VDAFX vs. IOEZX

Last updated Jun 3, 2026

VDAFX (VALIC Company I Dynamic Allocation Fund) and IOEZX (ICON Equity Income Fund) are both Diversified Portfolio funds. Over the past 10 years, VDAFX returned 7.19%/yr vs 8.56%/yr for IOEZX. A 0.78 correlation means they provide meaningful diversification when combined. VDAFX charges 0.32%/yr vs 1.00%/yr for IOEZX.

Performance

VDAFX vs. IOEZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Dynamic Allocation Fund (VDAFX) and ICON Equity Income Fund (IOEZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VDAFX achieves a 6.53% return, which is significantly lower than IOEZX's 13.83% return. Over the past 10 years, VDAFX has underperformed IOEZX with an annualized return of 7.19%, while IOEZX has yielded a comparatively higher 8.56% annualized return.

VDAFX

• 1D: 0.17%
• 1M: 3.41%
• YTD: 6.53%
• 6M: 6.53%
• 1Y: 16.68%
• 3Y*: 11.75%
• 5Y*: 5.12%
• 10Y*: 7.19%

IOEZX

• 1D: 0.91%
• 1M: -0.69%
• YTD: 13.83%
• 6M: 15.02%
• 1Y: 27.35%
• 3Y*: 12.80%
• 5Y*: 4.43%
• 10Y*: 8.56%

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

VDAFX vs. IOEZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDAFX VALIC Company I Dynamic Allocation Fund	6.53%	7.87%	12.77%	13.23%	-16.05%	10.25%	11.15%	20.27%	-10.50%	20.24%
IOEZX ICON Equity Income Fund	13.83%	14.29%	6.12%	3.82%	-13.56%	24.15%	3.16%	27.70%	-10.11%	13.59%

Correlation

The correlation between VDAFX and IOEZX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.78

Over the past year, the correlation between VDAFX and IOEZX has dropped to 0.57 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

VDAFX vs. IOEZX — Risk / Return Rank

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

VDAFX

VDAFX Risk / Return Rank: 59
VDAFX Sharpe Ratio Rank: 59
VDAFX Sortino Ratio Rank: 60
VDAFX Omega Ratio Rank: 54
VDAFX Calmar Ratio Rank: 59
VDAFX Martin Ratio Rank: 66

IOEZX

IOEZX Risk / Return Rank: 70
IOEZX Sharpe Ratio Rank: 62
IOEZX Sortino Ratio Rank: 67
IOEZX Omega Ratio Rank: 51
IOEZX Calmar Ratio Rank: 86
IOEZX 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.

VDAFX vs. IOEZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Dynamic Allocation Fund (VDAFX) and ICON Equity Income Fund (IOEZX). 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.

	VDAFX	IOEZX	Difference
Sharpe ratio Return per unit of total volatility	2.26	2.32	-0.06
Sortino ratio Return per unit of downside risk	3.26	3.41	-0.14
Omega ratio Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio Return relative to maximum drawdown	2.94	4.13	-1.19
Martin ratio Return relative to average drawdown	12.79	15.74	-2.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VDAFX vs. IOEZX - Sharpe Ratio Comparison

The current VDAFX Sharpe Ratio is 2.26, which is comparable to the IOEZX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VDAFX and IOEZX, 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

	VDAFX	IOEZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.32	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.32	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.52	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.40	+0.17

Drawdowns

VDAFX vs. IOEZX - Drawdown Comparison

The maximum VDAFX drawdown since its inception was -22.10%, smaller than the maximum IOEZX drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for VDAFX and IOEZX.

Drawdown Indicators

	VDAFX	IOEZX	Difference
Max Drawdown Largest peak-to-trough decline	-22.10%	-56.15%	+34.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-6.77%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-13.22%	-13.95%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-20.52%	-21.47%	+0.95%
Max Drawdown (10Y) Largest decline over 10 years	-22.10%	-38.12%	+16.02%
Current Drawdown Current decline from peak	0.00%	-2.20%	+2.20%
Average Drawdown Average peak-to-trough decline	-5.94%	-8.58%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.77%	-0.46%

Volatility

VDAFX vs. IOEZX - Volatility Comparison

The current volatility for VALIC Company I Dynamic Allocation Fund (VDAFX) is 2.38%, while ICON Equity Income Fund (IOEZX) has a volatility of 3.68%. This indicates that VDAFX experiences smaller price fluctuations and is considered to be less risky than IOEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VDAFX	IOEZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	3.68%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	8.84%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	12.05%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.59%	13.83%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	16.48%	-5.61%

VDAFX vs. IOEZX - Expense Ratio Comparison

VDAFX has a 0.32% expense ratio, which is lower than IOEZX's 1.00% expense ratio.

Dividends

VDAFX vs. IOEZX - Dividend Comparison

VDAFX's dividend yield for the trailing twelve months is around 4.95%, more than IOEZX's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IOEZX ICON Equity Income Fund	2.97%	3.56%	4.32%	3.75%	13.63%	12.92%	3.68%	4.74%	3.80%	3.13%	3.32%	4.24%
VDAFX VALIC Company I Dynamic Allocation Fund	4.95%	0.00%	5.99%	7.99%	16.76%	11.16%	5.50%	6.88%	1.43%	2.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VDAFX and IOEZX in my portfolio?

VDAFX and IOEZX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VDAFX or IOEZX?

IOEZX has higher volatility (3.68%) compared to VDAFX (2.38%). In terms of maximum drawdown, VDAFX dropped -22.10% vs IOEZX's -56.15%.

Which has better risk-adjusted returns?

IOEZX currently has the higher Sharpe Ratio (2.32 vs 2.26), 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.