AIEMX vs. SPECX

Last updated Jun 4, 2026

AIEMX (Alger Emerging Markets Fund) and SPECX (Alger Spectra Fund) are both mutual funds - AIEMX is a Emerging Markets Diversified fund managed by Alger, while SPECX is a Large Cap Growth Equities fund managed by Alger. Over the past 10 years, AIEMX returned 8.99%/yr vs 17.81%/yr for SPECX. A 0.68 correlation means they provide meaningful diversification when combined. AIEMX charges 1.45%/yr vs 1.39%/yr for SPECX.

Performance

AIEMX vs. SPECX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Emerging Markets Fund (AIEMX) 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, AIEMX achieves a 26.29% return, which is significantly higher than SPECX's 13.50% return. Over the past 10 years, AIEMX has underperformed SPECX with an annualized return of 8.99%, while SPECX has yielded a comparatively higher 17.81% annualized return.

AIEMX

• 1D: 1.40%
• 1M: 8.25%
• YTD: 26.29%
• 6M: 28.09%
• 1Y: 47.20%
• 3Y*: 22.23%
• 5Y*: 3.83%
• 10Y*: 8.99%

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)

AIEMX vs. SPECX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIEMX Alger Emerging Markets Fund	26.29%	25.30%	5.60%	13.49%	-32.52%	-0.45%	37.17%	21.98%	-21.81%	38.72%
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 AIEMX and SPECX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.68

The correlation between AIEMX and SPECX has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

Return for Risk

AIEMX vs. SPECX — Risk / Return Rank

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

AIEMX

AIEMX Risk / Return Rank: 66
AIEMX Sharpe Ratio Rank: 73
AIEMX Sortino Ratio Rank: 60
AIEMX Omega Ratio Rank: 68
AIEMX Calmar Ratio Rank: 65
AIEMX Martin Ratio Rank: 65

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.

AIEMX vs. SPECX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Emerging Markets Fund (AIEMX) 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.

	AIEMX	SPECX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.84	+0.66
Sortino ratio: Return per unit of downside risk	3.26	2.41	+0.85
Omega ratio: Gain probability vs. loss probability	1.46	1.30	+0.15
Calmar ratio: Return relative to maximum drawdown	3.11	2.00	+1.11
Martin ratio: Return relative to average drawdown	12.60	6.34	+6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIEMX vs. SPECX - Sharpe Ratio Comparison

The current AIEMX Sharpe Ratio is 2.50, which is higher than the SPECX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of AIEMX 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

	AIEMX	SPECX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	1.84	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.49	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.64	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.50	-0.27

Drawdowns

AIEMX vs. SPECX - Drawdown Comparison

The maximum AIEMX drawdown since its inception was -46.21%, smaller than the maximum SPECX drawdown of -72.19%. Use the drawdown chart below to compare losses from any high point for AIEMX and SPECX.

Drawdown Indicators

	AIEMX	SPECX	Difference
Max Drawdown Largest peak-to-trough decline	-46.21%	-72.19%	+25.98%
Max Drawdown (1Y) Largest decline over 1 year	-15.17%	-20.03%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-17.86%	-27.91%	+10.05%
Max Drawdown (5Y) Largest decline over 5 years	-43.75%	-54.82%	+11.07%
Max Drawdown (10Y) Largest decline over 10 years	-46.21%	-54.82%	+8.61%
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-17.25%	-24.04%	+6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	6.31%	-2.57%

Volatility

AIEMX vs. SPECX - Volatility Comparison

Alger Emerging Markets Fund (AIEMX) has a higher volatility of 7.91% compared to Alger Spectra Fund (SPECX) at 5.63%. This indicates that AIEMX's price experiences larger fluctuations and is considered to be riskier than SPECX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIEMX	SPECX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	5.63%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	16.42%	16.64%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	21.82%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	32.67%	-13.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	27.86%	-8.36%

AIEMX vs. SPECX - Expense Ratio Comparison

AIEMX has a 1.45% expense ratio, which is higher than SPECX's 1.39% expense ratio.

Dividends

AIEMX vs. SPECX - Dividend Comparison

AIEMX's dividend yield for the trailing twelve months is around 0.04%, less than SPECX's 6.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIEMX Alger Emerging Markets Fund	0.04%	0.05%	0.31%	0.00%	0.00%	4.19%	0.00%	5.08%	2.35%	3.58%	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 AIEMX and SPECX in my portfolio?

AIEMX and SPECX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIEMX or SPECX?

AIEMX has higher volatility (7.91%) compared to SPECX (5.63%). In terms of maximum drawdown, AIEMX dropped -46.21% vs SPECX's -72.19%.

Which has better risk-adjusted returns?

AIEMX currently has the higher Sharpe Ratio (2.50 vs 1.84), 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.