ACAYX vs. ALGRX

Last updated Jul 14, 2026

ACAYX (Alger Capital Appreciation Institutional Fund Class Y) and ALGRX (Alger Focus Equity Fund Class I) are both Large Cap Growth Equities funds from Alger. Over the past 5 years, ACAYX returned 19.50%/yr vs 18.45%/yr for ALGRX. With a 0.99 correlation, they move nearly in lockstep. ACAYX charges 0.83%/yr vs 0.95%/yr for ALGRX.

Performance

ACAYX vs. ALGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Institutional Fund Class Y (ACAYX) and Alger Focus Equity Fund Class I (ALGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ACAYX having a 14.73% return and ALGRX slightly higher at 15.21%.

ACAYX

• 1D: 0.37%
• 1M: 4.16%
• 6M: 11.94%
• YTD: 14.73%
• 1Y: 34.61%
• 3Y*: 42.15%
• 5Y*: 19.50%
• 10Y*: —

ALGRX

• 1D: 0.44%
• 1M: 4.10%
• 6M: 11.92%
• YTD: 15.21%
• 1Y: 39.62%
• 3Y*: 39.25%
• 5Y*: 18.45%
• 10Y*: 21.54%

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

ACAYX vs. ALGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACAYX Alger Capital Appreciation Institutional Fund Class Y	14.73%	32.26%	70.32%	43.39%	-36.58%	18.80%	42.01%	33.67%	-0.38%	18.92%
ALGRX Alger Focus Equity Fund Class I	15.21%	39.68%	51.77%	44.20%	-35.94%	20.06%	45.82%	33.93%	1.39%	18.03%

Correlation

The correlation between ACAYX and ALGRX is 0.99 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 1, 2017	0.99

The correlation between ACAYX and ALGRX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

ACAYX vs. ALGRX — Risk / Return Rank

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

ACAYX

ACAYX Risk / Return Rank: 39
ACAYX Sharpe Ratio Rank: 45
ACAYX Sortino Ratio Rank: 40
ACAYX Omega Ratio Rank: 39
ACAYX Calmar Ratio Rank: 38
ACAYX Martin Ratio Rank: 34

ALGRX

ALGRX Risk / Return Rank: 51
ALGRX Sharpe Ratio Rank: 59
ALGRX Sortino Ratio Rank: 51
ALGRX Omega Ratio Rank: 47
ALGRX Calmar Ratio Rank: 54
ALGRX Martin Ratio Rank: 44

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.

ACAYX vs. ALGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Institutional Fund Class Y (ACAYX) and Alger Focus Equity Fund Class I (ALGRX). 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.

	ACAYX	ALGRX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.71	-0.21
Sortino ratio: Return per unit of downside risk	2.05	2.30	-0.24
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	1.87	2.25	-0.39
Martin ratio: Return relative to average drawdown	6.02	7.41	-1.38

ACAYX vs. ALGRX - Sharpe Ratio Comparison

The current ACAYX Sharpe Ratio is 1.50, which is comparable to the ALGRX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of ACAYX and ALGRX, 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

ACAYX vs. ALGRX - Drawdown Comparison

The maximum ACAYX drawdown since its inception was -46.37%, smaller than the maximum ALGRX drawdown of -62.64%. Use the drawdown chart below to compare losses from any high point for ACAYX and ALGRX.

Drawdown Indicators

	ACAYX	ALGRX	Difference
Max Drawdown Largest peak-to-trough decline	-46.37%	-62.64%	+16.27%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-17.55%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-27.75%	-26.96%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-46.37%	-43.57%	-2.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.57%	—
Current Drawdown Current decline from peak	-2.34%	-2.53%	+0.19%
Average Drawdown Average peak-to-trough decline	-10.65%	-18.75%	+8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	5.33%	+0.40%

Volatility

ACAYX vs. ALGRX - Volatility Comparison

Alger Capital Appreciation Institutional Fund Class Y (ACAYX) and Alger Focus Equity Fund Class I (ALGRX) have volatilities of 9.06% and 9.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACAYX	ALGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	9.18%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	18.23%	18.15%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	23.05%	23.13%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.58%	26.52%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.89%	24.12%	+1.77%

ACAYX vs. ALGRX - Expense Ratio Comparison

ACAYX has a 0.83% expense ratio, which is lower than ALGRX's 0.95% expense ratio.

Dividends

ACAYX vs. ALGRX - Dividend Comparison

ACAYX's dividend yield for the trailing twelve months is around 5.79%, less than ALGRX's 6.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACAYX Alger Capital Appreciation Institutional Fund Class Y	5.79%	6.64%	24.81%	7.76%	3.77%	18.85%	16.28%	10.19%	12.28%	6.73%
ALGRX Alger Focus Equity Fund Class I	6.80%	7.84%	0.00%	0.10%	0.06%	13.98%	6.25%	2.08%	5.38%	0.00%

Frequently Asked Questions

Can I hold both ACAYX and ALGRX in my portfolio?

With a correlation of 0.99, ACAYX and ALGRX 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, ACAYX or ALGRX?

ALGRX has higher volatility (9.18%) compared to ACAYX (9.06%). In terms of maximum drawdown, ACAYX dropped -46.37% vs ALGRX's -62.64%.

Which has better risk-adjusted returns?

ALGRX currently has the higher Sharpe Ratio (1.71 vs 1.50), 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.