VCNIX vs. VCGAX

Last updated Aug 4, 2026

VCNIX (VALIC Company I Nasdaq-100 Index Fund) and VCGAX (VALIC Company I Systematic Core Fund) are both mutual funds - VCNIX is a Large Cap Growth Equities fund managed by VALIC, while VCGAX is a Large Cap Blend Equities fund managed by VALIC. Over the past 10 years, VCNIX returned 17.11%/yr vs 13.31%/yr for VCGAX. Their correlation of 0.87 means they have usually moved in the same direction. VCNIX charges 0.45%/yr vs 0.63%/yr for VCGAX.

Performance

VCNIX vs. VCGAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VCNIX achieves a 12.09% return, which is significantly higher than VCGAX's 8.48% return. Over the past 10 years, VCNIX has outperformed VCGAX with an annualized return of 17.11%, while VCGAX has yielded a comparatively lower 13.31% annualized return.

VCNIX

• 1D: 0.62%
• 1M: -3.61%
• 6M: 9.96%
• YTD: 12.09%
• 1Y: 24.48%
• 3Y*: 13.74%
• 5Y*: 9.27%
• 10Y*: 17.11%
• ALL TIME*: 6.70%

VCGAX

• 1D: 0.59%
• 1M: 1.53%
• 6M: 7.39%
• YTD: 8.48%
• 1Y: 18.73%
• 3Y*: 15.30%
• 5Y*: 9.62%
• 10Y*: 13.31%
• ALL TIME*: 4.89%

*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)
VCGAX VALIC Company I Systematic Core Fund	$0.00	$0.00	$0.00
VCNIX VALIC Company I Nasdaq-100 Index Fund	$0.00	$0.00	$0.00

VCNIX vs. VCGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCNIX VALIC Company I Nasdaq-100 Index Fund	12.09%	-2.43%	25.36%	54.21%	-32.55%	26.89%	48.24%	38.63%	-4.76%	32.35%
VCGAX VALIC Company I Systematic Core Fund	8.48%	9.41%	23.14%	23.94%	-18.71%	26.34%	24.07%	30.50%	-8.98%	21.09%

Correlation

The correlation between VCNIX and VCGAX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Oct 3, 2000	0.87

The correlation between VCNIX and VCGAX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

VCNIX vs. VCGAX — Risk / Return Rank

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

VCNIX

VCNIX Risk / Return Rank: 36
VCNIX Sharpe Ratio Rank: 34
VCNIX Sortino Ratio Rank: 32
VCNIX Omega Ratio Rank: 32
VCNIX Calmar Ratio Rank: 43
VCNIX Martin Ratio Rank: 38

VCGAX

VCGAX Risk / Return Rank: 46
VCGAX Sharpe Ratio Rank: 47
VCGAX Sortino Ratio Rank: 48
VCGAX Omega Ratio Rank: 42
VCGAX Calmar Ratio Rank: 41
VCGAX Martin Ratio Rank: 51

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.

VCNIX vs. VCGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Nasdaq-100 Index Fund (VCNIX) and VALIC Company I Systematic Core Fund (VCGAX). 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	VCGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.42	-0.26
Sortino ratio: Return per unit of downside risk	1.66	2.06	-0.40
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	1.85	1.79	+0.07
Martin ratio: Return relative to average drawdown	5.94	7.53	-1.59

VCNIX vs. VCGAX - Sharpe Ratio Comparison

The current VCNIX Sharpe Ratio is 1.16, which is comparable to the VCGAX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of VCNIX and VCGAX, 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. VCGAX - Drawdown Comparison

The maximum VCNIX drawdown since its inception was -76.68%, which is greater than VCGAX's maximum drawdown of -71.37%. Use the drawdown chart below to compare losses from any high point for VCNIX and VCGAX.

Drawdown Indicators

	VCNIX	VCGAX	Difference
Max Drawdown Largest peak-to-trough decline	-76.68%	-71.37%	-5.31%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-9.55%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-37.53%	-22.35%	-15.18%
Max Drawdown (5Y) Largest decline over 5 years	-37.53%	-24.90%	-12.63%
Max Drawdown (10Y) Largest decline over 10 years	-37.53%	-34.41%	-3.12%
Current Drawdown Current decline from peak	-7.77%	-0.16%	-7.61%
Average Drawdown Average peak-to-trough decline	-28.58%	-25.12%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	2.26%	+1.47%

Volatility

VCNIX vs. VCGAX - Volatility Comparison

VALIC Company I Nasdaq-100 Index Fund (VCNIX) has a higher volatility of 7.16% compared to VALIC Company I Systematic Core Fund (VCGAX) at 3.11%. This indicates that VCNIX's price experiences larger fluctuations and is considered to be riskier than VCGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCNIX	VCGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	3.11%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	16.14%	9.43%	+6.71%
Volatility (1Y) Calculated over the trailing 1-year period	19.14%	11.99%	+7.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.34%	16.95%	+8.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	18.35%	+5.58%

VCNIX vs. VCGAX - Expense Ratio Comparison

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

Dividends

VCNIX vs. VCGAX - Dividend Comparison

VCNIX's dividend yield for the trailing twelve months is around 9.04%, more than VCGAX's 6.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGAX VALIC Company I Systematic Core Fund	6.25%	0.00%	1.69%	4.83%	0.79%	9.20%	10.09%	10.41%	1.01%	3.82%
VCNIX VALIC Company I Nasdaq-100 Index Fund	9.04%	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 VCGAX in my portfolio?

VCNIX and VCGAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCNIX or VCGAX?

VCNIX has higher volatility (7.16%) compared to VCGAX (3.11%). In terms of maximum drawdown, VCNIX dropped -76.68% vs VCGAX's -71.37%.

Which has better risk-adjusted returns?

VCGAX currently has the higher Sharpe Ratio (1.42 vs 1.16), 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.