AIGOX vs. ALARX

Last updated Jun 26, 2026

AIGOX (Alger Growth & Income Portfolio) and ALARX (Alger Capital Appreciation Institutional Fund) are both mutual funds - AIGOX is a Large Cap Blend Equities fund managed by Alger, while ALARX is a Large Cap Growth Equities fund managed by Alger. Over the past 10 years, AIGOX returned 15.78%/yr vs 19.79%/yr for ALARX. Their correlation of 0.90 suggests significant overlap in exposure. AIGOX charges 0.86%/yr vs 1.12%/yr for ALARX.

Performance

AIGOX vs. ALARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Growth & Income Portfolio (AIGOX) and Alger Capital Appreciation Institutional Fund (ALARX). 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 AIGOX having a 11.69% return and ALARX slightly higher at 11.81%. Over the past 10 years, AIGOX has underperformed ALARX with an annualized return of 15.78%, while ALARX has yielded a comparatively higher 19.79% annualized return.

AIGOX

• 1D: -0.38%
• 1M: -1.54%
• YTD: 11.69%
• 6M: 10.43%
• 1Y: 29.77%
• 3Y*: 22.22%
• 5Y*: 14.55%
• 10Y*: 15.78%

ALARX

• 1D: -0.48%
• 1M: -0.48%
• YTD: 11.81%
• 6M: 9.54%
• 1Y: 33.68%
• 3Y*: 35.28%
• 5Y*: 16.05%
• 10Y*: 19.79%

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

AIGOX vs. ALARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIGOX Alger Growth & Income Portfolio	11.69%	19.79%	23.07%	23.62%	-15.15%	31.82%	14.86%	29.48%	-4.61%	21.33%
ALARX Alger Capital Appreciation Institutional Fund	11.81%	31.75%	49.44%	42.82%	-36.88%	18.38%	41.50%	33.13%	-0.82%	31.11%

Correlation

The correlation between AIGOX and ALARX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 1994	0.90

The correlation between AIGOX and ALARX shifts across timeframes, from 0.78 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AIGOX vs. ALARX — Risk / Return Rank

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

AIGOX

AIGOX Risk / Return Rank: 84
AIGOX Sharpe Ratio Rank: 83
AIGOX Sortino Ratio Rank: 80
AIGOX Omega Ratio Rank: 77
AIGOX Calmar Ratio Rank: 87
AIGOX Martin Ratio Rank: 92

ALARX

ALARX Risk / Return Rank: 33
ALARX Sharpe Ratio Rank: 37
ALARX Sortino Ratio Rank: 33
ALARX Omega Ratio Rank: 34
ALARX Calmar Ratio Rank: 32
ALARX Martin Ratio Rank: 30

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.

AIGOX vs. ALARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Growth & Income Portfolio (AIGOX) and Alger Capital Appreciation Institutional Fund (ALARX). 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.

	AIGOX	ALARX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.49	+0.82
Sortino ratio: Return per unit of downside risk	3.19	2.03	+1.17
Omega ratio: Gain probability vs. loss probability	1.41	1.26	+0.16
Calmar ratio: Return relative to maximum drawdown	3.70	1.82	+1.88
Martin ratio: Return relative to average drawdown	16.32	5.90	+10.41

AIGOX vs. ALARX - Sharpe Ratio Comparison

The current AIGOX Sharpe Ratio is 2.31, which is higher than the ALARX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of AIGOX and ALARX, 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

AIGOX vs. ALARX - Drawdown Comparison

The maximum AIGOX drawdown since its inception was -63.78%, smaller than the maximum ALARX drawdown of -68.32%. Use the drawdown chart below to compare losses from any high point for AIGOX and ALARX.

Drawdown Indicators

	AIGOX	ALARX	Difference
Max Drawdown Largest peak-to-trough decline	-63.78%	-68.32%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	-18.65%	+10.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	-27.77%	+8.94%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-46.86%	+23.56%
Max Drawdown (10Y) Largest decline over 10 years	-34.18%	-46.86%	+12.68%
Current Drawdown Current decline from peak	-2.79%	-4.66%	+1.87%
Average Drawdown Average peak-to-trough decline	-15.36%	-20.94%	+5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	5.74%	-3.91%

Volatility

AIGOX vs. ALARX - Volatility Comparison

The current volatility for Alger Growth & Income Portfolio (AIGOX) is 4.62%, while Alger Capital Appreciation Institutional Fund (ALARX) has a volatility of 9.62%. This indicates that AIGOX experiences smaller price fluctuations and is considered to be less risky than ALARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIGOX	ALARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	9.62%	-5.00%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	17.70%	-7.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.02%	22.87%	-9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	28.10%	-10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	24.92%	-6.89%

AIGOX vs. ALARX - Expense Ratio Comparison

AIGOX has a 0.86% expense ratio, which is lower than ALARX's 1.12% expense ratio.

Dividends

AIGOX vs. ALARX - Dividend Comparison

AIGOX's dividend yield for the trailing twelve months is around 12.17%, more than ALARX's 6.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIGOX Alger Growth & Income Portfolio	12.17%	13.51%	1.23%	4.06%	8.76%	8.32%	1.66%	10.86%	8.44%	1.42%	1.17%	1.72%
ALARX Alger Capital Appreciation Institutional Fund	6.25%	6.99%	13.06%	8.09%	3.90%	19.40%	16.62%	10.34%	12.39%	6.75%	0.00%	7.71%

Frequently Asked Questions

Can I hold both AIGOX and ALARX in my portfolio?

AIGOX and ALARX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIGOX or ALARX?

ALARX has higher volatility (9.62%) compared to AIGOX (4.62%). In terms of maximum drawdown, AIGOX dropped -63.78% vs ALARX's -68.32%.

Which has better risk-adjusted returns?

AIGOX currently has the higher Sharpe Ratio (2.31 vs 1.49), 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.