VCGAX vs. VCSLX

Last updated Jun 25, 2026

VCGAX (VALIC Company I Systematic Core Fund) and VCSLX (VALIC Company I Small Cap Index Fund) are both mutual funds - VCGAX is a Large Cap Blend Equities fund managed by VALIC, while VCSLX is a Small Cap Blend Equities fund managed by VALIC. Over the past 10 years, VCGAX returned 13.59%/yr vs 10.23%/yr for VCSLX. Their correlation of 0.85 suggests significant overlap in exposure. VCGAX charges 0.63%/yr vs 0.36%/yr for VCSLX.

Performance

VCGAX vs. VCSLX - Performance Comparison

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

Returns By Period

In the year-to-date period, VCGAX achieves a 4.55% return, which is significantly lower than VCSLX's 20.25% return. Over the past 10 years, VCGAX has outperformed VCSLX with an annualized return of 13.59%, while VCSLX has yielded a comparatively lower 10.23% annualized return.

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%

VCSLX

• 1D: -0.99%
• 1M: 3.79%
• YTD: 20.25%
• 6M: 17.18%
• 1Y: 38.80%
• 3Y*: 17.05%
• 5Y*: 5.00%
• 10Y*: 10.23%

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

VCGAX vs. VCSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VCSLX VALIC Company I Small Cap Index Fund	20.25%	7.00%	11.22%	15.99%	-20.41%	14.55%	20.14%	25.04%	-16.08%	14.40%

Correlation

The correlation between VCGAX and VCSLX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 7, 1997	0.85

The correlation between VCGAX and VCSLX has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

Return for Risk

VCGAX vs. VCSLX — Risk / Return Rank

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

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

VCSLX

VCSLX Risk / Return Rank: 67
VCSLX Sharpe Ratio Rank: 65
VCSLX Sortino Ratio Rank: 61
VCSLX Omega Ratio Rank: 50
VCSLX Calmar Ratio Rank: 84
VCSLX Martin Ratio Rank: 77

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.

VCGAX vs. VCSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Systematic Core Fund (VCGAX) and VALIC Company I Small Cap Index Fund (VCSLX). 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.

	VCGAX	VCSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.07	-0.54
Sortino ratio: Return per unit of downside risk	2.22	2.85	-0.63
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	1.90	3.66	-1.76
Martin ratio: Return relative to average drawdown	8.06	12.93	-4.87

VCGAX vs. VCSLX - Sharpe Ratio Comparison

The current VCGAX Sharpe Ratio is 1.53, which is comparable to the VCSLX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of VCGAX and VCSLX, 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

VCGAX vs. VCSLX - Drawdown Comparison

The maximum VCGAX drawdown since its inception was -71.37%, which is greater than VCSLX's maximum drawdown of -67.69%. Use the drawdown chart below to compare losses from any high point for VCGAX and VCSLX.

Drawdown Indicators

	VCGAX	VCSLX	Difference
Max Drawdown Largest peak-to-trough decline	-71.37%	-67.69%	-3.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-11.16%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	-22.35%	-30.96%	+8.61%
Max Drawdown (5Y) Largest decline over 5 years	-24.90%	-31.83%	+6.93%
Max Drawdown (10Y) Largest decline over 10 years	-34.41%	-41.78%	+7.37%
Current Drawdown Current decline from peak	-2.52%	-0.99%	-1.53%
Average Drawdown Average peak-to-trough decline	-25.21%	-18.34%	-6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.15%	-0.91%

Volatility

VCGAX vs. VCSLX - Volatility Comparison

The current volatility for VALIC Company I Systematic Core Fund (VCGAX) is 3.85%, while VALIC Company I Small Cap Index Fund (VCSLX) has a volatility of 6.51%. This indicates that VCGAX experiences smaller price fluctuations and is considered to be less risky than VCSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCGAX	VCSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	6.51%	-2.66%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	14.41%	-5.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	19.75%	-7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.97%	22.81%	-5.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	23.61%	-5.23%

VCGAX vs. VCSLX - Expense Ratio Comparison

VCGAX has a 0.63% expense ratio, which is higher than VCSLX's 0.36% expense ratio.

Dividends

VCGAX vs. VCSLX - Dividend Comparison

VCGAX's dividend yield for the trailing twelve months is around 6.49%, more than VCSLX's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VCSLX VALIC Company I Small Cap Index Fund	5.08%	0.00%	1.17%	26.50%	13.32%	5.39%	13.29%	9.37%	1.18%	5.80%

Frequently Asked Questions

Can I hold both VCGAX and VCSLX in my portfolio?

VCGAX and VCSLX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCGAX or VCSLX?

VCSLX has higher volatility (6.51%) compared to VCGAX (3.85%). In terms of maximum drawdown, VCGAX dropped -71.37% vs VCSLX's -67.69%.

Which has better risk-adjusted returns?

VCSLX currently has the higher Sharpe Ratio (2.07 vs 1.53), 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.