AHSAX vs. SPECX

Last updated Jun 4, 2026

AHSAX (Alger Health Sciences Fund) and SPECX (Alger Spectra Fund) are both mutual funds - AHSAX is a Health & Biotech Equities fund managed by Alger, while SPECX is a Large Cap Growth Equities fund managed by Alger. Over the past 10 years, AHSAX returned 8.16%/yr vs 17.81%/yr for SPECX. A 0.74 correlation means they provide meaningful diversification when combined. AHSAX charges 1.05%/yr vs 1.39%/yr for SPECX.

Performance

AHSAX vs. SPECX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Health Sciences Fund (AHSAX) and Alger Spectra Fund (SPECX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AHSAX achieves a -2.06% return, which is significantly lower than SPECX's 13.50% return. Over the past 10 years, AHSAX has underperformed SPECX with an annualized return of 8.16%, while SPECX has yielded a comparatively higher 17.81% annualized return.

AHSAX

• 1D: -2.70%
• 1M: -2.28%
• YTD: -2.06%
• 6M: -1.19%
• 1Y: 21.16%
• 3Y*: 2.76%
• 5Y*: -1.74%
• 10Y*: 8.16%

SPECX

• 1D: -0.74%
• 1M: 8.72%
• YTD: 13.50%
• 6M: 13.17%
• 1Y: 38.92%
• 3Y*: 34.88%
• 5Y*: 15.81%
• 10Y*: 17.81%

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

AHSAX vs. SPECX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AHSAX Alger Health Sciences Fund	-2.06%	10.14%	1.17%	-4.26%	-17.04%	3.26%	30.99%	22.02%	5.71%	33.06%
SPECX Alger Spectra Fund	13.50%	29.16%	47.52%	41.34%	-39.37%	12.61%	43.66%	32.15%	-0.82%	31.11%

Correlation

The correlation between AHSAX and SPECX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.74

Over the past year, the correlation between AHSAX and SPECX has dropped to 0.39 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

AHSAX vs. SPECX — Risk / Return Rank

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

AHSAX

AHSAX Risk / Return Rank: 26
AHSAX Sharpe Ratio Rank: 24
AHSAX Sortino Ratio Rank: 24
AHSAX Omega Ratio Rank: 21
AHSAX Calmar Ratio Rank: 34
AHSAX Martin Ratio Rank: 29

SPECX

SPECX Risk / Return Rank: 32
SPECX Sharpe Ratio Rank: 40
SPECX Sortino Ratio Rank: 34
SPECX Omega Ratio Rank: 33
SPECX Calmar Ratio Rank: 28
SPECX Martin Ratio Rank: 26

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.

AHSAX vs. SPECX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Health Sciences Fund (AHSAX) 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.

	AHSAX	SPECX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.84	-0.44
Sortino ratio: Return per unit of downside risk	2.04	2.41	-0.37
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.06
Calmar ratio: Return relative to maximum drawdown	2.20	2.00	+0.20
Martin ratio: Return relative to average drawdown	6.85	6.34	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AHSAX vs. SPECX - Sharpe Ratio Comparison

The current AHSAX Sharpe Ratio is 1.40, which is comparable to the SPECX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of AHSAX and SPECX, 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

	AHSAX	SPECX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.84	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.49	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.64	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.50	-0.19

Drawdowns

AHSAX vs. SPECX - Drawdown Comparison

The maximum AHSAX drawdown since its inception was -46.23%, smaller than the maximum SPECX drawdown of -72.19%. Use the drawdown chart below to compare losses from any high point for AHSAX and SPECX.

Drawdown Indicators

	AHSAX	SPECX	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-72.19%	+25.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-20.03%	+10.36%
Max Drawdown (3Y) Largest decline over 3 years	-23.11%	-27.91%	+4.80%
Max Drawdown (5Y) Largest decline over 5 years	-45.04%	-54.82%	+9.78%
Max Drawdown (10Y) Largest decline over 10 years	-45.04%	-54.82%	+9.78%
Current Drawdown Current decline from peak	-28.77%	-0.74%	-28.03%
Average Drawdown Average peak-to-trough decline	-14.71%	-24.04%	+9.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	6.31%	-3.21%

Volatility

AHSAX vs. SPECX - Volatility Comparison

Alger Health Sciences Fund (AHSAX) and Alger Spectra Fund (SPECX) have volatilities of 5.42% and 5.63%, 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

	AHSAX	SPECX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	5.63%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	11.88%	16.64%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.23%	21.82%	-6.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.15%	32.67%	-8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.33%	27.86%	-4.53%

AHSAX vs. SPECX - Expense Ratio Comparison

AHSAX has a 1.05% expense ratio, which is lower than SPECX's 1.39% expense ratio.

Dividends

AHSAX vs. SPECX - Dividend Comparison

AHSAX has not paid dividends to shareholders, while SPECX's dividend yield for the trailing twelve months is around 6.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AHSAX Alger Health Sciences Fund	0.00%	0.00%	0.00%	0.00%	0.00%	27.18%	11.68%	6.98%	7.82%	0.00%	0.00%	0.00%
SPECX Alger Spectra Fund	6.58%	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

Can I hold both AHSAX and SPECX in my portfolio?

AHSAX and SPECX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHSAX or SPECX?

SPECX has higher volatility (5.63%) compared to AHSAX (5.42%). In terms of maximum drawdown, AHSAX dropped -46.23% vs SPECX's -72.19%.

Which has better risk-adjusted returns?

SPECX currently has the higher Sharpe Ratio (1.84 vs 1.40), 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.