VCIEX vs. VCULX

Last updated Jun 24, 2026

VCIEX (VALIC Company I International Equities Index Fund) and VCULX (VALIC Company I Growth Fund) are both mutual funds - VCIEX is a Foreign Large Cap Equities fund managed by VALIC, while VCULX is a Large Cap Growth Equities fund managed by VALIC. Over the past 10 years, VCIEX returned 9.15%/yr vs 16.39%/yr for VCULX. A 0.71 correlation means they provide meaningful diversification when combined. VCIEX charges 0.42%/yr vs 0.61%/yr for VCULX.

Performance

VCIEX vs. VCULX - Performance Comparison

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

Returns By Period

In the year-to-date period, VCIEX achieves a 10.27% return, which is significantly higher than VCULX's 8.62% return. Over the past 10 years, VCIEX has underperformed VCULX with an annualized return of 9.15%, while VCULX has yielded a comparatively higher 16.39% annualized return.

VCIEX

• 1D: -0.10%
• 1M: 1.66%
• YTD: 10.27%
• 6M: 9.83%
• 1Y: 23.77%
• 3Y*: 15.07%
• 5Y*: 7.65%
• 10Y*: 9.15%

VCULX

• 1D: -0.79%
• 1M: -0.74%
• YTD: 8.62%
• 6M: 7.18%
• 1Y: 21.37%
• 3Y*: 21.84%
• 5Y*: 10.62%
• 10Y*: 16.39%

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

VCIEX vs. VCULX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIEX VALIC Company I International Equities Index Fund	10.27%	24.75%	3.15%	17.20%	-14.40%	11.04%	7.54%	21.24%	-13.74%	24.36%
VCULX VALIC Company I Growth Fund	8.62%	10.84%	32.74%	46.14%	-35.17%	20.88%	42.64%	31.75%	-6.16%	30.29%

Correlation

The correlation between VCIEX and VCULX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 6, 2005	0.71

The correlation between VCIEX and VCULX shifts across timeframes, from 0.58 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCIEX vs. VCULX — Risk / Return Rank

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

VCIEX

VCIEX Risk / Return Rank: 38
VCIEX Sharpe Ratio Rank: 38
VCIEX Sortino Ratio Rank: 39
VCIEX Omega Ratio Rank: 37
VCIEX Calmar Ratio Rank: 36
VCIEX Martin Ratio Rank: 38

VCULX

VCULX Risk / Return Rank: 22
VCULX Sharpe Ratio Rank: 26
VCULX Sortino Ratio Rank: 23
VCULX Omega Ratio Rank: 24
VCULX Calmar Ratio Rank: 18
VCULX Martin Ratio Rank: 20

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. VCULX - Risk-Adjusted Trends Comparison

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

	VCIEX	VCULX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.34	+0.30
Sortino ratio: Return per unit of downside risk	2.42	1.85	+0.56
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.14	1.41	+0.73
Martin ratio: Return relative to average drawdown	7.76	4.77	+2.99

VCIEX vs. VCULX - Sharpe Ratio Comparison

The current VCIEX Sharpe Ratio is 1.64, which is comparable to the VCULX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of VCIEX and VCULX, 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

VCIEX vs. VCULX - Drawdown Comparison

The maximum VCIEX drawdown since its inception was -75.07%, which is greater than VCULX's maximum drawdown of -51.32%. Use the drawdown chart below to compare losses from any high point for VCIEX and VCULX.

Drawdown Indicators

	VCIEX	VCULX	Difference
Max Drawdown Largest peak-to-trough decline	-75.07%	-51.32%	-23.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.45%	-16.39%	+4.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-26.46%	+8.15%
Max Drawdown (5Y) Largest decline over 5 years	-29.28%	-39.13%	+9.85%
Max Drawdown (10Y) Largest decline over 10 years	-34.20%	-39.13%	+4.93%
Current Drawdown Current decline from peak	-0.10%	-4.44%	+4.34%
Average Drawdown Average peak-to-trough decline	-37.42%	-10.29%	-27.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	4.81%	-1.66%

Volatility

VCIEX vs. VCULX - Volatility Comparison

The current volatility for VALIC Company I International Equities Index Fund (VCIEX) is 4.85%, while VALIC Company I Growth Fund (VCULX) has a volatility of 6.84%. This indicates that VCIEX experiences smaller price fluctuations and is considered to be less risky than VCULX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCIEX	VCULX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	6.84%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	14.00%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	17.24%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	23.26%	-6.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	22.09%	-5.28%

VCIEX vs. VCULX - Expense Ratio Comparison

VCIEX has a 0.42% expense ratio, which is lower than VCULX's 0.61% expense ratio.

Dividends

VCIEX vs. VCULX - Dividend Comparison

VCIEX's dividend yield for the trailing twelve months is around 6.27%, less than VCULX's 10.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIEX VALIC Company I International Equities Index Fund	6.27%	0.00%	2.41%	2.37%	3.14%	1.60%	4.08%	3.16%	2.27%	2.31%
VCULX VALIC Company I Growth Fund	10.84%	0.00%	0.07%	30.05%	37.81%	12.80%	7.28%	7.63%	0.63%	6.70%

Frequently Asked Questions

Can I hold both VCIEX and VCULX in my portfolio?

VCIEX and VCULX have a correlation of 0.60, 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 VCULX?

VCULX has higher volatility (6.84%) compared to VCIEX (4.85%). In terms of maximum drawdown, VCIEX dropped -75.07% vs VCULX's -51.32%.

Which has better risk-adjusted returns?

VCIEX currently has the higher Sharpe Ratio (1.64 vs 1.34), 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.