AAIZX vs. ALVOX

Last updated Jun 26, 2026

AAIZX (Alger AI Enablers & Adopters Z) and ALVOX (Alger Capital Appreciation Portfolio) are both mutual funds - AAIZX is a Technology Equities fund actively managed by Alger, while ALVOX is a Large Cap Growth Equities fund managed by Alger. Over the past year, AAIZX returned 51.07% vs 31.19% for ALVOX. With a 0.98 correlation, they move nearly in lockstep. AAIZX charges 0.55%/yr vs 0.91%/yr for ALVOX.

Performance

AAIZX vs. ALVOX - 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 Portfolio (ALVOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAIZX achieves a 22.36% return, which is significantly higher than ALVOX's 9.69% return.

AAIZX

• 1D: -0.47%
• 1M: 0.62%
• YTD: 22.36%
• 6M: 19.86%
• 1Y: 51.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ALVOX

• 1D: -0.42%
• 1M: -1.11%
• YTD: 9.69%
• 6M: 7.54%
• 1Y: 31.19%
• 3Y*: 34.26%
• 5Y*: 15.72%
• 10Y*: 19.84%

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

AAIZX vs. ALVOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAIZX Alger AI Enablers & Adopters Z	22.36%	41.00%	33.76%
ALVOX Alger Capital Appreciation Portfolio	9.69%	32.25%	26.33%

Correlation

The correlation between AAIZX and ALVOX is 0.98 - 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	0.98
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.98

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

Return for Risk

AAIZX vs. ALVOX — Risk / Return Rank

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

AAIZX

AAIZX Risk / Return Rank: 64
AAIZX Sharpe Ratio Rank: 76
AAIZX Sortino Ratio Rank: 62
AAIZX Omega Ratio Rank: 59
AAIZX Calmar Ratio Rank: 75
AAIZX Martin Ratio Rank: 49

ALVOX

ALVOX Risk / Return Rank: 30
ALVOX Sharpe Ratio Rank: 34
ALVOX Sortino Ratio Rank: 31
ALVOX Omega Ratio Rank: 31
ALVOX Calmar Ratio Rank: 28
ALVOX Martin Ratio Rank: 27

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. ALVOX - 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 Portfolio (ALVOX). 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.

	AAIZX	ALVOX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.42	+0.72
Sortino ratio: Return per unit of downside risk	2.69	1.95	+0.74
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.95	1.67	+1.28
Martin ratio: Return relative to average drawdown	8.78	5.34	+3.45

AAIZX vs. ALVOX - Sharpe Ratio Comparison

The current AAIZX Sharpe Ratio is 2.14, which is higher than the ALVOX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of AAIZX and ALVOX, 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

AAIZX vs. ALVOX - Drawdown Comparison

The maximum AAIZX drawdown since its inception was -29.00%, smaller than the maximum ALVOX drawdown of -67.54%. Use the drawdown chart below to compare losses from any high point for AAIZX and ALVOX.

Drawdown Indicators

	AAIZX	ALVOX	Difference
Max Drawdown Largest peak-to-trough decline	-29.00%	-67.54%	+38.54%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-18.86%	+1.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.01%	—
Current Drawdown Current decline from peak	-4.86%	-5.05%	+0.19%
Average Drawdown Average peak-to-trough decline	-4.96%	-18.77%	+13.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.85%	5.87%	-0.02%

Volatility

AAIZX vs. ALVOX - Volatility Comparison

Alger AI Enablers & Adopters Z (AAIZX) has a higher volatility of 10.52% compared to Alger Capital Appreciation Portfolio (ALVOX) at 9.33%. This indicates that AAIZX's price experiences larger fluctuations and is considered to be riskier than ALVOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAIZX	ALVOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.52%	9.33%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	18.71%	17.13%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	24.16%	22.13%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.86%	25.91%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.86%	23.69%	+4.17%

AAIZX vs. ALVOX - Expense Ratio Comparison

AAIZX has a 0.55% expense ratio, which is lower than ALVOX's 0.91% expense ratio.

Dividends

AAIZX vs. ALVOX - Dividend Comparison

AAIZX's dividend yield for the trailing twelve months is around 5.16%, less than ALVOX's 17.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAIZX Alger AI Enablers & Adopters Z	5.16%	6.31%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ALVOX Alger Capital Appreciation Portfolio	17.12%	18.78%	0.00%	0.00%	9.84%	26.10%	14.64%	12.19%	21.59%	6.47%	0.00%	12.50%

Frequently Asked Questions

Can I hold both AAIZX and ALVOX in my portfolio?

With a correlation of 0.98, AAIZX and ALVOX 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 ALVOX?

AAIZX has higher volatility (10.52%) compared to ALVOX (9.33%). In terms of maximum drawdown, AAIZX dropped -29.00% vs ALVOX's -67.54%.

Which has better risk-adjusted returns?

AAIZX currently has the higher Sharpe Ratio (2.14 vs 1.42), 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.