VCTPX vs. VCGEX

Last updated Jun 4, 2026

VCTPX (VALIC Company I Inflation Protected Fund) and VCGEX (VALIC Company I Emerging Economies Fund) are both mutual funds - VCTPX is a Inflation-Protected Bonds fund managed by VALIC, while VCGEX is a Emerging Markets Diversified fund managed by VALIC. Over the past 10 years, VCTPX returned 2.39%/yr vs 10.26%/yr for VCGEX. At a 0.00 correlation, their price movements are largely independent. VCTPX charges 0.52%/yr vs 0.93%/yr for VCGEX.

Performance

VCTPX vs. VCGEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Inflation Protected Fund (VCTPX) 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, VCTPX achieves a 2.23% return, which is significantly lower than VCGEX's 30.58% return. Over the past 10 years, VCTPX has underperformed VCGEX with an annualized return of 2.39%, while VCGEX has yielded a comparatively higher 10.26% annualized return.

VCTPX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 2.23%
• 6M: 1.65%
• 1Y: 6.17%
• 3Y*: 3.06%
• 5Y*: 1.06%
• 10Y*: 2.39%

VCGEX

• 1D: 1.09%
• 1M: 9.66%
• YTD: 30.58%
• 6M: 33.42%
• 1Y: 56.65%
• 3Y*: 24.67%
• 5Y*: 6.81%
• 10Y*: 10.26%

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

VCTPX vs. VCGEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCTPX VALIC Company I Inflation Protected Fund	2.23%	4.22%	1.15%	4.03%	-10.23%	5.10%	8.76%	8.66%	-3.13%	4.86%
VCGEX VALIC Company I Emerging Economies Fund	30.58%	25.43%	11.43%	11.86%	-25.21%	1.20%	15.60%	20.27%	-19.32%	41.29%

Correlation

The correlation between VCTPX and VCGEX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Dec 8, 2005	0.00

The correlation between VCTPX and VCGEX shifts across timeframes, from 0.00 (all time) to 0.10 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VCTPX vs. VCGEX — Risk / Return Rank

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

VCTPX

VCTPX Risk / Return Rank: 51
VCTPX Sharpe Ratio Rank: 44
VCTPX Sortino Ratio Rank: 48
VCTPX Omega Ratio Rank: 49
VCTPX Calmar Ratio Rank: 73
VCTPX Martin Ratio Rank: 42

VCGEX

VCGEX Risk / Return Rank: 90
VCGEX Sharpe Ratio Rank: 96
VCGEX Sortino Ratio Rank: 91
VCGEX Omega Ratio Rank: 89
VCGEX Calmar Ratio Rank: 89
VCGEX 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.

VCTPX vs. VCGEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Inflation Protected Fund (VCTPX) 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.

	VCTPX	VCGEX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	3.50	-1.55
Sortino ratio: Return per unit of downside risk	2.92	4.51	-1.59
Omega ratio: Gain probability vs. loss probability	1.38	1.64	-0.26
Calmar ratio: Return relative to maximum drawdown	3.32	4.57	-1.25
Martin ratio: Return relative to average drawdown	9.00	16.88	-7.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCTPX vs. VCGEX - Sharpe Ratio Comparison

The current VCTPX Sharpe Ratio is 1.96, which is lower than the VCGEX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of VCTPX 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.

Sharpe Ratios by Period

	VCTPX	VCGEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	3.50	-1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.41	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.58	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.12	+0.14

Drawdowns

VCTPX vs. VCGEX - Drawdown Comparison

The maximum VCTPX drawdown since its inception was -17.48%, smaller than the maximum VCGEX drawdown of -70.06%. Use the drawdown chart below to compare losses from any high point for VCTPX and VCGEX.

Drawdown Indicators

	VCTPX	VCGEX	Difference
Max Drawdown Largest peak-to-trough decline	-17.48%	-70.06%	+52.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.84%	-12.80%	+10.96%
Max Drawdown (3Y) Largest decline over 3 years	-5.19%	-20.43%	+15.24%
Max Drawdown (5Y) Largest decline over 5 years	-12.81%	-38.66%	+25.85%
Max Drawdown (10Y) Largest decline over 10 years	-12.81%	-39.81%	+27.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.84%	-36.45%	+30.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	3.45%	-2.77%

Volatility

VCTPX vs. VCGEX - Volatility Comparison

The current volatility for VALIC Company I Inflation Protected Fund (VCTPX) is 0.88%, while VALIC Company I Emerging Economies Fund (VCGEX) has a volatility of 6.65%. This indicates that VCTPX 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

	VCTPX	VCGEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	6.65%	-5.77%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	14.26%	-12.11%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	16.68%	-13.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.60%	16.57%	-10.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	17.83%	-12.97%

VCTPX vs. VCGEX - Expense Ratio Comparison

VCTPX has a 0.52% expense ratio, which is lower than VCGEX's 0.93% expense ratio.

Dividends

VCTPX vs. VCGEX - Dividend Comparison

VCTPX's dividend yield for the trailing twelve months is around 2.56%, more than VCGEX's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCGEX VALIC Company I Emerging Economies Fund	1.70%	0.00%	2.20%	18.56%	21.86%	1.78%	2.01%	1.59%	1.78%	1.17%
VCTPX VALIC Company I Inflation Protected Fund	2.56%	0.00%	13.97%	13.35%	8.00%	1.86%	2.20%	1.63%	1.98%	0.39%

Frequently Asked Questions

Can I hold both VCTPX and VCGEX in my portfolio?

VCTPX and VCGEX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCTPX or VCGEX?

VCGEX has higher volatility (6.65%) compared to VCTPX (0.88%). In terms of maximum drawdown, VCTPX dropped -17.48% vs VCGEX's -70.06%.

Which has better risk-adjusted returns?

VCGEX currently has the higher Sharpe Ratio (3.50 vs 1.96), 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.