VCSLX vs. HDPSX

Last updated Jun 24, 2026

VCSLX (VALIC Company I Small Cap Index Fund) and HDPSX (Hodges Small Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, VCSLX returned 10.34%/yr vs 16.46%/yr for HDPSX. Their correlation of 0.92 suggests significant overlap in exposure. VCSLX charges 0.36%/yr vs 1.36%/yr for HDPSX.

Performance

VCSLX vs. HDPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Small Cap Index Fund (VCSLX) and Hodges Small Cap Fund (HDPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCSLX achieves a 21.45% return, which is significantly lower than HDPSX's 34.04% return. Over the past 10 years, VCSLX has underperformed HDPSX with an annualized return of 10.34%, while HDPSX has yielded a comparatively higher 16.46% annualized return.

VCSLX

• 1D: 0.85%
• 1M: 4.83%
• YTD: 21.45%
• 6M: 18.68%
• 1Y: 42.05%
• 3Y*: 17.44%
• 5Y*: 5.49%
• 10Y*: 10.34%

HDPSX

• 1D: 0.60%
• 1M: 5.34%
• YTD: 34.04%
• 6M: 30.99%
• 1Y: 53.12%
• 3Y*: 34.46%
• 5Y*: 17.14%
• 10Y*: 16.46%

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

VCSLX vs. HDPSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCSLX VALIC Company I Small Cap Index Fund	21.45%	7.00%	11.22%	15.99%	-20.41%	14.55%	20.14%	25.04%	-16.08%	14.40%
HDPSX Hodges Small Cap Fund	34.04%	3.07%	62.98%	14.88%	-12.78%	35.60%	16.98%	16.85%	-16.35%	9.34%

Correlation

The correlation between VCSLX and HDPSX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007	0.92

The correlation between VCSLX and HDPSX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

VCSLX vs. HDPSX — Risk / Return Rank

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

VCSLX

VCSLX Risk / Return Rank: 70
VCSLX Sharpe Ratio Rank: 69
VCSLX Sortino Ratio Rank: 63
VCSLX Omega Ratio Rank: 52
VCSLX Calmar Ratio Rank: 86
VCSLX Martin Ratio Rank: 80

HDPSX

HDPSX Risk / Return Rank: 81
HDPSX Sharpe Ratio Rank: 83
HDPSX Sortino Ratio Rank: 76
HDPSX Omega Ratio Rank: 66
HDPSX Calmar Ratio Rank: 94
HDPSX Martin Ratio Rank: 87

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.

VCSLX vs. HDPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Small Cap Index Fund (VCSLX) and Hodges Small Cap Fund (HDPSX). 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.

	VCSLX	HDPSX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.50	-0.27
Sortino ratio: Return per unit of downside risk	3.03	3.33	-0.30
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	3.93	5.12	-1.19
Martin ratio: Return relative to average drawdown	13.90	15.47	-1.57

VCSLX vs. HDPSX - Sharpe Ratio Comparison

The current VCSLX Sharpe Ratio is 2.23, which is comparable to the HDPSX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of VCSLX and HDPSX, 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

VCSLX vs. HDPSX - Drawdown Comparison

The maximum VCSLX drawdown since its inception was -67.69%, roughly equal to the maximum HDPSX drawdown of -65.86%. Use the drawdown chart below to compare losses from any high point for VCSLX and HDPSX.

Drawdown Indicators

	VCSLX	HDPSX	Difference
Max Drawdown Largest peak-to-trough decline	-67.69%	-65.86%	-1.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-10.42%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-30.96%	-28.83%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-31.83%	-28.83%	-3.00%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-58.96%	+17.18%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-18.34%	-10.82%	-7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	3.44%	-0.29%

Volatility

VCSLX vs. HDPSX - Volatility Comparison

VALIC Company I Small Cap Index Fund (VCSLX) has a higher volatility of 6.41% compared to Hodges Small Cap Fund (HDPSX) at 6.07%. This indicates that VCSLX's price experiences larger fluctuations and is considered to be riskier than HDPSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCSLX	HDPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	6.07%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	15.26%	-0.89%
Volatility (1Y) Calculated over the trailing 1-year period	19.75%	21.40%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	27.05%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	27.54%	-3.90%

VCSLX vs. HDPSX - Expense Ratio Comparison

VCSLX has a 0.36% expense ratio, which is lower than HDPSX's 1.36% expense ratio.

Dividends

VCSLX vs. HDPSX - Dividend Comparison

VCSLX's dividend yield for the trailing twelve months is around 5.03%, less than HDPSX's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDPSX Hodges Small Cap Fund	5.70%	7.64%	44.97%	5.01%	6.46%	19.53%	0.00%	8.25%	4.66%	14.53%	0.32%	0.35%
VCSLX VALIC Company I Small Cap Index Fund	5.03%	0.00%	1.17%	26.50%	13.32%	5.39%	13.29%	9.37%	1.18%	5.80%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCSLX and HDPSX in my portfolio?

VCSLX and HDPSX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCSLX or HDPSX?

VCSLX has higher volatility (6.41%) compared to HDPSX (6.07%). In terms of maximum drawdown, VCSLX dropped -67.69% vs HDPSX's -65.86%.

Which has better risk-adjusted returns?

HDPSX currently has the higher Sharpe Ratio (2.50 vs 2.23), 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.