AAIZX vs. TEFQX

Last updated Aug 1, 2026

AAIZX (Alger AI Enablers & Adopters Z) and TEFQX (Firsthand Technology Opportunities Fund) are both mutual funds - AAIZX is a Artificial Intelligence fund actively managed by Alger, while TEFQX is a Technology Equities fund managed by Firsthand Funds. Over the past year, AAIZX returned 34.60% vs -6.42% for TEFQX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. AAIZX charges 0.55%/yr vs 1.85%/yr for TEFQX.

Performance

AAIZX vs. TEFQX - Performance Comparison

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

Returns By Period

In the year-to-date period, AAIZX achieves a 17.09% return, which is significantly higher than TEFQX's -8.13% return.

AAIZX

• 1D: 5.10%
• 1M: -3.81%
• 6M: 18.39%
• YTD: 17.09%
• 1Y: 34.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 40.95%

TEFQX

• 1D: 6.10%
• 1M: -14.39%
• 6M: -3.62%
• YTD: -8.13%
• 1Y: -6.42%
• 3Y*: -4.98%
• 5Y*: -20.77%
• 10Y*: 3.95%
• ALL TIME*: -0.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAIZX Alger AI Enablers & Adopters Z	$0.00	$0.00	$0.00
TEFQX Firsthand Technology Opportunities Fund	$0.00	$0.00	$0.00

AAIZX vs. TEFQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAIZX Alger AI Enablers & Adopters Z	17.09%	41.00%	33.76%
TEFQX Firsthand Technology Opportunities Fund	-8.13%	29.82%	-3.07%

Correlation

The correlation between AAIZX and TEFQX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.70

The correlation between AAIZX and TEFQX has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

AAIZX vs. TEFQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAIZX

AAIZX Risk / Return Rank: 45
AAIZX Sharpe Ratio Rank: 48
AAIZX Sortino Ratio Rank: 45
AAIZX Omega Ratio Rank: 41
AAIZX Calmar Ratio Rank: 54
AAIZX Martin Ratio Rank: 37

TEFQX

TEFQX Risk / Return Rank: 2
TEFQX Sharpe Ratio Rank: 2
TEFQX Sortino Ratio Rank: 3
TEFQX Omega Ratio Rank: 3
TEFQX Calmar Ratio Rank: 2
TEFQX Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAIZX vs. TEFQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters Z (AAIZX) and Firsthand Technology Opportunities Fund (TEFQX). 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	TEFQX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	-0.29	+1.59
Sortino ratio: Return per unit of downside risk	1.82	-0.16	+1.97
Omega ratio: Gain probability vs. loss probability	1.22	0.98	+0.24
Calmar ratio: Return relative to maximum drawdown	1.90	-0.35	+2.26
Martin ratio: Return relative to average drawdown	5.35	-0.80	+6.15

AAIZX vs. TEFQX - Sharpe Ratio Comparison

The current AAIZX Sharpe Ratio is 1.29, which is higher than the TEFQX Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of AAIZX and TEFQX, 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. TEFQX - Drawdown Comparison

The maximum AAIZX drawdown since its inception was -29.00%, smaller than the maximum TEFQX drawdown of -92.33%. Use the drawdown chart below to compare losses from any high point for AAIZX and TEFQX.

Drawdown Indicators

	AAIZX	TEFQX	Difference
Max Drawdown Largest peak-to-trough decline	-29.00%	-92.33%	+63.33%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-31.51%	+14.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-78.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-80.17%	—
Current Drawdown Current decline from peak	-8.96%	-71.54%	+62.58%
Average Drawdown Average peak-to-trough decline	-5.01%	-60.16%	+55.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.21%	13.71%	-7.50%

Volatility

AAIZX vs. TEFQX - Volatility Comparison

The current volatility for Alger AI Enablers & Adopters Z (AAIZX) is 9.40%, while Firsthand Technology Opportunities Fund (TEFQX) has a volatility of 12.86%. This indicates that AAIZX experiences smaller price fluctuations and is considered to be less risky than TEFQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAIZX	TEFQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	12.86%	-3.46%
Volatility (6M) Calculated over the trailing 6-month period	20.56%	31.86%	-11.30%
Volatility (1Y) Calculated over the trailing 1-year period	25.70%	38.27%	-12.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.06%	74.41%	-46.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.06%	55.78%	-27.72%

AAIZX vs. TEFQX - Expense Ratio Comparison

AAIZX has a 0.55% expense ratio, which is lower than TEFQX's 1.85% expense ratio.

Dividends

AAIZX vs. TEFQX - Dividend Comparison

AAIZX's dividend yield for the trailing twelve months is around 5.39%, while TEFQX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AAIZX Alger AI Enablers & Adopters Z	5.39%	6.31%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TEFQX Firsthand Technology Opportunities Fund	0.00%	0.00%	0.00%	1.91%	54.72%	6.88%	15.27%	5.54%	0.00%	0.00%	27.74%

Frequently Asked Questions

Can I hold both AAIZX and TEFQX in my portfolio?

AAIZX and TEFQX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAIZX or TEFQX?

TEFQX has higher volatility (12.86%) compared to AAIZX (9.40%). In terms of maximum drawdown, AAIZX dropped -29.00% vs TEFQX's -92.33%.

Which has better risk-adjusted returns?

AAIZX currently has the higher Sharpe Ratio (1.29 vs -0.29), 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.