VGREX vs. VLCGX

Last updated Jun 23, 2026

VGREX (VALIC Company I Global Real Estate Fund) and VLCGX (VALIC Company I Large Capital Growth Fund) are both mutual funds - VGREX is a REIT fund managed by VALIC, while VLCGX is a Large Cap Growth Equities fund managed by VALIC. Over the past 10 years, VGREX returned 3.45%/yr vs 11.50%/yr for VLCGX. A 0.69 correlation means they provide meaningful diversification when combined. VGREX charges 0.86%/yr vs 0.74%/yr for VLCGX.

Performance

VGREX vs. VLCGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Global Real Estate Fund (VGREX) and VALIC Company I Large Capital Growth Fund (VLCGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGREX achieves a 8.65% return, which is significantly higher than VLCGX's 8.11% return. Over the past 10 years, VGREX has underperformed VLCGX with an annualized return of 3.45%, while VLCGX has yielded a comparatively higher 11.50% annualized return.

VGREX

• 1D: 0.27%
• 1M: -0.27%
• YTD: 8.65%
• 6M: 9.11%
• 1Y: 11.00%
• 3Y*: 7.75%
• 5Y*: 0.37%
• 10Y*: 3.45%

VLCGX

• 1D: 1.25%
• 1M: 1.07%
• YTD: 8.11%
• 6M: 7.58%
• 1Y: 19.69%
• 3Y*: 5.26%
• 5Y*: 4.76%
• 10Y*: 11.50%

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

VGREX vs. VLCGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGREX VALIC Company I Global Real Estate Fund	8.65%	5.83%	1.41%	9.90%	-25.89%	22.67%	-6.03%	24.50%	-7.18%	13.82%
VLCGX VALIC Company I Large Capital Growth Fund	8.11%	-13.56%	16.33%	23.73%	-18.84%	26.09%	23.00%	39.89%	-4.04%	28.56%

Correlation

The correlation between VGREX and VLCGX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 1, 2008	0.69

Over the past year, the correlation between VGREX and VLCGX has dropped to 0.38 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

VGREX vs. VLCGX — Risk / Return Rank

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

VGREX

VGREX Risk / Return Rank: 12
VGREX Sharpe Ratio Rank: 12
VGREX Sortino Ratio Rank: 11
VGREX Omega Ratio Rank: 12
VGREX Calmar Ratio Rank: 12
VGREX Martin Ratio Rank: 15

VLCGX

VLCGX Risk / Return Rank: 32
VLCGX Sharpe Ratio Rank: 33
VLCGX Sortino Ratio Rank: 31
VLCGX Omega Ratio Rank: 32
VLCGX Calmar Ratio Rank: 28
VLCGX Martin Ratio Rank: 39

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.

VGREX vs. VLCGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Global Real Estate Fund (VGREX) and VALIC Company I Large Capital Growth Fund (VLCGX). 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.

	VGREX	VLCGX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.54	-0.66
Sortino ratio: Return per unit of downside risk	1.27	2.17	-0.89
Omega ratio: Gain probability vs. loss probability	1.17	1.28	-0.11
Calmar ratio: Return relative to maximum drawdown	1.04	1.87	-0.82
Martin ratio: Return relative to average drawdown	3.82	7.98	-4.16

VGREX vs. VLCGX - Sharpe Ratio Comparison

The current VGREX Sharpe Ratio is 0.88, which is lower than the VLCGX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of VGREX and VLCGX, 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

VGREX vs. VLCGX - Drawdown Comparison

The maximum VGREX drawdown since its inception was -63.57%, which is greater than VLCGX's maximum drawdown of -52.12%. Use the drawdown chart below to compare losses from any high point for VGREX and VLCGX.

Drawdown Indicators

	VGREX	VLCGX	Difference
Max Drawdown Largest peak-to-trough decline	-63.57%	-52.12%	-11.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-10.45%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-20.19%	-36.01%	+15.82%
Max Drawdown (5Y) Largest decline over 5 years	-34.17%	-36.01%	+1.84%
Max Drawdown (10Y) Largest decline over 10 years	-39.92%	-36.01%	-3.91%
Current Drawdown Current decline from peak	-5.02%	-10.21%	+5.19%
Average Drawdown Average peak-to-trough decline	-23.74%	-10.94%	-12.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.43%	+0.37%

Volatility

VGREX vs. VLCGX - Volatility Comparison

The current volatility for VALIC Company I Global Real Estate Fund (VGREX) is 4.15%, while VALIC Company I Large Capital Growth Fund (VLCGX) has a volatility of 5.11%. This indicates that VGREX experiences smaller price fluctuations and is considered to be less risky than VLCGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGREX	VLCGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	5.11%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	10.43%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	12.67%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.07%	20.63%	-4.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	20.29%	-3.28%

VGREX vs. VLCGX - Expense Ratio Comparison

VGREX has a 0.86% expense ratio, which is higher than VLCGX's 0.74% expense ratio.

Dividends

VGREX vs. VLCGX - Dividend Comparison

VGREX's dividend yield for the trailing twelve months is around 2.95%, less than VLCGX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGREX VALIC Company I Global Real Estate Fund	2.95%	0.00%	2.68%	4.62%	1.92%	6.64%	4.61%	3.34%	4.34%	9.31%
VLCGX VALIC Company I Large Capital Growth Fund	9.66%	0.00%	6.08%	9.19%	13.16%	8.61%	6.80%	6.20%	0.63%	3.42%

Frequently Asked Questions

Can I hold both VGREX and VLCGX in my portfolio?

VGREX and VLCGX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGREX or VLCGX?

VLCGX has higher volatility (5.11%) compared to VGREX (4.15%). In terms of maximum drawdown, VGREX dropped -63.57% vs VLCGX's -52.12%.

Which has better risk-adjusted returns?

VLCGX currently has the higher Sharpe Ratio (1.54 vs 0.88), 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.