VFFIX vs. GUSTX

Last updated Jun 23, 2026

VFFIX (Victory INCORE Fund for Income Class I) and GUSTX (GMO U.S. Treasury Fund) are both Government Bonds funds. Over the past 10 years, VFFIX returned 1.43%/yr vs -13.75%/yr for GUSTX. At a 0.05 correlation, their price movements are largely independent. VFFIX charges 0.64%/yr vs 0.01%/yr for GUSTX.

Performance

VFFIX vs. GUSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory INCORE Fund for Income Class I (VFFIX) and GMO U.S. Treasury Fund (GUSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFFIX achieves a 0.51% return, which is significantly lower than GUSTX's 1.26% return. Over the past 10 years, VFFIX has outperformed GUSTX with an annualized return of 1.43%, while GUSTX has yielded a comparatively lower -13.75% annualized return.

VFFIX

• 1D: 0.15%
• 1M: 0.26%
• YTD: 0.51%
• 6M: 0.66%
• 1Y: 3.35%
• 3Y*: 4.03%
• 5Y*: 1.41%
• 10Y*: 1.43%

GUSTX

• 1D: 0.00%
• 1M: 0.14%
• YTD: 1.26%
• 6M: 1.59%
• 1Y: 3.69%
• 3Y*: 3.04%
• 5Y*: 1.91%
• 10Y*: -13.75%

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

VFFIX vs. GUSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFFIX Victory INCORE Fund for Income Class I	0.51%	4.51%	4.48%	4.14%	-5.23%	-1.60%	3.05%	4.14%	1.24%	0.67%
GUSTX GMO U.S. Treasury Fund	1.26%	4.45%	2.21%	2.52%	-0.73%	-0.06%	0.89%	0.14%	-79.59%	0.43%

Correlation

The correlation between VFFIX and GUSTX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 1, 2011	0.05

The correlation between VFFIX and GUSTX shifts across timeframes, from 0.05 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VFFIX vs. GUSTX — Risk / Return Rank

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

VFFIX

VFFIX Risk / Return Rank: 68
VFFIX Sharpe Ratio Rank: 50
VFFIX Sortino Ratio Rank: 61
VFFIX Omega Ratio Rank: 78
VFFIX Calmar Ratio Rank: 79
VFFIX Martin Ratio Rank: 72

GUSTX

GUSTX Risk / Return Rank: 99
GUSTX Sharpe Ratio Rank: 95
GUSTX Sortino Ratio Rank: 99
GUSTX Omega Ratio Rank: 100
GUSTX Calmar Ratio Rank: 100
GUSTX 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.

VFFIX vs. GUSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory INCORE Fund for Income Class I (VFFIX) and GMO U.S. Treasury Fund (GUSTX). 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.

	VFFIX	GUSTX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	3.11	-1.19
Sortino ratio: Return per unit of downside risk	3.00	9.30	-6.30
Omega ratio: Gain probability vs. loss probability	1.46	5.56	-4.10
Calmar ratio: Return relative to maximum drawdown	3.35	19.28	-15.93
Martin ratio: Return relative to average drawdown	12.87	54.86	-41.99

VFFIX vs. GUSTX - Sharpe Ratio Comparison

The current VFFIX Sharpe Ratio is 1.93, which is lower than the GUSTX Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of VFFIX and GUSTX, 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

VFFIX vs. GUSTX - Drawdown Comparison

The maximum VFFIX drawdown since its inception was -8.60%, smaller than the maximum GUSTX drawdown of -79.98%. Use the drawdown chart below to compare losses from any high point for VFFIX and GUSTX.

Drawdown Indicators

	VFFIX	GUSTX	Difference
Max Drawdown Largest peak-to-trough decline	-8.60%	-79.98%	+71.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.00%	-0.20%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-1.02%	-1.19%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-8.01%	-1.19%	-6.82%
Max Drawdown (10Y) Largest decline over 10 years	-8.60%	-79.98%	+71.38%
Current Drawdown Current decline from peak	-0.32%	-77.72%	+77.40%
Average Drawdown Average peak-to-trough decline	-1.45%	-36.15%	+34.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.07%	+0.19%

Volatility

VFFIX vs. GUSTX - Volatility Comparison

Victory INCORE Fund for Income Class I (VFFIX) and GMO U.S. Treasury Fund (GUSTX) have volatilities of 0.49% and 0.49%, 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

	VFFIX	GUSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	0.49%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	0.89%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	1.75%	1.24%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.53%	1.76%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.25%	25.44%	-23.19%

VFFIX vs. GUSTX - Expense Ratio Comparison

VFFIX has a 0.64% expense ratio, which is higher than GUSTX's 0.01% expense ratio.

Dividends

VFFIX vs. GUSTX - Dividend Comparison

VFFIX's dividend yield for the trailing twelve months is around 5.16%, more than GUSTX's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUSTX GMO U.S. Treasury Fund	3.83%	4.15%	1.98%	2.28%	0.26%	0.14%	0.09%	0.14%	8.96%	0.50%	0.05%	0.04%
VFFIX Victory INCORE Fund for Income Class I	5.16%	4.43%	5.60%	5.67%	5.68%	5.15%	4.89%	5.41%	5.87%	5.50%	5.51%	5.37%

Frequently Asked Questions

Can I hold both VFFIX and GUSTX in my portfolio?

VFFIX and GUSTX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFFIX or GUSTX?

GUSTX has higher volatility (0.49%) compared to VFFIX (0.49%). In terms of maximum drawdown, VFFIX dropped -8.60% vs GUSTX's -79.98%.

Which has better risk-adjusted returns?

GUSTX currently has the higher Sharpe Ratio (3.11 vs 1.93), 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.