VGPMX vs. USAGX

Last updated Jun 4, 2026

VGPMX (Vanguard Global Capital Cycles Fund) and USAGX (USAA Precious Metals and Minerals Fund) are both mutual funds - VGPMX is a Global Equities fund managed by Vanguard, while USAGX is a Precious Metals fund managed by Victory. Over the past 10 years, VGPMX returned 11.53%/yr vs 13.25%/yr for USAGX. A 0.77 correlation means they provide meaningful diversification when combined. VGPMX charges 0.36%/yr vs 1.12%/yr for USAGX.

Performance

VGPMX vs. USAGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Capital Cycles Fund (VGPMX) and USAA Precious Metals and Minerals Fund (USAGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGPMX achieves a 21.14% return, which is significantly higher than USAGX's 0.85% return. Over the past 10 years, VGPMX has underperformed USAGX with an annualized return of 11.53%, while USAGX has yielded a comparatively higher 13.25% annualized return.

VGPMX

• 1D: 1.33%
• 1M: 6.96%
• YTD: 21.14%
• 6M: 25.95%
• 1Y: 66.86%
• 3Y*: 31.54%
• 5Y*: 20.51%
• 10Y*: 11.53%

USAGX

• 1D: 1.44%
• 1M: 1.83%
• YTD: 0.85%
• 6M: 7.09%
• 1Y: 61.13%
• 3Y*: 40.75%
• 5Y*: 18.15%
• 10Y*: 13.25%

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

VGPMX vs. USAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGPMX Vanguard Global Capital Cycles Fund	21.14%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-32.26%	13.75%
USAGX USAA Precious Metals and Minerals Fund	0.85%	156.06%	10.76%	6.73%	-11.80%	-10.14%	25.85%	42.97%	-12.26%	9.65%

Correlation

The correlation between VGPMX and USAGX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Aug 16, 1984	0.77

The correlation between VGPMX and USAGX shifts across timeframes, from 0.66 (3 years) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VGPMX vs. USAGX — Risk / Return Rank

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

VGPMX

VGPMX Risk / Return Rank: 95
VGPMX Sharpe Ratio Rank: 98
VGPMX Sortino Ratio Rank: 94
VGPMX Omega Ratio Rank: 92
VGPMX Calmar Ratio Rank: 93
VGPMX Martin Ratio Rank: 95

USAGX

USAGX Risk / Return Rank: 23
USAGX Sharpe Ratio Rank: 25
USAGX Sortino Ratio Rank: 19
USAGX Omega Ratio Rank: 25
USAGX Calmar Ratio Rank: 29
USAGX Martin Ratio Rank: 19

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.

VGPMX vs. USAGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Capital Cycles Fund (VGPMX) and USAA Precious Metals and Minerals Fund (USAGX). 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.

	VGPMX	USAGX	Difference
Sharpe ratio: Return per unit of total volatility	4.02	1.42	+2.60
Sortino ratio: Return per unit of downside risk	4.82	1.82	+2.99
Omega ratio: Gain probability vs. loss probability	1.69	1.26	+0.43
Calmar ratio: Return relative to maximum drawdown	5.25	2.01	+3.24
Martin ratio: Return relative to average drawdown	21.90	5.20	+16.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGPMX vs. USAGX - Sharpe Ratio Comparison

The current VGPMX Sharpe Ratio is 4.02, which is higher than the USAGX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of VGPMX and USAGX, 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

	VGPMX	USAGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.02	1.42	+2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	0.56	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.41	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.19	+0.08

Drawdowns

VGPMX vs. USAGX - Drawdown Comparison

The maximum VGPMX drawdown since its inception was -78.85%, roughly equal to the maximum USAGX drawdown of -80.89%. Use the drawdown chart below to compare losses from any high point for VGPMX and USAGX.

Drawdown Indicators

	VGPMX	USAGX	Difference
Max Drawdown Largest peak-to-trough decline	-78.85%	-80.89%	+2.04%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-30.12%	+17.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-30.12%	+15.49%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-45.72%	+23.01%
Max Drawdown (10Y) Largest decline over 10 years	-54.59%	-51.03%	-3.56%
Current Drawdown Current decline from peak	0.00%	-24.52%	+24.52%
Average Drawdown Average peak-to-trough decline	-34.55%	-43.08%	+8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	11.60%	-8.54%

Volatility

VGPMX vs. USAGX - Volatility Comparison

The current volatility for Vanguard Global Capital Cycles Fund (VGPMX) is 5.98%, while USAA Precious Metals and Minerals Fund (USAGX) has a volatility of 14.19%. This indicates that VGPMX experiences smaller price fluctuations and is considered to be less risky than USAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGPMX	USAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	14.19%	-8.21%
Volatility (6M) Calculated over the trailing 6-month period	13.83%	35.26%	-21.43%
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	42.95%	-26.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	32.87%	-15.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.87%	32.68%	-11.81%

VGPMX vs. USAGX - Expense Ratio Comparison

VGPMX has a 0.36% expense ratio, which is lower than USAGX's 1.12% expense ratio.

Dividends

VGPMX vs. USAGX - Dividend Comparison

VGPMX's dividend yield for the trailing twelve months is around 3.22%, more than USAGX's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAGX USAA Precious Metals and Minerals Fund	0.24%	0.24%	0.00%	2.45%	0.95%	0.84%	0.04%	0.00%	0.00%	0.00%	4.20%	0.00%
VGPMX Vanguard Global Capital Cycles Fund	3.22%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%

Frequently Asked Questions

Can I hold both VGPMX and USAGX in my portfolio?

VGPMX and USAGX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGPMX or USAGX?

USAGX has higher volatility (14.19%) compared to VGPMX (5.98%). In terms of maximum drawdown, VGPMX dropped -78.85% vs USAGX's -80.89%.

Which has better risk-adjusted returns?

VGPMX currently has the higher Sharpe Ratio (4.02 vs 1.42), 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.