VCIGX vs. VMSGX

Last updated Aug 1, 2026

VCIGX (VALIC Company I Dividend Value Fund) and VMSGX (VALIC Company I Mid Cap Strategic Growth Fund) are both mutual funds - VCIGX is a Large Cap Value Equities fund managed by VALIC, while VMSGX is a Mid Cap Growth Equities fund managed by VALIC. Over the past 10 years, VCIGX returned 9.77%/yr vs 13.14%/yr for VMSGX. Their correlation of 0.81 means they have usually moved in the same direction. VCIGX charges 0.68%/yr vs 0.75%/yr for VMSGX.

Performance

VCIGX vs. VMSGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Dividend Value Fund (VCIGX) and VALIC Company I Mid Cap Strategic Growth Fund (VMSGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCIGX achieves a 13.55% return, which is significantly higher than VMSGX's 9.83% return. Over the past 10 years, VCIGX has underperformed VMSGX with an annualized return of 9.77%, while VMSGX has yielded a comparatively higher 13.14% annualized return.

VCIGX

• 1D: 0.49%
• 1M: 1.07%
• 6M: 9.83%
• YTD: 13.55%
• 1Y: 24.50%
• 3Y*: 13.58%
• 5Y*: 9.76%
• 10Y*: 9.77%
• ALL TIME*: 4.42%

VMSGX

• 1D: 2.11%
• 1M: -2.85%
• 6M: 8.64%
• YTD: 9.83%
• 1Y: 11.74%
• 3Y*: 15.26%
• 5Y*: 7.04%
• 10Y*: 13.14%
• ALL TIME*: 7.21%

*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)
VCIGX VALIC Company I Dividend Value Fund	$0.00	$0.00	$0.00
VMSGX VALIC Company I Mid Cap Strategic Growth Fund	$0.00	$0.00	$0.00

VCIGX vs. VMSGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIGX VALIC Company I Dividend Value Fund	13.55%	11.04%	12.87%	12.21%	-5.58%	22.01%	0.85%	23.40%	-12.18%	18.13%
VMSGX VALIC Company I Mid Cap Strategic Growth Fund	9.83%	11.23%	19.79%	22.06%	-23.40%	16.87%	34.60%	37.63%	-8.89%	26.30%

Correlation

The correlation between VCIGX and VMSGX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Dec 22, 2004	0.81

The correlation between VCIGX and VMSGX shifts across timeframes, from 0.67 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCIGX vs. VMSGX — Risk / Return Rank

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

VCIGX

VCIGX Risk / Return Rank: 85
VCIGX Sharpe Ratio Rank: 87
VCIGX Sortino Ratio Rank: 85
VCIGX Omega Ratio Rank: 82
VCIGX Calmar Ratio Rank: 81
VCIGX Martin Ratio Rank: 88

VMSGX

VMSGX Risk / Return Rank: 15
VMSGX Sharpe Ratio Rank: 14
VMSGX Sortino Ratio Rank: 15
VMSGX Omega Ratio Rank: 13
VMSGX Calmar Ratio Rank: 16
VMSGX Martin Ratio Rank: 19

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.

VCIGX vs. VMSGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Dividend Value Fund (VCIGX) and VALIC Company I Mid Cap Strategic Growth Fund (VMSGX). 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.

	VCIGX	VMSGX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	0.53	+1.62
Sortino ratio: Return per unit of downside risk	3.06	0.88	+2.18
Omega ratio: Gain probability vs. loss probability	1.39	1.10	+0.28
Calmar ratio: Return relative to maximum drawdown	2.75	0.77	+1.98
Martin ratio: Return relative to average drawdown	11.58	2.63	+8.95

VCIGX vs. VMSGX - Sharpe Ratio Comparison

The current VCIGX Sharpe Ratio is 2.15, which is higher than the VMSGX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of VCIGX and VMSGX, 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

VCIGX vs. VMSGX - Drawdown Comparison

The maximum VCIGX drawdown since its inception was -64.18%, roughly equal to the maximum VMSGX drawdown of -66.65%. Use the drawdown chart below to compare losses from any high point for VCIGX and VMSGX.

Drawdown Indicators

	VCIGX	VMSGX	Difference
Max Drawdown Largest peak-to-trough decline	-64.18%	-66.65%	+2.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-12.17%	+3.93%
Max Drawdown (3Y) Largest decline over 3 years	-18.00%	-23.85%	+5.85%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-33.62%	+15.62%
Max Drawdown (10Y) Largest decline over 10 years	-36.58%	-36.97%	+0.39%
Current Drawdown Current decline from peak	-0.42%	-4.05%	+3.63%
Average Drawdown Average peak-to-trough decline	-13.21%	-14.98%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	3.57%	-1.61%

Volatility

VCIGX vs. VMSGX - Volatility Comparison

The current volatility for VALIC Company I Dividend Value Fund (VCIGX) is 3.22%, while VALIC Company I Mid Cap Strategic Growth Fund (VMSGX) has a volatility of 4.27%. This indicates that VCIGX experiences smaller price fluctuations and is considered to be less risky than VMSGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCIGX	VMSGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	4.27%	-1.05%
Volatility (6M) Calculated over the trailing 6-month period	8.31%	14.26%	-5.95%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	17.69%	-7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	20.94%	-7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	20.93%	-4.66%

VCIGX vs. VMSGX - Expense Ratio Comparison

VCIGX has a 0.68% expense ratio, which is lower than VMSGX's 0.75% expense ratio.

Dividends

VCIGX vs. VMSGX - Dividend Comparison

VCIGX's dividend yield for the trailing twelve months is around 9.89%, more than VMSGX's 7.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIGX VALIC Company I Dividend Value Fund	9.89%	0.00%	6.05%	18.85%	2.02%	4.42%	6.49%	12.74%	2.05%	9.71%
VMSGX VALIC Company I Mid Cap Strategic Growth Fund	7.25%	0.00%	0.01%	21.01%	11.77%	4.58%	3.89%	8.38%	0.10%	5.91%

Frequently Asked Questions

Can I hold both VCIGX and VMSGX in my portfolio?

VCIGX and VMSGX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCIGX or VMSGX?

VMSGX has higher volatility (4.27%) compared to VCIGX (3.22%). In terms of maximum drawdown, VCIGX dropped -64.18% vs VMSGX's -66.65%.

Which has better risk-adjusted returns?

VCIGX currently has the higher Sharpe Ratio (2.15 vs 0.53), 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.