VMSGX vs. USMIX

Last updated Aug 1, 2026

VMSGX (VALIC Company I Mid Cap Strategic Growth Fund) and USMIX (USAA Extended Market Index Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, VMSGX returned 13.14%/yr vs 11.58%/yr for USMIX. Their correlation of 0.92 means they have usually moved in the same direction. VMSGX charges 0.75%/yr vs 0.38%/yr for USMIX.

Performance

VMSGX vs. USMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Mid Cap Strategic Growth Fund (VMSGX) and USAA Extended Market Index Fund (USMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMSGX achieves a 9.83% return, which is significantly lower than USMIX's 14.54% return. Over the past 10 years, VMSGX has outperformed USMIX with an annualized return of 13.14%, while USMIX has yielded a comparatively lower 11.58% annualized return.

VMSGX

• 1D: 2.11%
• 1M: -2.85%
• 6M: 8.64%
• YTD: 9.83%
• 1Y: 11.74%
• 3Y*: 15.26%
• 5Y*: 7.04%
• 10Y*: 13.14%
• ALL TIME*: 7.21%

USMIX

• 1D: 0.74%
• 1M: -0.85%
• 6M: 10.00%
• YTD: 14.54%
• 1Y: 27.62%
• 3Y*: 14.44%
• 5Y*: 6.30%
• 10Y*: 11.58%
• ALL TIME*: 8.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USMIX USAA Extended Market Index Fund	$0.00	$0.00	$0.00
VMSGX VALIC Company I Mid Cap Strategic Growth Fund	$0.00	$0.00	$0.00

VMSGX vs. USMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMSGX VALIC Company I Mid Cap Strategic Growth Fund	9.83%	11.23%	19.79%	22.06%	-23.40%	16.87%	34.60%	37.63%	-8.89%	26.30%
USMIX USAA Extended Market Index Fund	14.54%	10.44%	11.99%	25.81%	-24.04%	15.29%	31.20%	27.93%	-9.71%	17.72%

Correlation

The correlation between VMSGX and USMIX is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Dec 22, 2004	0.92

The correlation between VMSGX and USMIX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

VMSGX vs. USMIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VMSGX

VMSGX Risk / Return Rank: 15
VMSGX Sharpe Ratio Rank: 14
VMSGX Sortino Ratio Rank: 15
VMSGX Omega Ratio Rank: 13
VMSGX Calmar Ratio Rank: 16
VMSGX Martin Ratio Rank: 19

USMIX

USMIX Risk / Return Rank: 66
USMIX Sharpe Ratio Rank: 61
USMIX Sortino Ratio Rank: 63
USMIX Omega Ratio Rank: 55
USMIX Calmar Ratio Rank: 76
USMIX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VMSGX vs. USMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Mid Cap Strategic Growth Fund (VMSGX) and USAA Extended Market Index Fund (USMIX). 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.

	VMSGX	USMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.48	-0.95
Sortino ratio: Return per unit of downside risk	0.88	2.19	-1.31
Omega ratio: Gain probability vs. loss probability	1.10	1.26	-0.16
Calmar ratio: Return relative to maximum drawdown	0.77	2.47	-1.69
Martin ratio: Return relative to average drawdown	2.63	9.02	-6.39

VMSGX vs. USMIX - Sharpe Ratio Comparison

The current VMSGX Sharpe Ratio is 0.53, which is lower than the USMIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of VMSGX and USMIX, 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

VMSGX vs. USMIX - Drawdown Comparison

The maximum VMSGX drawdown since its inception was -66.65%, which is greater than USMIX's maximum drawdown of -57.91%. Use the drawdown chart below to compare losses from any high point for VMSGX and USMIX.

Drawdown Indicators

	VMSGX	USMIX	Difference
Max Drawdown Largest peak-to-trough decline	-66.65%	-57.91%	-8.74%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-9.97%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-23.85%	-31.84%	+7.99%
Max Drawdown (5Y) Largest decline over 5 years	-33.62%	-37.86%	+4.24%
Max Drawdown (10Y) Largest decline over 10 years	-36.97%	-41.86%	+4.89%
Current Drawdown Current decline from peak	-4.05%	-1.33%	-2.72%
Average Drawdown Average peak-to-trough decline	-14.98%	-11.93%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.73%	+0.84%

Volatility

VMSGX vs. USMIX - Volatility Comparison

VALIC Company I Mid Cap Strategic Growth Fund (VMSGX) has a higher volatility of 4.27% compared to USAA Extended Market Index Fund (USMIX) at 3.25%. This indicates that VMSGX's price experiences larger fluctuations and is considered to be riskier than USMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMSGX	USMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	3.25%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	11.77%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	16.60%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.94%	24.94%	-4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	23.62%	-2.69%

VMSGX vs. USMIX - Expense Ratio Comparison

VMSGX has a 0.75% expense ratio, which is higher than USMIX's 0.38% expense ratio.

Dividends

VMSGX vs. USMIX - Dividend Comparison

VMSGX's dividend yield for the trailing twelve months is around 7.25%, more than USMIX's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USMIX USAA Extended Market Index Fund	5.65%	6.47%	14.41%	4.41%	8.78%	17.98%	3.32%	3.18%	6.48%	7.48%	7.07%	8.02%
VMSGX VALIC Company I Mid Cap Strategic Growth Fund	7.25%	0.00%	0.01%	21.01%	11.77%	4.58%	3.89%	8.38%	0.10%	5.91%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMSGX and USMIX in my portfolio?

VMSGX and USMIX 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, VMSGX or USMIX?

VMSGX has higher volatility (4.27%) compared to USMIX (3.25%). In terms of maximum drawdown, VMSGX dropped -66.65% vs USMIX's -57.91%.

Which has better risk-adjusted returns?

USMIX currently has the higher Sharpe Ratio (1.48 vs 0.53), 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.