VSSVX vs. VCSLX

Last updated Jun 24, 2026

VSSVX (VALIC Company I Small Cap Special Values Fund) and VCSLX (VALIC Company I Small Cap Index Fund) are both mutual funds - VSSVX is a Small Cap Value Equities fund managed by VALIC, while VCSLX is a Small Cap Blend Equities fund managed by VALIC. Over the past 10 years, VSSVX returned 7.29%/yr vs 10.34%/yr for VCSLX. Their correlation of 0.95 suggests significant overlap in exposure. VSSVX charges 0.87%/yr vs 0.36%/yr for VCSLX.

Performance

VSSVX vs. VCSLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VALIC Company I Small Cap Special Values Fund (VSSVX) and VALIC Company I Small Cap Index Fund (VCSLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSSVX achieves a 15.54% return, which is significantly lower than VCSLX's 21.45% return. Over the past 10 years, VSSVX has underperformed VCSLX with an annualized return of 7.29%, while VCSLX has yielded a comparatively higher 10.34% annualized return.

VSSVX

• 1D: 0.43%
• 1M: 5.37%
• YTD: 15.54%
• 6M: 13.68%
• 1Y: 21.87%
• 3Y*: 7.17%
• 5Y*: 3.02%
• 10Y*: 7.29%

VCSLX

• 1D: 0.85%
• 1M: 4.83%
• YTD: 21.45%
• 6M: 18.68%
• 1Y: 42.05%
• 3Y*: 17.44%
• 5Y*: 5.49%
• 10Y*: 10.34%

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

VSSVX vs. VCSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSSVX VALIC Company I Small Cap Special Values Fund	15.54%	-12.52%	6.53%	18.97%	-13.61%	29.58%	1.79%	28.53%	-20.39%	11.27%
VCSLX VALIC Company I Small Cap Index Fund	21.45%	7.00%	11.22%	15.99%	-20.41%	14.55%	20.14%	25.04%	-16.08%	14.40%

Correlation

The correlation between VSSVX and VCSLX 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	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 7, 2005	0.95

The correlation between VSSVX and VCSLX shifts across timeframes, from 0.84 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VSSVX vs. VCSLX — Risk / Return Rank

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

VSSVX

VSSVX Risk / Return Rank: 25
VSSVX Sharpe Ratio Rank: 25
VSSVX Sortino Ratio Rank: 29
VSSVX Omega Ratio Rank: 23
VSSVX Calmar Ratio Rank: 26
VSSVX Martin Ratio Rank: 24

VCSLX

VCSLX Risk / Return Rank: 70
VCSLX Sharpe Ratio Rank: 69
VCSLX Sortino Ratio Rank: 63
VCSLX Omega Ratio Rank: 52
VCSLX Calmar Ratio Rank: 86
VCSLX Martin Ratio Rank: 80

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.

VSSVX vs. VCSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VALIC Company I Small Cap Special Values Fund (VSSVX) and VALIC Company I Small Cap Index Fund (VCSLX). 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.

	VSSVX	VCSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.23	-0.91
Sortino ratio: Return per unit of downside risk	2.06	3.03	-0.97
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.76	3.93	-2.17
Martin ratio: Return relative to average drawdown	5.24	13.90	-8.66

VSSVX vs. VCSLX - Sharpe Ratio Comparison

The current VSSVX Sharpe Ratio is 1.32, which is lower than the VCSLX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of VSSVX and VCSLX, 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

VSSVX vs. VCSLX - Drawdown Comparison

The maximum VSSVX drawdown since its inception was -68.85%, roughly equal to the maximum VCSLX drawdown of -67.69%. Use the drawdown chart below to compare losses from any high point for VSSVX and VCSLX.

Drawdown Indicators

	VSSVX	VCSLX	Difference
Max Drawdown Largest peak-to-trough decline	-68.85%	-67.69%	-1.16%
Max Drawdown (1Y) Largest decline over 1 year	-13.52%	-11.16%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-32.14%	-30.96%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	-31.83%	-0.31%
Max Drawdown (10Y) Largest decline over 10 years	-44.25%	-41.78%	-2.47%
Current Drawdown Current decline from peak	-7.21%	0.00%	-7.21%
Average Drawdown Average peak-to-trough decline	-15.81%	-18.34%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.53%	3.15%	+1.38%

Volatility

VSSVX vs. VCSLX - Volatility Comparison

The current volatility for VALIC Company I Small Cap Special Values Fund (VSSVX) is 5.46%, while VALIC Company I Small Cap Index Fund (VCSLX) has a volatility of 6.41%. This indicates that VSSVX experiences smaller price fluctuations and is considered to be less risky than VCSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSSVX	VCSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	6.41%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	12.65%	14.37%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.07%	19.75%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	22.81%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.79%	23.64%	-1.85%

VSSVX vs. VCSLX - Expense Ratio Comparison

VSSVX has a 0.87% expense ratio, which is higher than VCSLX's 0.36% expense ratio.

Dividends

VSSVX vs. VCSLX - Dividend Comparison

VSSVX's dividend yield for the trailing twelve months is around 8.70%, more than VCSLX's 5.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCSLX VALIC Company I Small Cap Index Fund	5.03%	0.00%	1.17%	26.50%	13.32%	5.39%	13.29%	9.37%	1.18%	5.80%
VSSVX VALIC Company I Small Cap Special Values Fund	8.70%	0.00%	4.41%	13.57%	7.01%	2.83%	9.91%	13.88%	1.57%	7.00%

Frequently Asked Questions

Can I hold both VSSVX and VCSLX in my portfolio?

VSSVX and VCSLX 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, VSSVX or VCSLX?

VCSLX has higher volatility (6.41%) compared to VSSVX (5.46%). In terms of maximum drawdown, VSSVX dropped -68.85% vs VCSLX's -67.69%.

Which has better risk-adjusted returns?

VCSLX currently has the higher Sharpe Ratio (2.23 vs 1.32), 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.