VGLSX vs. VCIEX

Last updated Jun 5, 2026

VGLSX (VALIC Company I Global Strategy Fund) and VCIEX (VALIC Company I International Equities Index Fund) are both mutual funds - VGLSX is a Global Allocation fund managed by VALIC, while VCIEX is a Foreign Large Cap Equities fund managed by VALIC. Over the past 10 years, VGLSX returned 6.48%/yr vs 8.23%/yr for VCIEX. Their correlation of 0.90 suggests significant overlap in exposure. VGLSX charges 0.79%/yr vs 0.42%/yr for VCIEX.

Performance

VGLSX vs. VCIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Global Strategy Fund (VGLSX) and VALIC Company I International Equities Index Fund (VCIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGLSX achieves a 9.89% return, which is significantly higher than VCIEX's 8.57% return. Over the past 10 years, VGLSX has underperformed VCIEX with an annualized return of 6.48%, while VCIEX has yielded a comparatively higher 8.23% annualized return.

VGLSX

• 1D: -0.48%
• 1M: 2.87%
• YTD: 9.89%
• 6M: 11.12%
• 1Y: 24.83%
• 3Y*: 16.20%
• 5Y*: 6.91%
• 10Y*: 6.48%

VCIEX

• 1D: -0.48%
• 1M: 2.09%
• YTD: 8.57%
• 6M: 10.44%
• 1Y: 20.13%
• 3Y*: 14.37%
• 5Y*: 6.89%
• 10Y*: 8.23%

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

VGLSX vs. VCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGLSX VALIC Company I Global Strategy Fund	9.89%	16.06%	12.15%	15.50%	-16.78%	8.59%	3.91%	9.79%	-9.49%	13.58%
VCIEX VALIC Company I International Equities Index Fund	8.57%	24.75%	3.15%	17.20%	-14.40%	11.04%	7.54%	21.24%	-13.74%	24.36%

Correlation

The correlation between VGLSX and VCIEX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 8, 2005	0.90

The correlation between VGLSX and VCIEX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

VGLSX vs. VCIEX — Risk / Return Rank

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

VGLSX

VGLSX Risk / Return Rank: 86
VGLSX Sharpe Ratio Rank: 92
VGLSX Sortino Ratio Rank: 90
VGLSX Omega Ratio Rank: 86
VGLSX Calmar Ratio Rank: 79
VGLSX Martin Ratio Rank: 83

VCIEX

VCIEX Risk / Return Rank: 27
VCIEX Sharpe Ratio Rank: 27
VCIEX Sortino Ratio Rank: 28
VCIEX Omega Ratio Rank: 27
VCIEX Calmar Ratio Rank: 25
VCIEX Martin Ratio Rank: 29

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.

VGLSX vs. VCIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Global Strategy Fund (VGLSX) and VALIC Company I International Equities Index Fund (VCIEX). 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.

	VGLSX	VCIEX	Difference
Sharpe ratio: Return per unit of total volatility	3.09	1.46	+1.63
Sortino ratio: Return per unit of downside risk	4.49	2.17	+2.32
Omega ratio: Gain probability vs. loss probability	1.60	1.27	+0.33
Calmar ratio: Return relative to maximum drawdown	3.53	1.84	+1.69
Martin ratio: Return relative to average drawdown	15.45	6.71	+8.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGLSX vs. VCIEX - Sharpe Ratio Comparison

The current VGLSX Sharpe Ratio is 3.09, which is higher than the VCIEX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VGLSX and VCIEX, 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

	VGLSX	VCIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	1.46	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.43	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.49	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.05	+0.21

Drawdowns

VGLSX vs. VCIEX - Drawdown Comparison

The maximum VGLSX drawdown since its inception was -44.78%, smaller than the maximum VCIEX drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for VGLSX and VCIEX.

Drawdown Indicators

	VGLSX	VCIEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.78%	-75.07%	+30.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-11.45%	+4.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-18.31%	+3.89%
Max Drawdown (5Y) Largest decline over 5 years	-23.13%	-29.28%	+6.15%
Max Drawdown (10Y) Largest decline over 10 years	-25.65%	-34.20%	+8.55%
Current Drawdown Current decline from peak	-0.48%	-1.58%	+1.10%
Average Drawdown Average peak-to-trough decline	-12.11%	-37.48%	+25.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	3.13%	-1.48%

Volatility

VGLSX vs. VCIEX - Volatility Comparison

The current volatility for VALIC Company I Global Strategy Fund (VGLSX) is 2.75%, while VALIC Company I International Equities Index Fund (VCIEX) has a volatility of 4.37%. This indicates that VGLSX experiences smaller price fluctuations and is considered to be less risky than VCIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGLSX	VCIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	4.37%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	12.05%	-5.21%
Volatility (1Y) Calculated over the trailing 1-year period	8.26%	14.44%	-6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.28%	16.19%	-5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.92%	16.84%	-5.92%

VGLSX vs. VCIEX - Expense Ratio Comparison

VGLSX has a 0.79% expense ratio, which is higher than VCIEX's 0.42% expense ratio.

Dividends

VGLSX vs. VCIEX - Dividend Comparison

VGLSX's dividend yield for the trailing twelve months is around 2.95%, less than VCIEX's 6.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIEX VALIC Company I International Equities Index Fund	6.37%	0.00%	2.41%	2.37%	3.14%	1.60%	4.08%	3.16%	2.27%	2.31%
VGLSX VALIC Company I Global Strategy Fund	2.95%	0.00%	0.00%	9.08%	0.00%	4.06%	12.91%	10.88%	0.00%	2.64%

Frequently Asked Questions

Can I hold both VGLSX and VCIEX in my portfolio?

VGLSX and VCIEX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGLSX or VCIEX?

VCIEX has higher volatility (4.37%) compared to VGLSX (2.75%). In terms of maximum drawdown, VGLSX dropped -44.78% vs VCIEX's -75.07%.

Which has better risk-adjusted returns?

VGLSX currently has the higher Sharpe Ratio (3.09 vs 1.46), 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.