VSORX vs. USNQX

Last updated Jul 11, 2026

VSORX (Victory Sycamore Small Company Opportunity Fund Class R6) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - VSORX is a Small Cap Blend Equities fund actively managed by Victory, while USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index. VSORX is actively managed, while USNQX is passively managed. Over the past 10 years, VSORX returned 10.55%/yr vs 21.18%/yr for USNQX. A 0.57 correlation means they provide meaningful diversification when combined. VSORX charges 0.85%/yr vs 0.42%/yr for USNQX.

Performance

VSORX vs. USNQX - 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 Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VSORX having a 18.59% return and USNQX slightly lower at 17.89%. Over the past 10 years, VSORX has underperformed USNQX with an annualized return of 10.55%, while USNQX has yielded a comparatively higher 21.18% 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%

USNQX

• 1D: 1.62%
• 1M: 0.31%
• 6M: 15.52%
• YTD: 17.89%
• 1Y: 30.79%
• 3Y*: 25.93%
• 5Y*: 15.31%
• 10Y*: 21.18%

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

VSORX vs. USNQX - 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%
USNQX USAA Nasdaq 100 Index Fund	17.89%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between VSORX and USNQX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.57

The correlation between VSORX and USNQX shifts across timeframes, from 0.50 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VSORX vs. USNQX — 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

USNQX

USNQX Risk / Return Rank: 56
USNQX Sharpe Ratio Rank: 55
USNQX Sortino Ratio Rank: 49
USNQX Omega Ratio Rank: 50
USNQX Calmar Ratio Rank: 68
USNQX Martin Ratio Rank: 58

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. USNQX - 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 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.

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	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.65	-0.30
Sortino ratio: Return per unit of downside risk	2.11	2.22	-0.12
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.11	2.52	-0.42
Martin ratio: Return relative to average drawdown	7.10	9.07	-1.97

VSORX vs. USNQX - Sharpe Ratio Comparison

The current VSORX Sharpe Ratio is 1.35, which is comparable to the USNQX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of VSORX 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.

Drawdowns

VSORX vs. USNQX - Drawdown Comparison

The maximum VSORX drawdown since its inception was -39.66%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for VSORX and USNQX.

Drawdown Indicators

	VSORX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-39.66%	-76.24%	+36.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-12.07%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-26.09%	-22.88%	-3.21%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-36.95%	+10.86%
Max Drawdown (10Y) Largest decline over 10 years	-39.66%	-36.95%	-2.71%
Current Drawdown Current decline from peak	-1.95%	-3.01%	+1.06%
Average Drawdown Average peak-to-trough decline	-7.23%	-26.66%	+19.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.35%	-0.09%

Volatility

VSORX vs. USNQX - Volatility Comparison

The current volatility for Victory Sycamore Small Company Opportunity Fund Class R6 (VSORX) is 4.70%, while USAA Nasdaq 100 Index Fund (USNQX) has a volatility of 8.54%. This indicates that VSORX 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

	VSORX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	8.54%	-3.84%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	15.17%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	18.46%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	23.27%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.18%	22.78%	-0.60%

VSORX vs. USNQX - Expense Ratio Comparison

VSORX has a 0.85% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

VSORX vs. USNQX - Dividend Comparison

VSORX's dividend yield for the trailing twelve months is around 4.90%, more than USNQX's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USNQX USAA Nasdaq 100 Index Fund	2.56%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%
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 USNQX in my portfolio?

VSORX and USNQX have a correlation of 0.50, 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 USNQX?

USNQX has higher volatility (8.54%) compared to VSORX (4.70%). In terms of maximum drawdown, VSORX dropped -39.66% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (1.65 vs 1.35), 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.