AAIZX vs. ALARX

Last updated Jun 5, 2026

AAIZX (Alger AI Enablers & Adopters Z) and ALARX (Alger Capital Appreciation Institutional Fund) are both mutual funds - AAIZX is a Technology Equities fund actively managed by Alger, while ALARX is a Large Cap Growth Equities fund managed by Alger. Over the past year, AAIZX returned 61.88% vs 42.18% for ALARX. With a 0.98 correlation, they move nearly in lockstep. AAIZX charges 0.55%/yr vs 1.12%/yr for ALARX.

Performance

AAIZX vs. ALARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger AI Enablers & Adopters Z (AAIZX) and Alger Capital Appreciation Institutional Fund (ALARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAIZX achieves a 26.36% return, which is significantly higher than ALARX's 15.43% return.

AAIZX

• 1D: -1.31%
• 1M: 11.39%
• YTD: 26.36%
• 6M: 25.19%
• 1Y: 61.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ALARX

• 1D: -1.23%
• 1M: 7.89%
• YTD: 15.43%
• 6M: 13.93%
• 1Y: 42.18%
• 3Y*: 37.66%
• 5Y*: 18.03%
• 10Y*: 19.66%

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

AAIZX vs. ALARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAIZX Alger AI Enablers & Adopters Z	26.36%	41.00%	33.76%
ALARX Alger Capital Appreciation Institutional Fund	15.43%	31.75%	27.53%

Correlation

The correlation between AAIZX and ALARX 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 9, 2024	0.99

The correlation between AAIZX and ALARX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

AAIZX vs. ALARX — Risk / Return Rank

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

AAIZX

AAIZX Risk / Return Rank: 72
AAIZX Sharpe Ratio Rank: 87
AAIZX Sortino Ratio Rank: 69
AAIZX Omega Ratio Rank: 65
AAIZX Calmar Ratio Rank: 81
AAIZX Martin Ratio Rank: 56

ALARX

ALARX Risk / Return Rank: 41
ALARX Sharpe Ratio Rank: 49
ALARX Sortino Ratio Rank: 41
ALARX Omega Ratio Rank: 40
ALARX Calmar Ratio Rank: 39
ALARX Martin Ratio Rank: 35

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.

AAIZX vs. ALARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters Z (AAIZX) and Alger Capital Appreciation Institutional Fund (ALARX). 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.

	AAIZX	ALARX	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.06	+0.80
Sortino ratio: Return per unit of downside risk	3.46	2.67	+0.78
Omega ratio: Gain probability vs. loss probability	1.45	1.34	+0.11
Calmar ratio: Return relative to maximum drawdown	3.66	2.35	+1.31
Martin ratio: Return relative to average drawdown	11.13	7.77	+3.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAIZX vs. ALARX - Sharpe Ratio Comparison

The current AAIZX Sharpe Ratio is 2.86, which is higher than the ALARX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of AAIZX and ALARX, 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

	AAIZX	ALARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	2.06	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	0.50	+1.34

Drawdowns

AAIZX vs. ALARX - Drawdown Comparison

The maximum AAIZX drawdown since its inception was -29.00%, smaller than the maximum ALARX drawdown of -68.32%. Use the drawdown chart below to compare losses from any high point for AAIZX and ALARX.

Drawdown Indicators

	AAIZX	ALARX	Difference
Max Drawdown Largest peak-to-trough decline	-29.00%	-68.32%	+39.32%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-18.65%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.86%	—
Current Drawdown Current decline from peak	-1.31%	-1.58%	+0.27%
Average Drawdown Average peak-to-trough decline	-4.99%	-20.97%	+15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	5.62%	+0.11%

Volatility

AAIZX vs. ALARX - Volatility Comparison

Alger AI Enablers & Adopters Z (AAIZX) and Alger Capital Appreciation Institutional Fund (ALARX) have volatilities of 5.56% and 5.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAIZX	ALARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.36%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	16.82%	16.08%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.35%	21.26%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.44%	27.83%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.44%	24.79%	+2.65%

AAIZX vs. ALARX - Expense Ratio Comparison

AAIZX has a 0.55% expense ratio, which is lower than ALARX's 1.12% expense ratio.

Dividends

AAIZX vs. ALARX - Dividend Comparison

AAIZX's dividend yield for the trailing twelve months is around 5.00%, less than ALARX's 6.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAIZX Alger AI Enablers & Adopters Z	5.00%	6.31%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ALARX Alger Capital Appreciation Institutional Fund	6.05%	6.99%	13.06%	8.09%	3.90%	19.40%	16.62%	10.34%	12.39%	6.75%	0.00%	7.71%

Frequently Asked Questions

Can I hold both AAIZX and ALARX in my portfolio?

With a correlation of 0.99, AAIZX and ALARX 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, AAIZX or ALARX?

AAIZX has higher volatility (5.56%) compared to ALARX (5.36%). In terms of maximum drawdown, AAIZX dropped -29.00% vs ALARX's -68.32%.

Which has better risk-adjusted returns?

AAIZX currently has the higher Sharpe Ratio (2.86 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.