AASOX vs. NESIX

Last updated Jun 4, 2026

AASOX (Alger Small Cap Growth Portfolio) and NESIX (Needham Small Cap Growth Fund Institutional) are both Small Cap Growth Equities funds. Over the past 5 years, AASOX returned -2.53%/yr vs 10.97%/yr for NESIX. A 0.79 correlation means they provide meaningful diversification when combined. AASOX charges 0.95%/yr vs 1.18%/yr for NESIX.

Performance

AASOX vs. NESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Small Cap Growth Portfolio (AASOX) and Needham Small Cap Growth Fund Institutional (NESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AASOX achieves a 9.87% return, which is significantly lower than NESIX's 82.25% return.

AASOX

• 1D: 0.34%
• 1M: 5.84%
• YTD: 9.87%
• 6M: 7.42%
• 1Y: 27.83%
• 3Y*: 11.01%
• 5Y*: -2.53%
• 10Y*: 8.71%

NESIX

• 1D: 4.01%
• 1M: 22.94%
• YTD: 82.25%
• 6M: 79.70%
• 1Y: 125.34%
• 3Y*: 33.75%
• 5Y*: 10.97%
• 10Y*: —

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

AASOX vs. NESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AASOX Alger Small Cap Growth Portfolio	9.87%	5.89%	8.12%	16.49%	-38.39%	-5.07%	67.18%	29.36%	1.47%	27.85%
NESIX Needham Small Cap Growth Fund Institutional	82.25%	11.16%	13.47%	5.85%	-29.71%	11.36%	73.06%	55.28%	-4.87%	12.63%

Correlation

The correlation between AASOX and NESIX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.79

The correlation between AASOX and NESIX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

AASOX vs. NESIX — Risk / Return Rank

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

AASOX

AASOX Risk / Return Rank: 21
AASOX Sharpe Ratio Rank: 22
AASOX Sortino Ratio Rank: 22
AASOX Omega Ratio Rank: 19
AASOX Calmar Ratio Rank: 20
AASOX Martin Ratio Rank: 21

NESIX

NESIX Risk / Return Rank: 95
NESIX Sharpe Ratio Rank: 99
NESIX Sortino Ratio Rank: 93
NESIX Omega Ratio Rank: 88
NESIX Calmar Ratio Rank: 98
NESIX Martin Ratio Rank: 98

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.

AASOX vs. NESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Small Cap Growth Portfolio (AASOX) and Needham Small Cap Growth Fund Institutional (NESIX). 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.

	AASOX	NESIX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	4.41	-3.07
Sortino ratio: Return per unit of downside risk	1.93	4.72	-2.79
Omega ratio: Gain probability vs. loss probability	1.23	1.61	-0.39
Calmar ratio: Return relative to maximum drawdown	1.63	7.79	-6.16
Martin ratio: Return relative to average drawdown	5.40	32.30	-26.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AASOX vs. NESIX - Sharpe Ratio Comparison

The current AASOX Sharpe Ratio is 1.34, which is lower than the NESIX Sharpe Ratio of 4.41. The chart below compares the historical Sharpe Ratios of AASOX and NESIX, 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

	AASOX	NESIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	4.41	-3.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.38	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.75	-0.53

Drawdowns

AASOX vs. NESIX - Drawdown Comparison

The maximum AASOX drawdown since its inception was -74.54%, which is greater than NESIX's maximum drawdown of -49.61%. Use the drawdown chart below to compare losses from any high point for AASOX and NESIX.

Drawdown Indicators

	AASOX	NESIX	Difference
Max Drawdown Largest peak-to-trough decline	-74.54%	-49.61%	-24.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.34%	-17.12%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-32.82%	-35.21%	+2.39%
Max Drawdown (5Y) Largest decline over 5 years	-60.50%	-49.61%	-10.89%
Max Drawdown (10Y) Largest decline over 10 years	-60.50%	—	—
Current Drawdown Current decline from peak	-37.53%	0.00%	-37.53%
Average Drawdown Average peak-to-trough decline	-29.84%	-15.00%	-14.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	4.12%	+1.39%

Volatility

AASOX vs. NESIX - Volatility Comparison

The current volatility for Alger Small Cap Growth Portfolio (AASOX) is 7.30%, while Needham Small Cap Growth Fund Institutional (NESIX) has a volatility of 8.71%. This indicates that AASOX experiences smaller price fluctuations and is considered to be less risky than NESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AASOX	NESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	8.71%	-1.41%
Volatility (6M) Calculated over the trailing 6-month period	17.40%	21.13%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	22.25%	30.27%	-8.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.35%	29.29%	+11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.44%	26.44%	+7.00%

AASOX vs. NESIX - Expense Ratio Comparison

AASOX has a 0.95% expense ratio, which is lower than NESIX's 1.18% expense ratio.

Dividends

AASOX vs. NESIX - Dividend Comparison

AASOX's dividend yield for the trailing twelve months is around 1.07%, while NESIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AASOX Alger Small Cap Growth Portfolio	1.07%	1.17%	0.38%	0.00%	22.43%	49.73%	6.88%	5.59%	4.58%	0.00%
NESIX Needham Small Cap Growth Fund Institutional	0.00%	0.00%	0.00%	0.00%	3.93%	23.92%	13.26%	8.25%	21.96%	8.89%

Frequently Asked Questions

Can I hold both AASOX and NESIX in my portfolio?

AASOX and NESIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AASOX or NESIX?

NESIX has higher volatility (8.71%) compared to AASOX (7.30%). In terms of maximum drawdown, AASOX dropped -74.54% vs NESIX's -49.61%.

Which has better risk-adjusted returns?

NESIX currently has the higher Sharpe Ratio (4.41 vs 1.34), 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.