ACAAX vs. FUMIX

Last updated Jun 24, 2026

ACAAX (Alger Capital Appreciation Fund) and FUMIX (Fidelity SAI U.S. Momentum Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, ACAAX returned 16.34%/yr vs 17.37%/yr for FUMIX. Their correlation of 0.87 suggests significant overlap in exposure. ACAAX charges 1.15%/yr vs 0.11%/yr for FUMIX.

Performance

ACAAX vs. FUMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Fund (ACAAX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACAAX achieves a 13.30% return, which is significantly lower than FUMIX's 32.63% return.

ACAAX

• 1D: -1.80%
• 1M: 2.81%
• YTD: 13.30%
• 6M: 11.32%
• 1Y: 37.37%
• 3Y*: 35.62%
• 5Y*: 16.34%
• 10Y*: 19.97%

FUMIX

• 1D: 1.37%
• 1M: 9.64%
• YTD: 32.63%
• 6M: 30.51%
• 1Y: 40.33%
• 3Y*: 33.62%
• 5Y*: 17.37%
• 10Y*: —

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

ACAAX vs. FUMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACAAX Alger Capital Appreciation Fund	13.30%	30.80%	49.55%	42.99%	-36.90%	18.17%	41.78%	33.14%	-0.95%	23.21%
FUMIX Fidelity SAI U.S. Momentum Index Fund	32.63%	17.01%	33.39%	14.67%	-15.79%	22.56%	29.92%	24.16%	-1.41%	22.71%

Correlation

The correlation between ACAAX and FUMIX 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	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.87

The correlation between ACAAX and FUMIX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

ACAAX vs. FUMIX — Risk / Return Rank

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

ACAAX

ACAAX Risk / Return Rank: 35
ACAAX Sharpe Ratio Rank: 41
ACAAX Sortino Ratio Rank: 35
ACAAX Omega Ratio Rank: 35
ACAAX Calmar Ratio Rank: 33
ACAAX Martin Ratio Rank: 30

FUMIX

FUMIX Risk / Return Rank: 78
FUMIX Sharpe Ratio Rank: 75
FUMIX Sortino Ratio Rank: 68
FUMIX Omega Ratio Rank: 68
FUMIX Calmar Ratio Rank: 86
FUMIX Martin Ratio Rank: 92

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.

ACAAX vs. FUMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Fund (ACAAX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). 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.

	ACAAX	FUMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.31	-0.58
Sortino ratio: Return per unit of downside risk	2.30	3.13	-0.83
Omega ratio: Gain probability vs. loss probability	1.29	1.42	-0.12
Calmar ratio: Return relative to maximum drawdown	2.04	3.89	-1.85
Martin ratio: Return relative to average drawdown	6.45	17.44	-10.99

ACAAX vs. FUMIX - Sharpe Ratio Comparison

The current ACAAX Sharpe Ratio is 1.73, which is comparable to the FUMIX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of ACAAX and FUMIX, 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

ACAAX vs. FUMIX - Drawdown Comparison

The maximum ACAAX drawdown since its inception was -70.29%, which is greater than FUMIX's maximum drawdown of -33.36%. Use the drawdown chart below to compare losses from any high point for ACAAX and FUMIX.

Drawdown Indicators

	ACAAX	FUMIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.29%	-33.36%	-36.93%
Max Drawdown (1Y) Largest decline over 1 year	-19.11%	-10.99%	-8.12%
Max Drawdown (3Y) Largest decline over 3 years	-27.79%	-19.90%	-7.89%
Max Drawdown (5Y) Largest decline over 5 years	-48.73%	-27.66%	-21.07%
Max Drawdown (10Y) Largest decline over 10 years	-48.73%	—	—
Current Drawdown Current decline from peak	-2.33%	0.00%	-2.33%
Average Drawdown Average peak-to-trough decline	-22.93%	-6.29%	-16.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.02%	2.44%	+3.58%

Volatility

ACAAX vs. FUMIX - Volatility Comparison

Alger Capital Appreciation Fund (ACAAX) has a higher volatility of 9.24% compared to Fidelity SAI U.S. Momentum Index Fund (FUMIX) at 7.70%. This indicates that ACAAX's price experiences larger fluctuations and is considered to be riskier than FUMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACAAX	FUMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.24%	7.70%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	17.51%	16.10%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	22.52%	18.50%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.13%	21.38%	+7.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.54%	21.83%	+3.71%

ACAAX vs. FUMIX - Expense Ratio Comparison

ACAAX has a 1.15% expense ratio, which is higher than FUMIX's 0.11% expense ratio.

Dividends

ACAAX vs. FUMIX - Dividend Comparison

ACAAX's dividend yield for the trailing twelve months is around 8.65%, more than FUMIX's 2.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACAAX Alger Capital Appreciation Fund	8.65%	9.80%	12.93%	7.19%	4.42%	23.67%	15.64%	8.17%	11.59%	6.76%	0.84%	8.28%
FUMIX Fidelity SAI U.S. Momentum Index Fund	2.09%	2.77%	5.89%	18.09%	2.10%	20.67%	8.68%	2.09%	3.84%	0.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACAAX and FUMIX in my portfolio?

ACAAX and FUMIX 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, ACAAX or FUMIX?

ACAAX has higher volatility (9.24%) compared to FUMIX (7.70%). In terms of maximum drawdown, ACAAX dropped -70.29% vs FUMIX's -33.36%.

Which has better risk-adjusted returns?

FUMIX currently has the higher Sharpe Ratio (2.31 vs 1.73), 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.