VCNIX vs. NASDX

Last updated Jun 17, 2026

VCNIX (VALIC Company I Nasdaq-100 Index Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both Large Cap Growth Equities funds. Over the past 10 years, VCNIX returned 18.90%/yr vs 22.91%/yr for NASDX. With a 0.99 correlation, they move nearly in lockstep. VCNIX charges 0.45%/yr vs 0.63%/yr for NASDX.

Performance

VCNIX vs. NASDX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VCNIX having a 21.09% return and NASDX slightly lower at 20.96%. Over the past 10 years, VCNIX has underperformed NASDX with an annualized return of 18.90%, while NASDX has yielded a comparatively higher 22.91% annualized return.

VCNIX

• 1D: 3.06%
• 1M: 4.89%
• YTD: 21.09%
• 6M: 21.62%
• 1Y: 39.52%
• 3Y*: 18.30%
• 5Y*: 12.47%
• 10Y*: 18.90%

NASDX

• 1D: 3.06%
• 1M: 4.93%
• YTD: 20.96%
• 6M: 21.71%
• 1Y: 39.74%
• 3Y*: 30.89%
• 5Y*: 19.55%
• 10Y*: 22.91%

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

VCNIX vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCNIX VALIC Company I Nasdaq-100 Index Fund	21.09%	-2.43%	25.36%	54.21%	-32.55%	26.89%	48.24%	38.63%	-4.76%	32.35%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	20.96%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	31.27%

Correlation

The correlation between VCNIX and NASDX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 3, 2000	0.99

The correlation between VCNIX and NASDX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

VCNIX vs. NASDX — Risk / Return Rank

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

VCNIX

VCNIX Risk / Return Rank: 79
VCNIX Sharpe Ratio Rank: 84
VCNIX Sortino Ratio Rank: 76
VCNIX Omega Ratio Rank: 74
VCNIX Calmar Ratio Rank: 82
VCNIX Martin Ratio Rank: 79

NASDX

NASDX Risk / Return Rank: 80
NASDX Sharpe Ratio Rank: 83
NASDX Sortino Ratio Rank: 74
NASDX Omega Ratio Rank: 75
NASDX Calmar Ratio Rank: 84
NASDX Martin Ratio Rank: 82

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.

VCNIX vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Nasdaq-100 Index Fund (VCNIX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	VCNIX	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.40	+0.06
Sortino ratio: Return per unit of downside risk	3.21	3.10	+0.11
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	3.49	3.52	-0.03
Martin ratio: Return relative to average drawdown	13.03	13.28	-0.25

VCNIX vs. NASDX - Sharpe Ratio Comparison

The current VCNIX Sharpe Ratio is 2.45, which is comparable to the NASDX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of VCNIX and NASDX, 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

VCNIX vs. NASDX - Drawdown Comparison

The maximum VCNIX drawdown since its inception was -76.68%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for VCNIX and NASDX.

Drawdown Indicators

	VCNIX	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-76.68%	-83.16%	+6.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-11.90%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-37.53%	-22.71%	-14.82%
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	-35.33%	-2.20%
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	-35.33%	-2.20%
Current Drawdown Current decline from peak	-0.37%	-0.34%	-0.03%
Average Drawdown Average peak-to-trough decline	-28.70%	-34.32%	+5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.15%	+0.05%

Volatility

VCNIX vs. NASDX - Volatility Comparison

VALIC Company I Nasdaq-100 Index Fund (VCNIX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) have volatilities of 8.05% and 8.05%, 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

	VCNIX	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.05%	8.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	14.13%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	17.52%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	23.25%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.84%	22.79%	+1.05%

VCNIX vs. NASDX - Expense Ratio Comparison

VCNIX has a 0.45% expense ratio, which is lower than NASDX's 0.63% expense ratio.

Dividends

VCNIX vs. NASDX - Dividend Comparison

VCNIX's dividend yield for the trailing twelve months is around 8.37%, more than NASDX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	2.99%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%
VCNIX VALIC Company I Nasdaq-100 Index Fund	8.37%	0.00%	3.76%	10.90%	13.50%	7.28%	2.40%	1.57%	0.55%	4.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCNIX and NASDX in my portfolio?

With a correlation of 0.98, VCNIX and NASDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VCNIX or NASDX?

NASDX has higher volatility (8.05%) compared to VCNIX (8.05%). In terms of maximum drawdown, VCNIX dropped -76.68% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

VCNIX currently has the higher Sharpe Ratio (2.45 vs 2.40), 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.