VCGEX vs. VCSLX

Last updated Aug 1, 2026

VCGEX (VALIC Company I Emerging Economies Fund) and VCSLX (VALIC Company I Small Cap Index Fund) are both mutual funds - VCGEX is a Emerging Markets Equities fund managed by VALIC, while VCSLX is a Small Cap Blend Equities fund managed by VALIC. Over the past 10 years, VCGEX returned 8.16%/yr vs 9.25%/yr for VCSLX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. VCGEX charges 0.93%/yr vs 0.36%/yr for VCSLX.

Performance

VCGEX vs. VCSLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Emerging Economies Fund (VCGEX) 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, VCGEX achieves a 16.65% return, which is significantly lower than VCSLX's 19.10% return. Over the past 10 years, VCGEX has underperformed VCSLX with an annualized return of 8.16%, while VCSLX has yielded a comparatively higher 9.25% annualized return.

VCGEX

• 1D: 3.28%
• 1M: -4.90%
• 6M: 6.52%
• YTD: 16.65%
• 1Y: 33.15%
• 3Y*: 16.97%
• 5Y*: 5.75%
• 10Y*: 8.16%
• ALL TIME*: 1.95%

VCSLX

• 1D: 1.33%
• 1M: -1.69%
• 6M: 13.12%
• YTD: 19.10%
• 1Y: 37.03%
• 3Y*: 12.99%
• 5Y*: 5.78%
• 10Y*: 9.25%
• ALL TIME*: 3.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VCGEX VALIC Company I Emerging Economies Fund	$0.00	$0.00	$0.00
VCSLX VALIC Company I Small Cap Index Fund	$0.00	$0.00	$0.00

VCGEX vs. VCSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGEX VALIC Company I Emerging Economies Fund	16.65%	25.43%	11.43%	11.86%	-25.21%	1.20%	15.60%	20.27%	-19.32%	41.29%
VCSLX VALIC Company I Small Cap Index Fund	19.10%	7.00%	11.22%	15.99%	-20.41%	14.55%	20.14%	25.04%	-16.08%	14.40%

Correlation

The correlation between VCGEX and VCSLX is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.52
Correlation (10Y) Provides a long-term view across more market conditions.	0.53
Correlation (All Time) Calculated using the full available price history since Dec 7, 2005	0.65

The correlation between VCGEX and VCSLX shifts across timeframes, from 0.46 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCGEX vs. VCSLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VCGEX

VCGEX Risk / Return Rank: 51
VCGEX Sharpe Ratio Rank: 51
VCGEX Sortino Ratio Rank: 44
VCGEX Omega Ratio Rank: 53
VCGEX Calmar Ratio Rank: 61
VCGEX Martin Ratio Rank: 48

VCSLX

VCSLX Risk / Return Rank: 75
VCSLX Sharpe Ratio Rank: 73
VCSLX Sortino Ratio Rank: 71
VCSLX Omega Ratio Rank: 64
VCSLX Calmar Ratio Rank: 85
VCSLX Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VCGEX vs. VCSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Emerging Economies Fund (VCGEX) 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.

	VCGEX	VCSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.71	-0.30
Sortino ratio: Return per unit of downside risk	1.89	2.44	-0.55
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.15	2.97	-0.82
Martin ratio: Return relative to average drawdown	6.89	10.54	-3.65

VCGEX vs. VCSLX - Sharpe Ratio Comparison

The current VCGEX Sharpe Ratio is 1.41, which is comparable to the VCSLX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of VCGEX 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

VCGEX vs. VCSLX - Drawdown Comparison

The maximum VCGEX drawdown since its inception was -70.06%, roughly equal to the maximum VCSLX drawdown of -67.69%. Use the drawdown chart below to compare losses from any high point for VCGEX and VCSLX.

Drawdown Indicators

	VCGEX	VCSLX	Difference
Max Drawdown Largest peak-to-trough decline	-70.06%	-67.69%	-2.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.01%	-11.16%	-2.85%
Max Drawdown (3Y) Largest decline over 3 years	-20.43%	-30.96%	+10.53%
Max Drawdown (5Y) Largest decline over 5 years	-37.29%	-31.83%	-5.46%
Max Drawdown (10Y) Largest decline over 10 years	-39.81%	-41.78%	+1.97%
Current Drawdown Current decline from peak	-11.19%	-2.61%	-8.58%
Average Drawdown Average peak-to-trough decline	-36.21%	-18.28%	-17.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	3.15%	+1.20%

Volatility

VCGEX vs. VCSLX - Volatility Comparison

VALIC Company I Emerging Economies Fund (VCGEX) has a higher volatility of 9.43% compared to VALIC Company I Small Cap Index Fund (VCSLX) at 3.81%. This indicates that VCGEX's price experiences larger fluctuations and is considered to be riskier than VCSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCGEX	VCSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	3.81%	+5.62%
Volatility (6M) Calculated over the trailing 6-month period	19.60%	14.17%	+5.43%
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	19.42%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	22.69%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	23.56%	-5.35%

VCGEX vs. VCSLX - Expense Ratio Comparison

VCGEX has a 0.93% expense ratio, which is higher than VCSLX's 0.36% expense ratio.

Dividends

VCGEX vs. VCSLX - Dividend Comparison

VCGEX's dividend yield for the trailing twelve months is around 1.91%, less than VCSLX's 5.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGEX VALIC Company I Emerging Economies Fund	1.91%	0.00%	2.20%	18.56%	21.86%	1.78%	2.01%	1.59%	1.78%	1.17%
VCSLX VALIC Company I Small Cap Index Fund	5.13%	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 VCGEX and VCSLX in my portfolio?

VCGEX and VCSLX have a correlation of 0.46, 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 VCSLX?

VCGEX has higher volatility (9.43%) compared to VCSLX (3.81%). In terms of maximum drawdown, VCGEX dropped -70.06% vs VCSLX's -67.69%.

Which has better risk-adjusted returns?

VCSLX currently has the higher Sharpe Ratio (1.71 vs 1.41), 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.