VCGSX vs. VCNIX

Last updated Jun 4, 2026

VCGSX (VALIC Company I Government Securities Fund) and VCNIX (VALIC Company I Nasdaq-100 Index Fund) are both mutual funds - VCGSX is a Government Bonds fund managed by VALIC, while VCNIX is a Large Cap Growth Equities fund managed by VALIC. Over the past 10 years, VCGSX returned 0.74%/yr vs 18.59%/yr for VCNIX. At a correlation of -0.18, they often move in opposite directions. VCGSX charges 0.65%/yr vs 0.45%/yr for VCNIX.

Performance

VCGSX vs. VCNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Government Securities Fund (VCGSX) and VALIC Company I Nasdaq-100 Index Fund (VCNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, VCGSX has underperformed VCNIX with an annualized return of 0.74%, while VCNIX has yielded a comparatively higher 18.59% annualized return.

VCGSX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.00%
• 6M: -0.20%
• 1Y: 4.46%
• 3Y*: 2.31%
• 5Y*: -0.60%
• 10Y*: 0.74%

VCNIX

• 1D: 0.50%
• 1M: 10.94%
• YTD: 21.53%
• 6M: 19.86%
• 1Y: 41.89%
• 3Y*: 19.90%
• 5Y*: 13.30%
• 10Y*: 18.59%

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

VCGSX vs. VCNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGSX VALIC Company I Government Securities Fund	0.00%	3.55%	1.15%	4.22%	-11.17%	-2.31%	6.61%	6.51%	0.52%	2.04%
VCNIX VALIC Company I Nasdaq-100 Index Fund	21.53%	-2.43%	25.36%	54.21%	-32.55%	26.89%	48.24%	38.63%	-4.76%	32.35%

Correlation

The correlation between VCGSX and VCNIX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Oct 4, 2000	-0.18

The correlation between VCGSX and VCNIX shifts across timeframes, from -0.18 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VCGSX vs. VCNIX — Risk / Return Rank

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

VCGSX

VCGSX Risk / Return Rank: 16
VCGSX Sharpe Ratio Rank: 17
VCGSX Sortino Ratio Rank: 17
VCGSX Omega Ratio Rank: 16
VCGSX Calmar Ratio Rank: 15
VCGSX Martin Ratio Rank: 16

VCNIX

VCNIX Risk / Return Rank: 77
VCNIX Sharpe Ratio Rank: 86
VCNIX Sortino Ratio Rank: 77
VCNIX Omega Ratio Rank: 70
VCNIX Calmar Ratio Rank: 79
VCNIX Martin Ratio Rank: 73

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.

VCGSX vs. VCNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Government Securities Fund (VCGSX) and VALIC Company I Nasdaq-100 Index Fund (VCNIX). 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.

	VCGSX	VCNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	2.78	-1.61
Sortino ratio: Return per unit of downside risk	1.74	3.67	-1.92
Omega ratio: Gain probability vs. loss probability	1.21	1.47	-0.26
Calmar ratio: Return relative to maximum drawdown	1.38	3.61	-2.23
Martin ratio: Return relative to average drawdown	4.32	13.91	-9.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCGSX vs. VCNIX - Sharpe Ratio Comparison

The current VCGSX Sharpe Ratio is 1.17, which is lower than the VCNIX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of VCGSX and VCNIX, 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

	VCGSX	VCNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	2.78	-1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.54	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.79	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.27	-0.17

Drawdowns

VCGSX vs. VCNIX - Drawdown Comparison

The maximum VCGSX drawdown since its inception was -17.32%, smaller than the maximum VCNIX drawdown of -76.68%. Use the drawdown chart below to compare losses from any high point for VCGSX and VCNIX.

Drawdown Indicators

	VCGSX	VCNIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.32%	-76.68%	+59.36%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-12.01%	+8.83%
Max Drawdown (3Y) Largest decline over 3 years	-5.99%	-37.53%	+31.54%
Max Drawdown (5Y) Largest decline over 5 years	-16.02%	-37.53%	+21.51%
Max Drawdown (10Y) Largest decline over 10 years	-17.32%	-37.53%	+20.21%
Current Drawdown Current decline from peak	-6.11%	0.00%	-6.11%
Average Drawdown Average peak-to-trough decline	-6.37%	-28.74%	+22.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	3.11%	-2.10%

Volatility

VCGSX vs. VCNIX - Volatility Comparison

The current volatility for VALIC Company I Government Securities Fund (VCGSX) is 1.27%, while VALIC Company I Nasdaq-100 Index Fund (VCNIX) has a volatility of 4.51%. This indicates that VCGSX experiences smaller price fluctuations and is considered to be less risky than VCNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCGSX	VCNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	4.51%	-3.24%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	12.17%	-9.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	15.64%	-11.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	24.88%	-19.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	23.74%	-19.09%

VCGSX vs. VCNIX - Expense Ratio Comparison

VCGSX has a 0.65% expense ratio, which is higher than VCNIX's 0.45% expense ratio.

Dividends

VCGSX vs. VCNIX - Dividend Comparison

VCGSX's dividend yield for the trailing twelve months is around 2.15%, less than VCNIX's 8.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGSX VALIC Company I Government Securities Fund	2.15%	0.00%	3.70%	2.58%	2.06%	2.31%	2.26%	2.25%	2.67%	2.38%
VCNIX VALIC Company I Nasdaq-100 Index Fund	8.34%	0.00%	3.76%	10.90%	13.50%	7.28%	2.40%	1.57%	0.55%	4.57%

Frequently Asked Questions

Can I hold both VCGSX and VCNIX in my portfolio?

VCGSX and VCNIX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCGSX or VCNIX?

VCNIX has higher volatility (4.51%) compared to VCGSX (1.27%). In terms of maximum drawdown, VCGSX dropped -17.32% vs VCNIX's -76.68%.

Which has better risk-adjusted returns?

VCNIX currently has the higher Sharpe Ratio (2.78 vs 1.17), 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.