VCSLX vs. VBCVX

Last updated Jun 3, 2026

VCSLX (VALIC Company I Small Cap Index Fund) and VBCVX (VALIC Company I Systematic Value Fund) are both mutual funds - VCSLX is a Small Cap Blend Equities fund managed by VALIC, while VBCVX is a Large Cap Value Equities fund managed by VALIC. Over the past 10 years, VCSLX returned 9.61%/yr vs 10.05%/yr for VBCVX. Their correlation of 0.87 suggests significant overlap in exposure. VCSLX charges 0.36%/yr vs 0.48%/yr for VBCVX.

Performance

VCSLX vs. VBCVX - Performance Comparison

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

Returns By Period

In the year-to-date period, VCSLX achieves a 17.36% return, which is significantly higher than VBCVX's 11.99% return. Both investments have delivered pretty close results over the past 10 years, with VCSLX having a 9.61% annualized return and VBCVX not far ahead at 10.05%.

VCSLX

• 1D: -0.46%
• 1M: 3.39%
• YTD: 17.36%
• 6M: 18.23%
• 1Y: 41.51%
• 3Y*: 15.90%
• 5Y*: 4.82%
• 10Y*: 9.61%

VBCVX

• 1D: 0.29%
• 1M: 4.65%
• YTD: 11.99%
• 6M: 13.84%
• 1Y: 25.85%
• 3Y*: 16.61%
• 5Y*: 10.08%
• 10Y*: 10.05%

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

VCSLX vs. VBCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCSLX VALIC Company I Small Cap Index Fund	17.36%	7.00%	11.22%	15.99%	-20.41%	14.55%	20.14%	25.04%	-16.08%	14.40%
VBCVX VALIC Company I Systematic Value Fund	11.99%	10.37%	16.75%	11.06%	-6.57%	31.26%	-2.16%	23.66%	-17.02%	18.17%

Correlation

The correlation between VCSLX and VBCVX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 8, 2005	0.87

The correlation between VCSLX and VBCVX has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

VCSLX vs. VBCVX — Risk / Return Rank

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

VCSLX

VCSLX Risk / Return Rank: 60
VCSLX Sharpe Ratio Rank: 55
VCSLX Sortino Ratio Rank: 51
VCSLX Omega Ratio Rank: 44
VCSLX Calmar Ratio Rank: 80
VCSLX Martin Ratio Rank: 67

VBCVX

VBCVX Risk / Return Rank: 73
VBCVX Sharpe Ratio Rank: 70
VBCVX Sortino Ratio Rank: 68
VBCVX Omega Ratio Rank: 59
VBCVX Calmar Ratio Rank: 83
VBCVX Martin Ratio Rank: 83

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. VBCVX - Risk-Adjusted Trends Comparison

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

	VCSLX	VBCVX	Difference
Sharpe ratio Return per unit of total volatility	2.20	2.44	-0.24
Sortino ratio Return per unit of downside risk	3.03	3.43	-0.40
Omega ratio Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio Return relative to maximum drawdown	3.69	3.86	-0.16
Martin ratio Return relative to average drawdown	13.13	15.76	-2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCSLX vs. VBCVX - Sharpe Ratio Comparison

The current VCSLX Sharpe Ratio is 2.20, which is comparable to the VBCVX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of VCSLX and VBCVX, 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

	VCSLX	VBCVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.44	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.67	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.57	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.34	-0.18

Drawdowns

VCSLX vs. VBCVX - Drawdown Comparison

The maximum VCSLX drawdown since its inception was -67.69%, which is greater than VBCVX's maximum drawdown of -58.88%. Use the drawdown chart below to compare losses from any high point for VCSLX and VBCVX.

Drawdown Indicators

	VCSLX	VBCVX	Difference
Max Drawdown Largest peak-to-trough decline	-67.69%	-58.88%	-8.81%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-6.73%	-4.43%
Max Drawdown (3Y) Largest decline over 3 years	-30.96%	-19.90%	-11.06%
Max Drawdown (5Y) Largest decline over 5 years	-31.83%	-19.90%	-11.93%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-40.12%	-1.66%
Current Drawdown Current decline from peak	-1.01%	0.00%	-1.01%
Average Drawdown Average peak-to-trough decline	-18.38%	-11.00%	-7.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	1.65%	+1.49%

Volatility

VCSLX vs. VBCVX - Volatility Comparison

VALIC Company I Small Cap Index Fund (VCSLX) has a higher volatility of 5.54% compared to VALIC Company I Systematic Value Fund (VBCVX) at 2.92%. This indicates that VCSLX's price experiences larger fluctuations and is considered to be riskier than VBCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCSLX	VBCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	2.92%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	8.02%	+5.58%
Volatility (1Y) Calculated over the trailing 1-year period	19.17%	10.64%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	15.02%	+7.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.59%	17.61%	+5.98%

VCSLX vs. VBCVX - Expense Ratio Comparison

VCSLX has a 0.36% expense ratio, which is lower than VBCVX's 0.48% expense ratio.

Dividends

VCSLX vs. VBCVX - Dividend Comparison

VCSLX's dividend yield for the trailing twelve months is around 5.21%, less than VBCVX's 8.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBCVX VALIC Company I Systematic Value Fund	8.26%	0.00%	1.61%	7.29%	4.41%	19.32%	13.79%	10.74%	1.92%	4.14%
VCSLX VALIC Company I Small Cap Index Fund	5.21%	0.00%	1.17%	26.50%	13.32%	5.39%	13.29%	9.37%	1.18%	5.80%

Frequently Asked Questions

Can I hold both VCSLX and VBCVX in my portfolio?

VCSLX and VBCVX have a correlation of 0.83, 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 VBCVX?

VCSLX has higher volatility (5.54%) compared to VBCVX (2.92%). In terms of maximum drawdown, VCSLX dropped -67.69% vs VBCVX's -58.88%.

Which has better risk-adjusted returns?

VBCVX currently has the higher Sharpe Ratio (2.44 vs 2.20), 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.