VCGEX vs. TEQLX

Last updated Jun 4, 2026

VCGEX (VALIC Company I Emerging Economies Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, VCGEX returned 10.26%/yr vs 10.64%/yr for TEQLX. Their correlation of 0.93 suggests significant overlap in exposure. VCGEX charges 0.93%/yr vs 0.19%/yr for TEQLX.

Performance

VCGEX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Emerging Economies Fund (VCGEX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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 VCGEX having a 30.58% return and TEQLX slightly lower at 30.13%. Both investments have delivered pretty close results over the past 10 years, with VCGEX having a 10.26% annualized return and TEQLX not far ahead at 10.64%.

VCGEX

• 1D: 1.09%
• 1M: 9.66%
• YTD: 30.58%
• 6M: 33.42%
• 1Y: 56.65%
• 3Y*: 24.67%
• 5Y*: 6.81%
• 10Y*: 10.26%

TEQLX

• 1D: 1.22%
• 1M: 10.66%
• YTD: 30.13%
• 6M: 33.10%
• 1Y: 59.14%
• 3Y*: 24.95%
• 5Y*: 7.91%
• 10Y*: 10.64%

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

VCGEX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGEX VALIC Company I Emerging Economies Fund	30.58%	25.43%	11.43%	11.86%	-25.21%	1.20%	15.60%	20.27%	-19.32%	41.29%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	30.13%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between VCGEX and TEQLX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 1, 2010	0.93

The correlation between VCGEX and TEQLX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

VCGEX vs. TEQLX — Risk / Return Rank

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

VCGEX

VCGEX Risk / Return Rank: 90
VCGEX Sharpe Ratio Rank: 96
VCGEX Sortino Ratio Rank: 91
VCGEX Omega Ratio Rank: 89
VCGEX Calmar Ratio Rank: 89
VCGEX Martin Ratio Rank: 87

TEQLX

TEQLX Risk / Return Rank: 90
TEQLX Sharpe Ratio Rank: 95
TEQLX Sortino Ratio Rank: 87
TEQLX Omega Ratio Rank: 88
TEQLX Calmar Ratio Rank: 89
TEQLX Martin Ratio Rank: 89

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.

VCGEX vs. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Emerging Economies Fund (VCGEX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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.

	VCGEX	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	3.50	3.33	+0.17
Sortino ratio: Return per unit of downside risk	4.51	4.18	+0.33
Omega ratio: Gain probability vs. loss probability	1.64	1.62	+0.03
Calmar ratio: Return relative to maximum drawdown	4.57	4.50	+0.07
Martin ratio: Return relative to average drawdown	16.88	17.79	-0.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCGEX vs. TEQLX - Sharpe Ratio Comparison

The current VCGEX Sharpe Ratio is 3.50, which is comparable to the TEQLX Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of VCGEX and TEQLX, 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

	VCGEX	TEQLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.50	3.33	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.47	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.60	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.35	-0.23

Drawdowns

VCGEX vs. TEQLX - Drawdown Comparison

The maximum VCGEX drawdown since its inception was -70.06%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for VCGEX and TEQLX.

Drawdown Indicators

	VCGEX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-70.06%	-39.33%	-30.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-13.32%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-20.43%	-15.97%	-4.46%
Max Drawdown (5Y) Largest decline over 5 years	-38.66%	-37.05%	-1.61%
Max Drawdown (10Y) Largest decline over 10 years	-39.81%	-39.33%	-0.48%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-36.45%	-14.61%	-21.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	3.35%	+0.10%

Volatility

VCGEX vs. TEQLX - Volatility Comparison

The current volatility for VALIC Company I Emerging Economies Fund (VCGEX) is 6.65%, while TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) has a volatility of 7.75%. This indicates that VCGEX experiences smaller price fluctuations and is considered to be less risky than TEQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCGEX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	7.75%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	15.43%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	17.98%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	16.99%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.83%	17.68%	+0.15%

VCGEX vs. TEQLX - Expense Ratio Comparison

VCGEX has a 0.93% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

VCGEX vs. TEQLX - Dividend Comparison

VCGEX's dividend yield for the trailing twelve months is around 1.70%, less than TEQLX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.17%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%
VCGEX VALIC Company I Emerging Economies Fund	1.70%	0.00%	2.20%	18.56%	21.86%	1.78%	2.01%	1.59%	1.78%	1.17%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCGEX and TEQLX in my portfolio?

VCGEX and TEQLX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCGEX or TEQLX?

TEQLX has higher volatility (7.75%) compared to VCGEX (6.65%). In terms of maximum drawdown, VCGEX dropped -70.06% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

VCGEX currently has the higher Sharpe Ratio (3.50 vs 3.33), 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.