VCFVX vs. SPY

Last updated Jun 4, 2026

VCFVX (VALIC Company I International Value) and SPY (State Street SPDR S&P 500 ETF) are both funds - VCFVX is a Foreign Large Cap Equities fund managed by VALIC, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VCFVX returned 7.63%/yr vs 15.49%/yr for SPY. A 0.74 correlation means they provide meaningful diversification when combined. VCFVX charges 0.74%/yr vs 0.09%/yr for SPY.

Performance

VCFVX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I International Value (VCFVX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCFVX achieves a 8.89% return, which is significantly lower than SPY's 10.91% return. Over the past 10 years, VCFVX has underperformed SPY with an annualized return of 7.63%, while SPY has yielded a comparatively higher 15.49% annualized return.

VCFVX

• 1D: 0.45%
• 1M: 2.19%
• YTD: 8.89%
• 6M: 12.49%
• 1Y: 27.69%
• 3Y*: 17.08%
• 5Y*: 7.42%
• 10Y*: 7.63%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

VCFVX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCFVX VALIC Company I International Value	8.89%	26.65%	8.44%	14.26%	-10.88%	7.05%	5.04%	16.37%	-17.81%	17.01%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between VCFVX and SPY is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Dec 9, 2005	0.74

The correlation between VCFVX and SPY shifts across timeframes, from 0.60 (3 years) to 0.74 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCFVX vs. SPY — Risk / Return Rank

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

VCFVX

VCFVX Risk / Return Rank: 43
VCFVX Sharpe Ratio Rank: 47
VCFVX Sortino Ratio Rank: 45
VCFVX Omega Ratio Rank: 45
VCFVX Calmar Ratio Rank: 39
VCFVX Martin Ratio Rank: 39

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

VCFVX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I International Value (VCFVX) and State Street SPDR S&P 500 ETF (SPY). 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.

	VCFVX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.02	2.38	-0.36
Sortino ratio Return per unit of downside risk	2.84	3.24	-0.40
Omega ratio Gain probability vs. loss probability	1.37	1.43	-0.07
Calmar ratio Return relative to maximum drawdown	2.37	3.16	-0.79
Martin ratio Return relative to average drawdown	8.42	14.72	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCFVX vs. SPY - Sharpe Ratio Comparison

The current VCFVX Sharpe Ratio is 2.02, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VCFVX and SPY, 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

	VCFVX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.38	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.82	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.87	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.59	-0.44

Drawdowns

VCFVX vs. SPY - Drawdown Comparison

The maximum VCFVX drawdown since its inception was -67.44%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for VCFVX and SPY.

Drawdown Indicators

	VCFVX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-67.44%	-55.19%	-12.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-8.88%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-18.76%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	-29.92%	-24.50%	-5.42%
Max Drawdown (10Y) Largest decline over 10 years	-44.63%	-33.72%	-10.91%
Current Drawdown Current decline from peak	-3.20%	-0.70%	-2.50%
Average Drawdown Average peak-to-trough decline	-24.11%	-9.05%	-15.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	1.91%	+1.32%

Volatility

VCFVX vs. SPY - Volatility Comparison

VALIC Company I International Value (VCFVX) has a higher volatility of 3.94% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that VCFVX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCFVX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	2.84%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	8.90%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.49%	11.83%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.66%	17.05%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	17.94%	-1.16%

VCFVX vs. SPY - Expense Ratio Comparison

VCFVX has a 0.74% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

VCFVX vs. SPY - Dividend Comparison

VCFVX's dividend yield for the trailing twelve months is around 8.19%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VCFVX VALIC Company I International Value	8.19%	0.00%	1.66%	8.36%	1.90%	1.59%	2.37%	2.77%	2.31%	1.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCFVX and SPY in my portfolio?

VCFVX and SPY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCFVX or SPY?

VCFVX has higher volatility (3.94%) compared to SPY (2.84%). In terms of maximum drawdown, VCFVX dropped -67.44% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.02), 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.