.78, 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 TOWFX?

TOWFX has higher volatility (3.24%) compared to UVALX (3.04%). In terms of maximum drawdown, UVALX dropped -57.15% vs TOWFX's -96.18%.

Which has better risk-adjusted returns?

TOWFX currently has the higher Sharpe Ratio (2.90 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.