VCNIX vs. QQQM

Last updated Jun 4, 2026

VCNIX (VALIC Company I Nasdaq-100 Index Fund) and QQQM (Invesco NASDAQ 100 ETF) are both funds - VCNIX is a Large Cap Growth Equities fund managed by VALIC, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, VCNIX returned 13.30%/yr vs 18.07%/yr for QQQM. With a 0.99 correlation, they move nearly in lockstep. VCNIX charges 0.45%/yr vs 0.15%/yr for QQQM.

Performance

VCNIX vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Nasdaq-100 Index Fund (VCNIX) and Invesco NASDAQ 100 ETF (QQQM). 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 21.53% return and QQQM slightly lower at 21.39%.

VCNIX

• 1D: 0.50%
• 1M: 10.94%
• YTD: 21.53%
• 6M: 19.86%
• 1Y: 41.89%
• 3Y*: 19.90%
• 5Y*: 13.30%
• 10Y*: 18.59%

QQQM

• 1D: -0.20%
• 1M: 10.67%
• YTD: 21.39%
• 6M: 19.75%
• 1Y: 41.98%
• 3Y*: 28.89%
• 5Y*: 18.07%
• 10Y*: —

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

VCNIX vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VCNIX VALIC Company I Nasdaq-100 Index Fund	21.53%	-2.43%	25.36%	54.21%	-32.55%	26.89%	6.66%
QQQM Invesco NASDAQ 100 ETF	21.39%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%

Correlation

The correlation between VCNIX and QQQM 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 (All Time) Calculated using the full available price history since Oct 14, 2020	0.99

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

Return for Risk

VCNIX vs. QQQM — Risk / Return Rank

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

VCNIX

VCNIX Risk / Return Rank: 77
VCNIX Sharpe Ratio Rank: 86
VCNIX Sortino Ratio Rank: 77
VCNIX Omega Ratio Rank: 70
VCNIX Calmar Ratio Rank: 79
VCNIX Martin Ratio Rank: 73

QQQM

QQQM Risk / Return Rank: 74
QQQM Sharpe Ratio Rank: 80
QQQM Sortino Ratio Rank: 75
QQQM Omega Ratio Rank: 75
QQQM Calmar Ratio Rank: 69
QQQM Martin Ratio Rank: 71

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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Nasdaq-100 Index Fund (VCNIX) and Invesco NASDAQ 100 ETF (QQQM). 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.

	VCNIX	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.65	+0.12
Sortino ratio: Return per unit of downside risk	3.67	3.46	+0.21
Omega ratio: Gain probability vs. loss probability	1.47	1.45	+0.01
Calmar ratio: Return relative to maximum drawdown	3.61	3.53	+0.09
Martin ratio: Return relative to average drawdown	13.91	13.52	+0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCNIX vs. QQQM - Sharpe Ratio Comparison

The current VCNIX Sharpe Ratio is 2.78, which is comparable to the QQQM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of VCNIX and QQQM, 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

	VCNIX	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.65	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.82	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.85	-0.58

Drawdowns

VCNIX vs. QQQM - Drawdown Comparison

The maximum VCNIX drawdown since its inception was -76.68%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for VCNIX and QQQM.

Drawdown Indicators

	VCNIX	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-76.68%	-35.04%	-41.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-11.96%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-37.53%	-22.70%	-14.83%
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	-35.04%	-2.49%
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	—	—
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-28.74%	-8.25%	-20.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.11%	0.00%

Volatility

VCNIX vs. QQQM - Volatility Comparison

VALIC Company I Nasdaq-100 Index Fund (VCNIX) and Invesco NASDAQ 100 ETF (QQQM) have volatilities of 4.51% and 4.48%, 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	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	4.48%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	12.05%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	15.91%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.88%	22.24%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.74%	22.12%	+1.62%

VCNIX vs. QQQM - Expense Ratio Comparison

VCNIX has a 0.45% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

VCNIX vs. QQQM - Dividend Comparison

VCNIX's dividend yield for the trailing twelve months is around 8.34%, more than QQQM's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQM Invesco NASDAQ 100 ETF	0.41%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%
VCNIX VALIC Company I Nasdaq-100 Index Fund	8.34%	0.00%	3.76%	10.90%	13.50%	7.28%	2.40%	1.57%	0.55%	4.57%

Frequently Asked Questions

Can I hold both VCNIX and QQQM in my portfolio?

With a correlation of 0.98, VCNIX and QQQM 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 QQQM?

VCNIX has higher volatility (4.51%) compared to QQQM (4.48%). In terms of maximum drawdown, VCNIX dropped -76.68% vs QQQM's -35.04%.

Which has better risk-adjusted returns?

VCNIX currently has the higher Sharpe Ratio (2.78 vs 2.65), 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.