AAGOX vs. ALZFX

Last updated Jun 26, 2026

AAGOX (Alger Large Cap Growth Portfolio Fund) and ALZFX (Alger Focus Equity Fund Class Z) are both Large Cap Growth Equities funds from Alger. Over the past 10 years, AAGOX returned 19.87%/yr vs 22.28%/yr for ALZFX. With a 0.97 correlation, they move nearly in lockstep. AAGOX charges 0.82%/yr vs 0.63%/yr for ALZFX.

Performance

AAGOX vs. ALZFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Large Cap Growth Portfolio Fund (AAGOX) and Alger Focus Equity Fund Class Z (ALZFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAGOX achieves a 18.94% return, which is significantly higher than ALZFX's 12.80% return. Over the past 10 years, AAGOX has underperformed ALZFX with an annualized return of 19.87%, while ALZFX has yielded a comparatively higher 22.28% annualized return.

AAGOX

• 1D: -1.02%
• 1M: 1.00%
• YTD: 18.94%
• 6M: 16.10%
• 1Y: 41.48%
• 3Y*: 33.40%
• 5Y*: 12.65%
• 10Y*: 19.87%

ALZFX

• 1D: -0.47%
• 1M: -0.66%
• YTD: 12.80%
• 6M: 10.37%
• 1Y: 39.16%
• 3Y*: 39.34%
• 5Y*: 18.85%
• 10Y*: 22.28%

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

AAGOX vs. ALZFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAGOX Alger Large Cap Growth Portfolio Fund	18.94%	29.82%	42.89%	32.67%	-38.76%	12.63%	67.21%	27.43%	2.36%	28.61%
ALZFX Alger Focus Equity Fund Class Z	12.80%	40.08%	52.22%	44.63%	-35.75%	20.37%	46.19%	34.29%	1.68%	29.12%

Correlation

The correlation between AAGOX and ALZFX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.97

The correlation between AAGOX and ALZFX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

AAGOX vs. ALZFX — Risk / Return Rank

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

AAGOX

AAGOX Risk / Return Rank: 41
AAGOX Sharpe Ratio Rank: 44
AAGOX Sortino Ratio Rank: 39
AAGOX Omega Ratio Rank: 37
AAGOX Calmar Ratio Rank: 47
AAGOX Martin Ratio Rank: 37

ALZFX

ALZFX Risk / Return Rank: 44
ALZFX Sharpe Ratio Rank: 49
ALZFX Sortino Ratio Rank: 43
ALZFX Omega Ratio Rank: 42
ALZFX Calmar Ratio Rank: 45
ALZFX Martin Ratio Rank: 40

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.

AAGOX vs. ALZFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Large Cap Growth Portfolio Fund (AAGOX) and Alger Focus Equity Fund Class Z (ALZFX). 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.

	AAGOX	ALZFX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.71	-0.09
Sortino ratio: Return per unit of downside risk	2.18	2.29	-0.11
Omega ratio: Gain probability vs. loss probability	1.28	1.29	-0.01
Calmar ratio: Return relative to maximum drawdown	2.29	2.25	+0.05
Martin ratio: Return relative to average drawdown	7.08	7.47	-0.40

AAGOX vs. ALZFX - Sharpe Ratio Comparison

The current AAGOX Sharpe Ratio is 1.62, which is comparable to the ALZFX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of AAGOX and ALZFX, 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

AAGOX vs. ALZFX - Drawdown Comparison

The maximum AAGOX drawdown since its inception was -60.22%, which is greater than ALZFX's maximum drawdown of -43.22%. Use the drawdown chart below to compare losses from any high point for AAGOX and ALZFX.

Drawdown Indicators

	AAGOX	ALZFX	Difference
Max Drawdown Largest peak-to-trough decline	-60.22%	-43.22%	-17.00%
Max Drawdown (1Y) Largest decline over 1 year	-18.11%	-17.45%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	-26.93%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	-44.07%	-43.22%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	-43.22%	-0.85%
Current Drawdown Current decline from peak	-5.77%	-4.69%	-1.08%
Average Drawdown Average peak-to-trough decline	-15.68%	-7.51%	-8.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.86%	5.23%	+0.63%

Volatility

AAGOX vs. ALZFX - Volatility Comparison

Alger Large Cap Growth Portfolio Fund (AAGOX) has a higher volatility of 11.15% compared to Alger Focus Equity Fund Class Z (ALZFX) at 9.43%. This indicates that AAGOX's price experiences larger fluctuations and is considered to be riskier than ALZFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAGOX	ALZFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	9.43%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	17.58%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	25.64%	22.94%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.47%	26.37%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.87%	24.06%	+0.81%

AAGOX vs. ALZFX - Expense Ratio Comparison

AAGOX has a 0.82% expense ratio, which is higher than ALZFX's 0.63% expense ratio.

Dividends

AAGOX vs. ALZFX - Dividend Comparison

AAGOX's dividend yield for the trailing twelve months is around 10.18%, more than ALZFX's 6.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAGOX Alger Large Cap Growth Portfolio Fund	10.18%	12.11%	0.00%	0.00%	5.91%	28.74%	14.75%	1.88%	22.68%	9.81%	0.00%	12.42%
ALZFX Alger Focus Equity Fund Class Z	6.68%	7.53%	0.00%	0.12%	0.10%	13.63%	6.16%	2.21%	5.55%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAGOX and ALZFX in my portfolio?

With a correlation of 0.97, AAGOX and ALZFX 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, AAGOX or ALZFX?

AAGOX has higher volatility (11.15%) compared to ALZFX (9.43%). In terms of maximum drawdown, AAGOX dropped -60.22% vs ALZFX's -43.22%.

Which has better risk-adjusted returns?

ALZFX currently has the higher Sharpe Ratio (1.71 vs 1.62), 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.