VCSLX vs. VCGEX

Last updated Aug 1, 2026

VCSLX (VALIC Company I Small Cap Index Fund) and VCGEX (VALIC Company I Emerging Economies Fund) are both mutual funds - VCSLX is a Small Cap Blend Equities fund managed by VALIC, while VCGEX is a Emerging Markets Equities fund managed by VALIC. Over the past 10 years, VCSLX returned 9.25%/yr vs 8.16%/yr for VCGEX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. VCSLX charges 0.36%/yr vs 0.93%/yr for VCGEX.

Performance

VCSLX vs. VCGEX - 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 Emerging Economies Fund (VCGEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCSLX achieves a 19.10% return, which is significantly higher than VCGEX's 16.65% return. Over the past 10 years, VCSLX has outperformed VCGEX with an annualized return of 9.25%, while VCGEX has yielded a comparatively lower 8.16% annualized return.

VCSLX

• 1D: 1.33%
• 1M: -1.69%
• 6M: 13.12%
• YTD: 19.10%
• 1Y: 37.03%
• 3Y*: 12.99%
• 5Y*: 5.78%
• 10Y*: 9.25%
• ALL TIME*: 3.90%

VCGEX

• 1D: 3.28%
• 1M: -4.90%
• 6M: 6.52%
• YTD: 16.65%
• 1Y: 33.15%
• 3Y*: 16.97%
• 5Y*: 5.75%
• 10Y*: 8.16%
• ALL TIME*: 1.95%

*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)
VCGEX VALIC Company I Emerging Economies Fund	$0.00	$0.00	$0.00
VCSLX VALIC Company I Small Cap Index Fund	$0.00	$0.00	$0.00

VCSLX vs. VCGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCSLX VALIC Company I Small Cap Index Fund	19.10%	7.00%	11.22%	15.99%	-20.41%	14.55%	20.14%	25.04%	-16.08%	14.40%
VCGEX VALIC Company I Emerging Economies Fund	16.65%	25.43%	11.43%	11.86%	-25.21%	1.20%	15.60%	20.27%	-19.32%	41.29%

Correlation

The correlation between VCSLX and VCGEX is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.52
Correlation (10Y) Provides a long-term view across more market conditions.	0.53
Correlation (All Time) Calculated using the full available price history since Dec 7, 2005	0.65

The correlation between VCSLX and VCGEX shifts across timeframes, from 0.46 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VCSLX vs. VCGEX — Risk / Return Rank

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

VCSLX

VCSLX Risk / Return Rank: 75
VCSLX Sharpe Ratio Rank: 73
VCSLX Sortino Ratio Rank: 71
VCSLX Omega Ratio Rank: 64
VCSLX Calmar Ratio Rank: 85
VCSLX Martin Ratio Rank: 84

VCGEX

VCGEX Risk / Return Rank: 51
VCGEX Sharpe Ratio Rank: 51
VCGEX Sortino Ratio Rank: 44
VCGEX Omega Ratio Rank: 53
VCGEX Calmar Ratio Rank: 61
VCGEX Martin Ratio Rank: 48

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.

VCSLX vs. VCGEX - 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 Emerging Economies Fund (VCGEX). 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	VCGEX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.41	+0.30
Sortino ratio: Return per unit of downside risk	2.44	1.89	+0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.97	2.15	+0.82
Martin ratio: Return relative to average drawdown	10.54	6.89	+3.65

VCSLX vs. VCGEX - Sharpe Ratio Comparison

The current VCSLX Sharpe Ratio is 1.71, which is comparable to the VCGEX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of VCSLX and VCGEX, 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. VCGEX - Drawdown Comparison

The maximum VCSLX drawdown since its inception was -67.69%, roughly equal to the maximum VCGEX drawdown of -70.06%. Use the drawdown chart below to compare losses from any high point for VCSLX and VCGEX.

Drawdown Indicators

	VCSLX	VCGEX	Difference
Max Drawdown Largest peak-to-trough decline	-67.69%	-70.06%	+2.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-14.01%	+2.85%
Max Drawdown (3Y) Largest decline over 3 years	-30.96%	-20.43%	-10.53%
Max Drawdown (5Y) Largest decline over 5 years	-31.83%	-37.29%	+5.46%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-39.81%	-1.97%
Current Drawdown Current decline from peak	-2.61%	-11.19%	+8.58%
Average Drawdown Average peak-to-trough decline	-18.28%	-36.21%	+17.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	4.35%	-1.20%

Volatility

VCSLX vs. VCGEX - Volatility Comparison

The current volatility for VALIC Company I Small Cap Index Fund (VCSLX) is 3.81%, while VALIC Company I Emerging Economies Fund (VCGEX) has a volatility of 9.43%. This indicates that VCSLX experiences smaller price fluctuations and is considered to be less risky than VCGEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCSLX	VCGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	9.43%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	14.17%	19.60%	-5.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	21.39%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.69%	17.54%	+5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	18.21%	+5.35%

VCSLX vs. VCGEX - Expense Ratio Comparison

VCSLX has a 0.36% expense ratio, which is lower than VCGEX's 0.93% expense ratio.

Dividends

VCSLX vs. VCGEX - Dividend Comparison

VCSLX's dividend yield for the trailing twelve months is around 5.13%, more than VCGEX's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGEX VALIC Company I Emerging Economies Fund	1.91%	0.00%	2.20%	18.56%	21.86%	1.78%	2.01%	1.59%	1.78%	1.17%
VCSLX VALIC Company I Small Cap Index Fund	5.13%	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 VCGEX in my portfolio?

VCSLX and VCGEX have a correlation of 0.46, 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 VCGEX?

VCGEX has higher volatility (9.43%) compared to VCSLX (3.81%). In terms of maximum drawdown, VCSLX dropped -67.69% vs VCGEX's -70.06%.

Which has better risk-adjusted returns?

VCSLX currently has the higher Sharpe Ratio (1.71 vs 1.41), 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.