ACAAX vs. SPECX
ACAAX (Alger Capital Appreciation Fund) and SPECX (Alger Spectra Fund) are both Large Cap Growth Equities funds from Alger. Over the past 10 years, ACAAX returned 18.62%/yr vs 16.53%/yr for SPECX. Their 0.99 correlation means they have historically moved very closely together. ACAAX charges 1.15%/yr vs 1.39%/yr for SPECX.
Performance
ACAAX vs. SPECX - Performance Comparison
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Returns By Period
In the year-to-date period, ACAAX achieves a 8.37% return, which is significantly higher than SPECX's 4.51% return. Over the past 10 years, ACAAX has outperformed SPECX with an annualized return of 18.62%, while SPECX has yielded a comparatively lower 16.53% annualized return.
ACAAX
- 1D
- 1.07%
- 1M
- -2.03%
- 6M
- 10.33%
- YTD
- 8.37%
- 1Y
- 21.73%
- 3Y*
- 31.61%
- 5Y*
- 14.54%
- 10Y*
- 18.62%
- ALL TIME*
- 12.14%
SPECX
- 1D
- 1.08%
- 1M
- -3.23%
- 6M
- 6.41%
- YTD
- 4.51%
- 1Y
- 17.07%
- 3Y*
- 28.63%
- 5Y*
- 11.66%
- 10Y*
- 16.53%
- ALL TIME*
- 12.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
SPECX Alger Spectra Fund | $0.00 | $0.00 | $0.00 |
ACAAX vs. SPECX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACAAX Alger Capital Appreciation Fund | 8.37% | 30.80% | 49.55% | 42.99% | -36.90% | 18.17% | 41.78% | 33.14% | -0.95% | 31.31% |
SPECX Alger Spectra Fund | 4.51% | 29.16% | 47.52% | 41.34% | -39.37% | 12.61% | 43.66% | 32.15% | -0.82% | 31.11% |
Correlation
The correlation between ACAAX and SPECX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997 | 0.99 |
The correlation between ACAAX and SPECX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
ACAAX vs. SPECX — Risk / Return Rank
ACAAX
SPECX
ACAAX vs. SPECX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Fund (ACAAX) and Alger Spectra Fund (SPECX). 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 | SPECX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.11 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.70 | +0.28 |
| Martin ratioReturn relative to average drawdown | 2.95 | 2.04 | +0.91 |
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Drawdowns
ACAAX vs. SPECX - Drawdown Comparison
The maximum ACAAX drawdown since its inception was -70.29%, roughly equal to the maximum SPECX drawdown of -72.19%. Use the drawdown chart below to compare losses from any high point for ACAAX and SPECX.
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Drawdown Indicators
| ACAAX | SPECX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.29% | -72.19% | +1.90% |
Max Drawdown (1Y)Largest decline over 1 year | -19.11% | -20.03% | +0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -27.79% | -27.91% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -48.73% | -54.82% | +6.09% |
Max Drawdown (10Y)Largest decline over 10 years | -48.73% | -54.82% | +6.09% |
Current DrawdownCurrent decline from peak | -6.57% | -8.60% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -22.86% | -23.94% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.33% | 6.85% | -0.52% |
Volatility
ACAAX vs. SPECX - Volatility Comparison
The current volatility for Alger Capital Appreciation Fund (ACAAX) is 7.92%, while Alger Spectra Fund (SPECX) has a volatility of 8.82%. This indicates that ACAAX experiences smaller price fluctuations and is considered to be less risky than SPECX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACAAX | SPECX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.92% | 8.82% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 18.81% | 20.08% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.75% | 25.01% | -1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.35% | 33.11% | -3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 28.11% | -2.48% |
ACAAX vs. SPECX - Expense Ratio Comparison
ACAAX has a 1.15% expense ratio, which is lower than SPECX's 1.39% expense ratio.
Dividends
ACAAX vs. SPECX - Dividend Comparison
ACAAX's dividend yield for the trailing twelve months is around 9.04%, more than SPECX's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACAAX Alger Capital Appreciation Fund | 9.04% | 9.80% | 12.93% | 7.19% | 4.42% | 23.67% | 15.64% | 8.17% | 11.59% | 6.76% | 0.84% | 8.28% |
SPECX Alger Spectra Fund | 7.15% | 7.47% | 6.49% | 0.00% | 2.70% | 34.41% | 9.19% | 7.20% | 12.09% | 6.14% | 0.00% | 8.80% |
Frequently Asked Questions
With a correlation of 1.00, ACAAX and SPECX 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.
SPECX has higher volatility (8.82%) compared to ACAAX (7.92%). In terms of maximum drawdown, ACAAX dropped -70.29% vs SPECX's -72.19%.
ACAAX currently has the higher Sharpe Ratio (0.79 vs 0.56), 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.
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