AAICX vs. ALAFX

Last updated Jun 24, 2026

AAICX (Alger AI Enablers & Adopters C) and ALAFX (Alger Focus Equity A Fund) are both mutual funds - AAICX is a Technology Equities fund managed by Alger, while ALAFX is a Large Cap Growth Equities fund actively managed by Alger. Over the past year, AAICX returned 58.36% vs 45.39% for ALAFX. With a 0.99 correlation, they move nearly in lockstep. AAICX charges 1.66%/yr vs 0.95%/yr for ALAFX.

Performance

AAICX vs. ALAFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger AI Enablers & Adopters C (AAICX) and Alger Focus Equity A Fund (ALAFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAICX achieves a 26.05% return, which is significantly higher than ALAFX's 15.83% return.

AAICX

• 1D: -1.52%
• 1M: 5.59%
• YTD: 26.05%
• 6M: 23.78%
• 1Y: 58.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ALAFX

• 1D: -1.99%
• 1M: 3.18%
• YTD: 15.83%
• 6M: 13.66%
• 1Y: 45.39%
• 3Y*: 40.20%
• 5Y*: 19.22%
• 10Y*: 22.22%

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

AAICX vs. ALAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAICX Alger AI Enablers & Adopters C	26.05%	39.54%	32.77%
ALAFX Alger Focus Equity A Fund	15.83%	39.65%	29.11%

Correlation

The correlation between AAICX and ALAFX is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.99

The correlation between AAICX and ALAFX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

AAICX vs. ALAFX — Risk / Return Rank

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

AAICX

AAICX Risk / Return Rank: 68
AAICX Sharpe Ratio Rank: 83
AAICX Sortino Ratio Rank: 64
AAICX Omega Ratio Rank: 62
AAICX Calmar Ratio Rank: 78
AAICX Martin Ratio Rank: 51

ALAFX

ALAFX Risk / Return Rank: 49
ALAFX Sharpe Ratio Rank: 57
ALAFX Sortino Ratio Rank: 47
ALAFX Omega Ratio Rank: 45
ALAFX Calmar Ratio Rank: 53
ALAFX Martin Ratio Rank: 45

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.

AAICX vs. ALAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters C (AAICX) and Alger Focus Equity A Fund (ALAFX). 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.

	AAICX	ALAFX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.06	+0.45
Sortino ratio: Return per unit of downside risk	3.06	2.66	+0.40
Omega ratio: Gain probability vs. loss probability	1.40	1.34	+0.06
Calmar ratio: Return relative to maximum drawdown	3.36	2.67	+0.69
Martin ratio: Return relative to average drawdown	9.97	8.88	+1.08

AAICX vs. ALAFX - Sharpe Ratio Comparison

The current AAICX Sharpe Ratio is 2.50, which is comparable to the ALAFX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of AAICX and ALAFX, 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

AAICX vs. ALAFX - Drawdown Comparison

The maximum AAICX drawdown since its inception was -29.07%, smaller than the maximum ALAFX drawdown of -43.65%. Use the drawdown chart below to compare losses from any high point for AAICX and ALAFX.

Drawdown Indicators

	AAICX	ALAFX	Difference
Max Drawdown Largest peak-to-trough decline	-29.07%	-43.65%	+14.58%
Max Drawdown (1Y) Largest decline over 1 year	-17.87%	-17.58%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.96%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.65%	—
Current Drawdown Current decline from peak	-1.52%	-1.99%	+0.47%
Average Drawdown Average peak-to-trough decline	-5.05%	-7.67%	+2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	5.27%	+0.74%

Volatility

AAICX vs. ALAFX - Volatility Comparison

Alger AI Enablers & Adopters C (AAICX) has a higher volatility of 10.08% compared to Alger Focus Equity A Fund (ALAFX) at 9.14%. This indicates that AAICX's price experiences larger fluctuations and is considered to be riskier than ALAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAICX	ALAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.08%	9.14%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	17.62%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	24.00%	22.86%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.80%	26.43%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.80%	24.13%	+3.67%

AAICX vs. ALAFX - Expense Ratio Comparison

AAICX has a 1.66% expense ratio, which is higher than ALAFX's 0.95% expense ratio.

Dividends

AAICX vs. ALAFX - Dividend Comparison

AAICX's dividend yield for the trailing twelve months is around 5.11%, less than ALAFX's 6.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AAICX Alger AI Enablers & Adopters C	5.11%	6.44%	4.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ALAFX Alger Focus Equity A Fund	6.83%	7.91%	0.00%	0.10%	0.06%	14.09%	6.28%	1.98%	5.41%

Frequently Asked Questions

Can I hold both AAICX and ALAFX in my portfolio?

With a correlation of 0.99, AAICX and ALAFX 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, AAICX or ALAFX?

AAICX has higher volatility (10.08%) compared to ALAFX (9.14%). In terms of maximum drawdown, AAICX dropped -29.07% vs ALAFX's -43.65%.

Which has better risk-adjusted returns?

AAICX currently has the higher Sharpe Ratio (2.50 vs 2.06), 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.