VCIEX vs. PPYPX

Last updated Jun 3, 2026

VCIEX (VALIC Company I International Equities Index Fund) and PPYPX (PIMCO RAE International Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, VCIEX returned 8.24%/yr vs 8.88%/yr for PPYPX. Their correlation of 0.89 suggests significant overlap in exposure. VCIEX charges 0.42%/yr vs 0.60%/yr for PPYPX.

Performance

VCIEX vs. PPYPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I International Equities Index Fund (VCIEX) and PIMCO RAE International Fund (PPYPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCIEX achieves a 8.68% return, which is significantly lower than PPYPX's 13.69% return. Over the past 10 years, VCIEX has underperformed PPYPX with an annualized return of 8.24%, while PPYPX has yielded a comparatively higher 8.88% annualized return.

VCIEX

• 1D: -0.77%
• 1M: 2.09%
• YTD: 8.68%
• 6M: 11.79%
• 1Y: 20.78%
• 3Y*: 14.41%
• 5Y*: 6.98%
• 10Y*: 8.24%

PPYPX

• 1D: 0.00%
• 1M: 1.50%
• YTD: 13.69%
• 6M: 12.96%
• 1Y: 26.90%
• 3Y*: 17.99%
• 5Y*: 8.40%
• 10Y*: 8.88%

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

VCIEX vs. PPYPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIEX VALIC Company I International Equities Index Fund	8.68%	24.75%	3.15%	17.20%	-14.40%	11.04%	7.54%	21.24%	-13.74%	24.36%
PPYPX PIMCO RAE International Fund	13.69%	31.34%	-1.15%	18.13%	-8.73%	10.68%	2.05%	16.43%	-15.49%	24.89%

Correlation

The correlation between VCIEX and PPYPX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.89

The correlation between VCIEX and PPYPX shifts across timeframes, from 0.76 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCIEX vs. PPYPX — Risk / Return Rank

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

VCIEX

VCIEX Risk / Return Rank: 27
VCIEX Sharpe Ratio Rank: 26
VCIEX Sortino Ratio Rank: 27
VCIEX Omega Ratio Rank: 27
VCIEX Calmar Ratio Rank: 26
VCIEX Martin Ratio Rank: 30

PPYPX

PPYPX Risk / Return Rank: 62
PPYPX Sharpe Ratio Rank: 58
PPYPX Sortino Ratio Rank: 50
PPYPX Omega Ratio Rank: 53
PPYPX Calmar Ratio Rank: 84
PPYPX Martin Ratio Rank: 67

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.

VCIEX vs. PPYPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I International Equities Index Fund (VCIEX) and PIMCO RAE International Fund (PPYPX). 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.

	VCIEX	PPYPX	Difference
Sharpe ratio Return per unit of total volatility	1.49	2.24	-0.75
Sortino ratio Return per unit of downside risk	2.20	2.98	-0.78
Omega ratio Gain probability vs. loss probability	1.27	1.40	-0.13
Calmar ratio Return relative to maximum drawdown	1.94	3.92	-1.97
Martin ratio Return relative to average drawdown	7.11	13.05	-5.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCIEX vs. PPYPX - Sharpe Ratio Comparison

The current VCIEX Sharpe Ratio is 1.49, which is lower than the PPYPX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of VCIEX and PPYPX, 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

	VCIEX	PPYPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	2.24	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.43	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.47	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.47	-0.42

Drawdowns

VCIEX vs. PPYPX - Drawdown Comparison

The maximum VCIEX drawdown since its inception was -75.07%, which is greater than PPYPX's maximum drawdown of -42.48%. Use the drawdown chart below to compare losses from any high point for VCIEX and PPYPX.

Drawdown Indicators

	VCIEX	PPYPX	Difference
Max Drawdown Largest peak-to-trough decline	-75.07%	-42.48%	-32.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.45%	-7.48%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-14.00%	-4.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.28%	-35.65%	+6.37%
Max Drawdown (10Y) Largest decline over 10 years	-34.20%	-42.48%	+8.28%
Current Drawdown Current decline from peak	-1.48%	-1.55%	+0.07%
Average Drawdown Average peak-to-trough decline	-37.49%	-10.16%	-27.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.25%	+0.88%

Volatility

VCIEX vs. PPYPX - Volatility Comparison

VALIC Company I International Equities Index Fund (VCIEX) has a higher volatility of 4.52% compared to PIMCO RAE International Fund (PPYPX) at 3.10%. This indicates that VCIEX's price experiences larger fluctuations and is considered to be riskier than PPYPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCIEX	PPYPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	3.10%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	9.95%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	12.80%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	19.54%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	19.02%	-2.17%

VCIEX vs. PPYPX - Expense Ratio Comparison

VCIEX has a 0.42% expense ratio, which is lower than PPYPX's 0.60% expense ratio.

Dividends

VCIEX vs. PPYPX - Dividend Comparison

VCIEX's dividend yield for the trailing twelve months is around 6.36%, less than PPYPX's 6.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PPYPX PIMCO RAE International Fund	6.84%	7.78%	6.57%	10.09%	7.20%	27.06%	2.23%	4.20%	5.96%	2.53%	2.41%
VCIEX VALIC Company I International Equities Index Fund	6.36%	0.00%	2.41%	2.37%	3.14%	1.60%	4.08%	3.16%	2.27%	2.31%	0.00%

Frequently Asked Questions

Can I hold both VCIEX and PPYPX in my portfolio?

VCIEX and PPYPX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCIEX or PPYPX?

VCIEX has higher volatility (4.52%) compared to PPYPX (3.10%). In terms of maximum drawdown, VCIEX dropped -75.07% vs PPYPX's -42.48%.

Which has better risk-adjusted returns?

PPYPX currently has the higher Sharpe Ratio (2.24 vs 1.49), 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.