VCAAX vs. VCGAX

Last updated Jun 25, 2026

VCAAX (VALIC Company I Asset Allocation Fund) and VCGAX (VALIC Company I Systematic Core Fund) are both mutual funds - VCAAX is a Diversified Portfolio fund managed by VALIC, while VCGAX is a Large Cap Blend Equities fund managed by VALIC. Over the past 10 years, VCAAX returned 7.01%/yr vs 13.59%/yr for VCGAX. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.63% expense ratio.

Performance

VCAAX vs. VCGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Asset Allocation Fund (VCAAX) and VALIC Company I Systematic Core Fund (VCGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCAAX achieves a 2.01% return, which is significantly lower than VCGAX's 4.55% return. Over the past 10 years, VCAAX has underperformed VCGAX with an annualized return of 7.01%, while VCGAX has yielded a comparatively higher 13.59% annualized return.

VCAAX

• 1D: -0.90%
• 1M: -0.41%
• YTD: 2.01%
• 6M: 1.15%
• 1Y: 10.25%
• 3Y*: 10.07%
• 5Y*: 5.80%
• 10Y*: 7.01%

VCGAX

• 1D: -0.76%
• 1M: -1.49%
• YTD: 4.55%
• 6M: 3.05%
• 1Y: 16.76%
• 3Y*: 16.08%
• 5Y*: 9.39%
• 10Y*: 13.59%

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

VCAAX vs. VCGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCAAX VALIC Company I Asset Allocation Fund	2.01%	5.41%	15.01%	18.27%	-16.22%	16.75%	11.79%	15.20%	-12.65%	13.26%
VCGAX VALIC Company I Systematic Core Fund	4.55%	9.41%	23.14%	23.94%	-18.71%	26.34%	24.07%	30.50%	-8.98%	21.09%

Correlation

The correlation between VCAAX and VCGAX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 29, 1997	0.93

The correlation between VCAAX and VCGAX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

VCAAX vs. VCGAX — Risk / Return Rank

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

VCAAX

VCAAX Risk / Return Rank: 29
VCAAX Sharpe Ratio Rank: 31
VCAAX Sortino Ratio Rank: 31
VCAAX Omega Ratio Rank: 31
VCAAX Calmar Ratio Rank: 22
VCAAX Martin Ratio Rank: 30

VCGAX

VCGAX Risk / Return Rank: 35
VCGAX Sharpe Ratio Rank: 35
VCGAX Sortino Ratio Rank: 36
VCGAX Omega Ratio Rank: 33
VCGAX Calmar Ratio Rank: 31
VCGAX Martin Ratio Rank: 41

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.

VCAAX vs. VCGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Asset Allocation Fund (VCAAX) and VALIC Company I Systematic Core Fund (VCGAX). 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.

	VCAAX	VCGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.53	-0.17
Sortino ratio: Return per unit of downside risk	1.95	2.22	-0.27
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.47	1.90	-0.42
Martin ratio: Return relative to average drawdown	5.92	8.06	-2.14

VCAAX vs. VCGAX - Sharpe Ratio Comparison

The current VCAAX Sharpe Ratio is 1.36, which is comparable to the VCGAX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of VCAAX and VCGAX, 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

VCAAX vs. VCGAX - Drawdown Comparison

The maximum VCAAX drawdown since its inception was -57.75%, smaller than the maximum VCGAX drawdown of -71.37%. Use the drawdown chart below to compare losses from any high point for VCAAX and VCGAX.

Drawdown Indicators

	VCAAX	VCGAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.75%	-71.37%	+13.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-9.55%	+1.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.79%	-22.35%	+5.56%
Max Drawdown (5Y) Largest decline over 5 years	-20.63%	-24.90%	+4.27%
Max Drawdown (10Y) Largest decline over 10 years	-27.36%	-34.41%	+7.05%
Current Drawdown Current decline from peak	-1.95%	-2.52%	+0.57%
Average Drawdown Average peak-to-trough decline	-19.39%	-25.21%	+5.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.24%	-0.34%

Volatility

VCAAX vs. VCGAX - Volatility Comparison

VALIC Company I Asset Allocation Fund (VCAAX) and VALIC Company I Systematic Core Fund (VCGAX) have volatilities of 3.72% and 3.85%, 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

	VCAAX	VCGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.85%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	6.97%	9.36%	-2.39%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	11.86%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.29%	16.97%	-5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.02%	18.38%	-7.36%

VCAAX vs. VCGAX - Expense Ratio Comparison

Both VCAAX and VCGAX have an expense ratio of 0.63%.

Dividends

VCAAX vs. VCGAX - Dividend Comparison

VCAAX's dividend yield for the trailing twelve months is around 8.19%, more than VCGAX's 6.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCAAX VALIC Company I Asset Allocation Fund	8.19%	0.00%	1.38%	5.83%	18.12%	0.96%	2.65%	9.63%	1.77%	2.12%
VCGAX VALIC Company I Systematic Core Fund	6.49%	0.00%	1.69%	4.83%	0.79%	9.20%	10.09%	10.41%	1.01%	3.82%

Frequently Asked Questions

Can I hold both VCAAX and VCGAX in my portfolio?

With a correlation of 0.94, VCAAX and VCGAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VCAAX or VCGAX?

VCGAX has higher volatility (3.85%) compared to VCAAX (3.72%). In terms of maximum drawdown, VCAAX dropped -57.75% vs VCGAX's -71.37%.

Which has better risk-adjusted returns?

VCGAX currently has the higher Sharpe Ratio (1.53 vs 1.36), 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.