VIOPX vs. VCIEX

Last updated Jun 5, 2026

VIOPX (VALIC Company I International Opportunities Fund) and VCIEX (VALIC Company I International Equities Index Fund) are both mutual funds - VIOPX is a Foreign Small & Mid Cap Equities fund managed by VALIC, while VCIEX is a Foreign Large Cap Equities fund managed by VALIC. Over the past 3 years, VIOPX returned 12.23%/yr vs 14.37%/yr for VCIEX. Their correlation of 0.93 suggests significant overlap in exposure. VIOPX charges 0.95%/yr vs 0.42%/yr for VCIEX.

Performance

VIOPX vs. VCIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I International Opportunities Fund (VIOPX) 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, VIOPX achieves a 5.74% return, which is significantly lower than VCIEX's 8.57% return.

VIOPX

• 1D: -0.82%
• 1M: 0.67%
• YTD: 5.74%
• 6M: 6.40%
• 1Y: 15.16%
• 3Y*: 12.23%
• 5Y*: —
• 10Y*: —

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)

VIOPX vs. VCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VIOPX VALIC Company I International Opportunities Fund	5.74%	24.22%	-2.38%	14.07%	-23.96%	0.04%
VCIEX VALIC Company I International Equities Index Fund	8.57%	24.75%	3.15%	17.20%	-14.40%	-1.17%

Correlation

The correlation between VIOPX and VCIEX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 16, 2021	0.93

The correlation between VIOPX and VCIEX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

VIOPX vs. VCIEX — Risk / Return Rank

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

VIOPX

VIOPX Risk / Return Rank: 19
VIOPX Sharpe Ratio Rank: 19
VIOPX Sortino Ratio Rank: 20
VIOPX Omega Ratio Rank: 19
VIOPX Calmar Ratio Rank: 17
VIOPX Martin Ratio Rank: 21

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.

VIOPX vs. VCIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I International Opportunities Fund (VIOPX) 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.

	VIOPX	VCIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.46	-0.28
Sortino ratio: Return per unit of downside risk	1.79	2.17	-0.38
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.40	1.84	-0.44
Martin ratio: Return relative to average drawdown	5.08	6.71	-1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOPX vs. VCIEX - Sharpe Ratio Comparison

The current VIOPX Sharpe Ratio is 1.18, which is comparable to the VCIEX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VIOPX 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

	VIOPX	VCIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.46	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.05	+0.09

Drawdowns

VIOPX vs. VCIEX - Drawdown Comparison

The maximum VIOPX drawdown since its inception was -36.14%, smaller than the maximum VCIEX drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for VIOPX and VCIEX.

Drawdown Indicators

	VIOPX	VCIEX	Difference
Max Drawdown Largest peak-to-trough decline	-36.14%	-75.07%	+38.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-11.45%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.83%	-18.31%	-1.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.20%	—
Current Drawdown Current decline from peak	-2.55%	-1.58%	-0.97%
Average Drawdown Average peak-to-trough decline	-14.96%	-37.48%	+22.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.13%	+0.05%

Volatility

VIOPX vs. VCIEX - Volatility Comparison

The current volatility for VALIC Company I International Opportunities Fund (VIOPX) is 3.73%, while VALIC Company I International Equities Index Fund (VCIEX) has a volatility of 4.37%. This indicates that VIOPX 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

	VIOPX	VCIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	4.37%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	12.05%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	14.44%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	16.19%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	16.84%	-0.94%

VIOPX vs. VCIEX - Expense Ratio Comparison

VIOPX has a 0.95% expense ratio, which is higher than VCIEX's 0.42% expense ratio.

Dividends

VIOPX vs. VCIEX - Dividend Comparison

VIOPX's dividend yield for the trailing twelve months is around 4.13%, 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%
VIOPX VALIC Company I International Opportunities Fund	4.13%	0.00%	0.98%	12.80%	20.70%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VIOPX and VCIEX in my portfolio?

With a correlation of 0.93, VIOPX and VCIEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIOPX or VCIEX?

VCIEX has higher volatility (4.37%) compared to VIOPX (3.73%). In terms of maximum drawdown, VIOPX dropped -36.14% vs VCIEX's -75.07%.

Which has better risk-adjusted returns?

VCIEX currently has the higher Sharpe Ratio (1.46 vs 1.18), 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.