VIOPX vs. VGLSX

Last updated Jun 5, 2026

VIOPX (VALIC Company I International Opportunities Fund) and VGLSX (VALIC Company I Global Strategy Fund) are both mutual funds - VIOPX is a Foreign Small & Mid Cap Equities fund managed by VALIC, while VGLSX is a Global Allocation fund managed by VALIC. Over the past 3 years, VIOPX returned 12.23%/yr vs 16.20%/yr for VGLSX. Their correlation of 0.85 suggests significant overlap in exposure. VIOPX charges 0.95%/yr vs 0.79%/yr for VGLSX.

Performance

VIOPX vs. VGLSX - 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 Global Strategy Fund (VGLSX). 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 VGLSX's 9.89% return.

VIOPX

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

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%

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

VIOPX vs. VGLSX - 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%
VGLSX VALIC Company I Global Strategy Fund	9.89%	16.06%	12.15%	15.50%	-16.78%	1.17%

Correlation

The correlation between VIOPX and VGLSX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 16, 2021	0.85

The correlation between VIOPX and VGLSX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

VIOPX vs. VGLSX — 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

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

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. VGLSX - 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 Global Strategy Fund (VGLSX). 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	VGLSX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	3.09	-1.91
Sortino ratio: Return per unit of downside risk	1.79	4.49	-2.70
Omega ratio: Gain probability vs. loss probability	1.22	1.60	-0.38
Calmar ratio: Return relative to maximum drawdown	1.40	3.53	-2.14
Martin ratio: Return relative to average drawdown	5.08	15.45	-10.37
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. VGLSX - Sharpe Ratio Comparison

The current VIOPX Sharpe Ratio is 1.18, which is lower than the VGLSX Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of VIOPX and VGLSX, 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	VGLSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	3.09	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.68	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.25	-0.11

Drawdowns

VIOPX vs. VGLSX - Drawdown Comparison

The maximum VIOPX drawdown since its inception was -36.14%, smaller than the maximum VGLSX drawdown of -44.78%. Use the drawdown chart below to compare losses from any high point for VIOPX and VGLSX.

Drawdown Indicators

	VIOPX	VGLSX	Difference
Max Drawdown Largest peak-to-trough decline	-36.14%	-44.78%	+8.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-7.23%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.83%	-14.42%	-5.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.65%	—
Current Drawdown Current decline from peak	-2.55%	-0.48%	-2.07%
Average Drawdown Average peak-to-trough decline	-14.96%	-12.11%	-2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	1.65%	+1.53%

Volatility

VIOPX vs. VGLSX - Volatility Comparison

VALIC Company I International Opportunities Fund (VIOPX) has a higher volatility of 3.73% compared to VALIC Company I Global Strategy Fund (VGLSX) at 2.75%. This indicates that VIOPX's price experiences larger fluctuations and is considered to be riskier than VGLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOPX	VGLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.75%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	6.84%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	8.26%	+5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	10.28%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	10.92%	+4.98%

VIOPX vs. VGLSX - Expense Ratio Comparison

VIOPX has a 0.95% expense ratio, which is higher than VGLSX's 0.79% expense ratio.

Dividends

VIOPX vs. VGLSX - Dividend Comparison

VIOPX's dividend yield for the trailing twelve months is around 4.13%, more than VGLSX's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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 VGLSX in my portfolio?

VIOPX and VGLSX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOPX or VGLSX?

VIOPX has higher volatility (3.73%) compared to VGLSX (2.75%). In terms of maximum drawdown, VIOPX dropped -36.14% vs VGLSX's -44.78%.

Which has better risk-adjusted returns?

VGLSX currently has the higher Sharpe Ratio (3.09 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.