VSORX vs. USAAX

Last updated Jul 11, 2026

VSORX (Victory Sycamore Small Company Opportunity Fund Class R6) and USAAX (USAA Growth Fund) are both mutual funds - VSORX is a Small Cap Blend Equities fund actively managed by Victory, while USAAX is a Large Cap Growth Equities fund managed by Victory. Over the past 10 years, VSORX returned 10.55%/yr vs 15.11%/yr for USAAX. A 0.60 correlation means they provide meaningful diversification when combined. VSORX charges 0.85%/yr vs 0.84%/yr for USAAX.

Performance

VSORX vs. USAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Sycamore Small Company Opportunity Fund Class R6 (VSORX) and USAA Growth Fund (USAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSORX achieves a 18.59% return, which is significantly higher than USAAX's 1.06% return. Over the past 10 years, VSORX has underperformed USAAX with an annualized return of 10.55%, while USAAX has yielded a comparatively higher 15.11% annualized return.

VSORX

• 1D: 1.15%
• 1M: -0.04%
• 6M: 13.15%
• YTD: 18.59%
• 1Y: 23.02%
• 3Y*: 11.23%
• 5Y*: 7.28%
• 10Y*: 10.55%

USAAX

• 1D: 1.08%
• 1M: 1.28%
• 6M: -0.24%
• YTD: 1.06%
• 1Y: 9.77%
• 3Y*: 20.15%
• 5Y*: 9.96%
• 10Y*: 15.11%

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

VSORX vs. USAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSORX Victory Sycamore Small Company Opportunity Fund Class R6	18.59%	1.77%	5.50%	11.71%	-6.51%	25.47%	4.81%	27.04%	-8.41%	11.89%
USAAX USAA Growth Fund	1.06%	16.68%	32.82%	48.39%	-32.49%	16.97%	37.07%	27.62%	-4.33%	28.44%

Correlation

The correlation between VSORX and USAAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.60

The correlation between VSORX and USAAX shifts across timeframes, from 0.44 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VSORX vs. USAAX — Risk / Return Rank

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

VSORX

VSORX Risk / Return Rank: 41
VSORX Sharpe Ratio Rank: 37
VSORX Sortino Ratio Rank: 42
VSORX Omega Ratio Rank: 36
VSORX Calmar Ratio Rank: 47
VSORX Martin Ratio Rank: 41

USAAX

USAAX Risk / Return Rank: 9
USAAX Sharpe Ratio Rank: 10
USAAX Sortino Ratio Rank: 9
USAAX Omega Ratio Rank: 10
USAAX Calmar Ratio Rank: 9
USAAX Martin Ratio Rank: 9

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.

VSORX vs. USAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Sycamore Small Company Opportunity Fund Class R6 (VSORX) and USAA Growth Fund (USAAX). 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.

	VSORX	USAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.55	+0.80
Sortino ratio: Return per unit of downside risk	2.11	0.86	+1.25
Omega ratio: Gain probability vs. loss probability	1.24	1.11	+0.14
Calmar ratio: Return relative to maximum drawdown	2.11	0.54	+1.57
Martin ratio: Return relative to average drawdown	7.10	1.69	+5.41

VSORX vs. USAAX - Sharpe Ratio Comparison

The current VSORX Sharpe Ratio is 1.35, which is higher than the USAAX Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of VSORX and USAAX, 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

VSORX vs. USAAX - Drawdown Comparison

The maximum VSORX drawdown since its inception was -39.66%, smaller than the maximum USAAX drawdown of -66.79%. Use the drawdown chart below to compare losses from any high point for VSORX and USAAX.

Drawdown Indicators

	VSORX	USAAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.66%	-66.79%	+27.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-16.92%	+5.92%
Max Drawdown (3Y) Largest decline over 3 years	-26.09%	-29.85%	+3.76%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-41.75%	+15.66%
Max Drawdown (10Y) Largest decline over 10 years	-39.66%	-41.75%	+2.09%
Current Drawdown Current decline from peak	-1.95%	-4.69%	+2.74%
Average Drawdown Average peak-to-trough decline	-7.23%	-18.79%	+11.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	5.40%	-2.14%

Volatility

VSORX vs. USAAX - Volatility Comparison

The current volatility for Victory Sycamore Small Company Opportunity Fund Class R6 (VSORX) is 4.70%, while USAA Growth Fund (USAAX) has a volatility of 5.43%. This indicates that VSORX experiences smaller price fluctuations and is considered to be less risky than USAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSORX	USAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	5.43%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	12.89%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	16.47%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	24.12%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.18%	22.10%	+0.08%

VSORX vs. USAAX - Expense Ratio Comparison

VSORX has a 0.85% expense ratio, which is higher than USAAX's 0.84% expense ratio.

Dividends

VSORX vs. USAAX - Dividend Comparison

VSORX's dividend yield for the trailing twelve months is around 4.90%, less than USAAX's 10.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USAAX USAA Growth Fund	10.51%	10.62%	10.47%	6.54%	6.98%	10.34%	4.33%	26.15%	13.67%	2.47%	5.27%	6.92%
VSORX Victory Sycamore Small Company Opportunity Fund Class R6	4.90%	5.82%	8.76%	6.68%	6.03%	12.70%	1.03%	5.38%	14.19%	5.54%	4.38%	0.00%

Frequently Asked Questions

Can I hold both VSORX and USAAX in my portfolio?

VSORX and USAAX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSORX or USAAX?

USAAX has higher volatility (5.43%) compared to VSORX (4.70%). In terms of maximum drawdown, VSORX dropped -39.66% vs USAAX's -66.79%.

Which has better risk-adjusted returns?

VSORX currently has the higher Sharpe Ratio (1.35 vs 0.55), 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.