ACAZX vs. ALMAX

Last updated Aug 1, 2026

ACAZX (Alger Capital Appreciation Fund Class Z) and ALMAX (Alger Weatherbie Specialized Growth Fund) are both mutual funds - ACAZX is a Large Cap Growth Equities fund managed by Alger, while ALMAX is a Small Cap Growth Equities fund managed by Alger. Over the past 10 years, ACAZX returned 20.27%/yr vs 8.04%/yr for ALMAX. Their correlation of 0.80 means they have usually moved in the same direction. ACAZX charges 0.85%/yr vs 1.20%/yr for ALMAX.

Performance

ACAZX vs. ALMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Fund Class Z (ACAZX) and Alger Weatherbie Specialized Growth Fund (ALMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACAZX achieves a 7.46% return, which is significantly higher than ALMAX's 2.51% return. Over the past 10 years, ACAZX has outperformed ALMAX with an annualized return of 20.27%, while ALMAX has yielded a comparatively lower 8.04% annualized return.

ACAZX

• 1D: 4.67%
• 1M: -3.05%
• 6M: 9.60%
• YTD: 7.46%
• 1Y: 20.89%
• 3Y*: 36.95%
• 5Y*: 17.54%
• 10Y*: 20.27%
• ALL TIME*: 16.92%

ALMAX

• 1D: 3.03%
• 1M: -6.91%
• 6M: 0.70%
• YTD: 2.51%
• 1Y: 8.59%
• 3Y*: 5.21%
• 5Y*: -4.71%
• 10Y*: 8.04%
• ALL TIME*: 7.81%

*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)
ACAZX Alger Capital Appreciation Fund Class Z	$0.00	$0.00	$0.00
ALMAX Alger Weatherbie Specialized Growth Fund	$0.00	$0.00	$0.00

ACAZX vs. ALMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACAZX Alger Capital Appreciation Fund Class Z	7.46%	31.33%	69.38%	43.53%	-36.63%	18.48%	42.23%	33.63%	-0.61%	31.78%
ALMAX Alger Weatherbie Specialized Growth Fund	2.51%	0.50%	13.78%	11.22%	-38.11%	5.83%	56.85%	39.17%	-4.10%	21.83%

Correlation

The correlation between ACAZX and ALMAX is 0.62, 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.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Dec 29, 2010	0.80

The correlation between ACAZX and ALMAX shifts across timeframes, from 0.62 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ACAZX vs. ALMAX — Risk / Return Rank

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

ACAZX

ACAZX Risk / Return Rank: 24
ACAZX Sharpe Ratio Rank: 24
ACAZX Sortino Ratio Rank: 25
ACAZX Omega Ratio Rank: 24
ACAZX Calmar Ratio Rank: 23
ACAZX Martin Ratio Rank: 23

ALMAX

ALMAX Risk / Return Rank: 8
ALMAX Sharpe Ratio Rank: 8
ALMAX Sortino Ratio Rank: 9
ALMAX Omega Ratio Rank: 8
ALMAX Calmar Ratio Rank: 8
ALMAX Martin Ratio Rank: 8

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.

ACAZX vs. ALMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Fund Class Z (ACAZX) and Alger Weatherbie Specialized Growth Fund (ALMAX). 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.

	ACAZX	ALMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	0.24	+0.59
Sortino ratio: Return per unit of downside risk	1.28	0.52	+0.76
Omega ratio: Gain probability vs. loss probability	1.15	1.06	+0.10
Calmar ratio: Return relative to maximum drawdown	1.04	0.27	+0.78
Martin ratio: Return relative to average drawdown	3.16	0.77	+2.39

ACAZX vs. ALMAX - Sharpe Ratio Comparison

The current ACAZX Sharpe Ratio is 0.83, which is higher than the ALMAX Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of ACAZX and ALMAX, 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

ACAZX vs. ALMAX - Drawdown Comparison

The maximum ACAZX drawdown since its inception was -47.92%, smaller than the maximum ALMAX drawdown of -60.51%. Use the drawdown chart below to compare losses from any high point for ACAZX and ALMAX.

Drawdown Indicators

	ACAZX	ALMAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.92%	-60.51%	+12.59%
Max Drawdown (1Y) Largest decline over 1 year	-18.97%	-20.91%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-27.72%	-29.61%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-47.92%	-53.89%	+5.97%
Max Drawdown (10Y) Largest decline over 10 years	-47.92%	-53.89%	+5.97%
Current Drawdown Current decline from peak	-7.50%	-33.44%	+25.94%
Average Drawdown Average peak-to-trough decline	-8.30%	-17.42%	+9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	7.25%	-1.00%

Volatility

ACAZX vs. ALMAX - Volatility Comparison

Alger Capital Appreciation Fund Class Z (ACAZX) has a higher volatility of 7.95% compared to Alger Weatherbie Specialized Growth Fund (ALMAX) at 7.21%. This indicates that ACAZX's price experiences larger fluctuations and is considered to be riskier than ALMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACAZX	ALMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	7.21%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	18.83%	18.99%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	23.77%	23.42%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.44%	29.43%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.67%	27.33%	-1.66%

ACAZX vs. ALMAX - Expense Ratio Comparison

ACAZX has a 0.85% expense ratio, which is lower than ALMAX's 1.20% expense ratio.

Dividends

ACAZX vs. ALMAX - Dividend Comparison

ACAZX's dividend yield for the trailing twelve months is around 8.22%, while ALMAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACAZX Alger Capital Appreciation Fund Class Z	8.22%	8.83%	23.61%	6.65%	4.13%	22.24%	14.91%	7.87%	11.23%	6.60%	0.82%	8.15%
ALMAX Alger Weatherbie Specialized Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	24.48%	4.64%	4.00%	9.86%	0.00%	12.44%	55.85%

Frequently Asked Questions

Can I hold both ACAZX and ALMAX in my portfolio?

ACAZX and ALMAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACAZX or ALMAX?

ACAZX has higher volatility (7.95%) compared to ALMAX (7.21%). In terms of maximum drawdown, ACAZX dropped -47.92% vs ALMAX's -60.51%.

Which has better risk-adjusted returns?

ACAZX currently has the higher Sharpe Ratio (0.83 vs 0.24), 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.