VCIFX vs. VCGSX

Last updated Jul 14, 2026

VCIFX (Vertical Capital Income Fund) and VCGSX (VALIC Company I Government Securities Fund) are both mutual funds - VCIFX is a Global Bonds fund managed by VALIC, while VCGSX is a Government Bonds fund managed by VALIC. Over the past 10 years, VCIFX returned 0.63%/yr vs 0.63%/yr for VCGSX. At a 0.43 correlation, their price movements are largely independent. VCIFX charges 0.69%/yr vs 0.65%/yr for VCGSX.

Performance

VCIFX vs. VCGSX - Performance Comparison

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

Returns By Period

In the year-to-date period, VCIFX achieves a -0.74% return, which is significantly lower than VCGSX's -0.10% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VCIFX at 0.63% and VCGSX at 0.63%.

VCIFX

• 1D: 0.09%
• 1M: -0.66%
• 6M: -0.64%
• YTD: -0.74%
• 1Y: 2.48%
• 3Y*: 3.91%
• 5Y*: -1.53%
• 10Y*: 0.63%

VCGSX

• 1D: 0.00%
• 1M: -0.11%
• 6M: -0.41%
• YTD: -0.10%
• 1Y: 3.45%
• 3Y*: 2.65%
• 5Y*: -0.82%
• 10Y*: 0.63%

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

VCIFX vs. VCGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIFX Vertical Capital Income Fund	-0.74%	9.15%	-1.00%	5.96%	-16.21%	-5.85%	10.46%	9.56%	-3.14%	8.10%
VCGSX VALIC Company I Government Securities Fund	-0.10%	3.55%	1.15%	4.22%	-11.17%	-2.31%	6.61%	6.51%	0.52%	2.04%

Correlation

The correlation between VCIFX and VCGSX 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	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 27, 1995	0.43

Over the past year, VCIFX and VCGSX have become more correlated (0.76) than their long-term average of 0.43, meaning their price movements have been converging.

Return for Risk

VCIFX vs. VCGSX — Risk / Return Rank

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

VCIFX

VCIFX Risk / Return Rank: 8
VCIFX Sharpe Ratio Rank: 8
VCIFX Sortino Ratio Rank: 8
VCIFX Omega Ratio Rank: 7
VCIFX Calmar Ratio Rank: 8
VCIFX Martin Ratio Rank: 8

VCGSX

VCGSX Risk / Return Rank: 15
VCGSX Sharpe Ratio Rank: 16
VCGSX Sortino Ratio Rank: 16
VCGSX Omega Ratio Rank: 15
VCGSX Calmar Ratio Rank: 15
VCGSX Martin Ratio Rank: 13

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.

VCIFX vs. VCGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vertical Capital Income Fund (VCIFX) and VALIC Company I Government Securities Fund (VCGSX). 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.

	VCIFX	VCGSX	Difference
Sharpe ratio: Return per unit of total volatility	0.45	0.82	-0.36
Sortino ratio: Return per unit of downside risk	0.69	1.21	-0.52
Omega ratio: Gain probability vs. loss probability	1.08	1.14	-0.06
Calmar ratio: Return relative to maximum drawdown	0.50	0.96	-0.45
Martin ratio: Return relative to average drawdown	1.34	2.59	-1.25

VCIFX vs. VCGSX - Sharpe Ratio Comparison

The current VCIFX Sharpe Ratio is 0.45, which is lower than the VCGSX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of VCIFX and VCGSX, 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

VCIFX vs. VCGSX - Drawdown Comparison

The maximum VCIFX drawdown since its inception was -29.13%, which is greater than VCGSX's maximum drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for VCIFX and VCGSX.

Drawdown Indicators

	VCIFX	VCGSX	Difference
Max Drawdown Largest peak-to-trough decline	-29.13%	-17.32%	-11.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.19%	-3.18%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-7.75%	-5.99%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	-25.58%	-16.02%	-9.56%
Max Drawdown (10Y) Largest decline over 10 years	-27.38%	-17.32%	-10.06%
Current Drawdown Current decline from peak	-12.70%	-6.21%	-6.49%
Average Drawdown Average peak-to-trough decline	-14.02%	-6.37%	-7.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.17%	+0.39%

Volatility

VCIFX vs. VCGSX - Volatility Comparison

Vertical Capital Income Fund (VCIFX) and VALIC Company I Government Securities Fund (VCGSX) have volatilities of 1.17% and 1.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCIFX	VCGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	1.23%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.72%	2.80%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	3.73%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.03%	5.69%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.73%	4.66%	+1.07%

VCIFX vs. VCGSX - Expense Ratio Comparison

VCIFX has a 0.69% expense ratio, which is higher than VCGSX's 0.65% expense ratio.

Dividends

VCIFX vs. VCGSX - Dividend Comparison

VCIFX's dividend yield for the trailing twelve months is around 1.82%, less than VCGSX's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGSX VALIC Company I Government Securities Fund	2.16%	0.00%	3.70%	2.58%	2.06%	2.31%	2.26%	2.25%	2.67%	2.38%
VCIFX Vertical Capital Income Fund	1.82%	0.00%	0.00%	3.53%	3.64%	4.00%	1.76%	2.32%	0.93%	0.00%

Frequently Asked Questions

Can I hold both VCIFX and VCGSX in my portfolio?

VCIFX and VCGSX 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, VCIFX or VCGSX?

VCGSX has higher volatility (1.23%) compared to VCIFX (1.17%). In terms of maximum drawdown, VCIFX dropped -29.13% vs VCGSX's -17.32%.

Which has better risk-adjusted returns?

VCGSX currently has the higher Sharpe Ratio (0.82 vs 0.45), 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.