VSIAX vs. USNQX

Last updated Jun 4, 2026

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - VSIAX is a Small Cap Value Equities fund managed by Vanguard, while USNQX is a Large Cap Growth Equities fund managed by Victory. Over the past 10 years, VSIAX returned 10.56%/yr vs 21.68%/yr for USNQX. A 0.65 correlation means they provide meaningful diversification when combined. VSIAX charges 0.07%/yr vs 0.42%/yr for USNQX.

Performance

VSIAX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSIAX achieves a 12.06% return, which is significantly lower than USNQX's 21.54% return. Over the past 10 years, VSIAX has underperformed USNQX with an annualized return of 10.56%, while USNQX has yielded a comparatively higher 21.68% annualized return.

VSIAX

• 1D: 0.86%
• 1M: 2.83%
• YTD: 12.06%
• 6M: 12.39%
• 1Y: 26.25%
• 3Y*: 16.60%
• 5Y*: 8.06%
• 10Y*: 10.56%

USNQX

• 1D: 0.48%
• 1M: 10.94%
• YTD: 21.54%
• 6M: 19.80%
• 1Y: 41.90%
• 3Y*: 28.67%
• 5Y*: 18.16%
• 10Y*: 21.68%

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

VSIAX vs. USNQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	12.06%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%
USNQX USAA Nasdaq 100 Index Fund	21.54%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between VSIAX and USNQX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 28, 2011	0.65

The correlation between VSIAX and USNQX shifts across timeframes, from 0.54 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VSIAX vs. USNQX — Risk / Return Rank

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

VSIAX

VSIAX Risk / Return Rank: 48
VSIAX Sharpe Ratio Rank: 40
VSIAX Sortino Ratio Rank: 41
VSIAX Omega Ratio Rank: 36
VSIAX Calmar Ratio Rank: 67
VSIAX Martin Ratio Rank: 56

USNQX

USNQX Risk / Return Rank: 74
USNQX Sharpe Ratio Rank: 83
USNQX Sortino Ratio Rank: 71
USNQX Omega Ratio Rank: 67
USNQX Calmar Ratio Rank: 79
USNQX Martin Ratio Rank: 72

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.

VSIAX vs. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and USAA Nasdaq 100 Index Fund (USNQX). 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.

	VSIAX	USNQX	Difference
Sharpe ratio Return per unit of total volatility	1.84	2.69	-0.84
Sortino ratio Return per unit of downside risk	2.70	3.50	-0.80
Omega ratio Gain probability vs. loss probability	1.32	1.46	-0.14
Calmar ratio Return relative to maximum drawdown	3.16	3.58	-0.43
Martin ratio Return relative to average drawdown	11.18	13.70	-2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSIAX vs. USNQX - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.84, which is lower than the USNQX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of VSIAX and USNQX, 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

	VSIAX	USNQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	2.69	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.80	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.96	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.37	+0.22

Drawdowns

VSIAX vs. USNQX - Drawdown Comparison

The maximum VSIAX drawdown since its inception was -45.39%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for VSIAX and USNQX.

Drawdown Indicators

	VSIAX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-76.24%	+30.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-12.07%	+3.20%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-22.88%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-36.95%	+12.86%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-36.95%	-8.44%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.50%	-26.75%	+21.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.15%	-0.65%

Volatility

VSIAX vs. USNQX - Volatility Comparison

The current volatility for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) is 4.09%, while USAA Nasdaq 100 Index Fund (USNQX) has a volatility of 4.51%. This indicates that VSIAX experiences smaller price fluctuations and is considered to be less risky than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIAX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	4.51%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	12.20%	-1.77%
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	16.09%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	22.90%	-3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	22.66%	-0.20%

VSIAX vs. USNQX - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is lower than USNQX's 0.42% expense ratio.

Dividends

VSIAX vs. USNQX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.75%, less than USNQX's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USNQX USAA Nasdaq 100 Index Fund	2.48%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.75%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both VSIAX and USNQX in my portfolio?

VSIAX and USNQX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSIAX or USNQX?

USNQX has higher volatility (4.51%) compared to VSIAX (4.09%). In terms of maximum drawdown, VSIAX dropped -45.39% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.69 vs 1.84), 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.