ALAFX vs. ACAYX

Last updated Jun 5, 2026

ALAFX (Alger Focus Equity A Fund) and ACAYX (Alger Capital Appreciation Institutional Fund Class Y) are both Large Cap Growth Equities funds from Alger. Over the past 5 years, ALAFX returned 20.19%/yr vs 21.55%/yr for ACAYX. With a 0.99 correlation, they move nearly in lockstep. ALAFX charges 0.95%/yr vs 0.83%/yr for ACAYX.

Performance

ALAFX vs. ACAYX - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with ALAFX at 15.62% and ACAYX at 15.62%.

ALAFX

• 1D: -1.29%
• 1M: 7.06%
• YTD: 15.62%
• 6M: 14.19%
• 1Y: 46.94%
• 3Y*: 40.97%
• 5Y*: 20.19%
• 10Y*: 21.62%

ACAYX

• 1D: -1.24%
• 1M: 7.93%
• YTD: 15.62%
• 6M: 14.17%
• 1Y: 42.74%
• 3Y*: 44.19%
• 5Y*: 21.55%
• 10Y*: —

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

ALAFX vs. ACAYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALAFX Alger Focus Equity A Fund	15.62%	39.65%	51.72%	44.15%	-35.95%	20.00%	45.73%	33.84%	1.33%	16.37%
ACAYX Alger Capital Appreciation Institutional Fund Class Y	15.62%	32.26%	70.32%	43.39%	-36.58%	18.80%	42.01%	33.67%	-0.38%	18.92%

Correlation

The correlation between ALAFX and ACAYX 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	0.99
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 2, 2017	0.99

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

Return for Risk

ALAFX vs. ACAYX — Risk / Return Rank

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

ALAFX

ALAFX Risk / Return Rank: 50
ALAFX Sharpe Ratio Rank: 59
ALAFX Sortino Ratio Rank: 47
ALAFX Omega Ratio Rank: 45
ALAFX Calmar Ratio Rank: 53
ALAFX Martin Ratio Rank: 45

ACAYX

ACAYX Risk / Return Rank: 42
ACAYX Sharpe Ratio Rank: 51
ACAYX Sortino Ratio Rank: 42
ACAYX Omega Ratio Rank: 41
ACAYX Calmar Ratio Rank: 41
ACAYX Martin Ratio Rank: 36

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.

ALAFX vs. ACAYX - Risk-Adjusted Trends Comparison

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

	ALAFX	ACAYX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.09	+0.18
Sortino ratio: Return per unit of downside risk	2.91	2.71	+0.20
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	2.76	2.40	+0.37
Martin ratio: Return relative to average drawdown	9.39	7.96	+1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALAFX vs. ACAYX - Sharpe Ratio Comparison

The current ALAFX Sharpe Ratio is 2.27, which is comparable to the ACAYX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of ALAFX and ACAYX, 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

	ALAFX	ACAYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.09	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.77	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.86	+0.04

Drawdowns

ALAFX vs. ACAYX - Drawdown Comparison

The maximum ALAFX drawdown since its inception was -43.65%, smaller than the maximum ACAYX drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for ALAFX and ACAYX.

Drawdown Indicators

	ALAFX	ACAYX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-46.37%	+2.72%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-18.50%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-26.96%	-27.75%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	-43.65%	-46.37%	+2.72%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	—	—
Current Drawdown Current decline from peak	-1.83%	-1.59%	-0.24%
Average Drawdown Average peak-to-trough decline	-7.68%	-10.73%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	5.56%	-0.40%

Volatility

ALAFX vs. ACAYX - Volatility Comparison

Alger Focus Equity A Fund (ALAFX) and Alger Capital Appreciation Institutional Fund Class Y (ACAYX) have volatilities of 5.28% and 5.36%, 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

	ALAFX	ACAYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	5.36%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	16.08%	16.05%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	21.40%	21.23%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.18%	28.25%	-2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.99%	25.82%	-1.83%

ALAFX vs. ACAYX - Expense Ratio Comparison

ALAFX has a 0.95% expense ratio, which is higher than ACAYX's 0.83% expense ratio.

Dividends

ALAFX vs. ACAYX - Dividend Comparison

ALAFX's dividend yield for the trailing twelve months is around 6.84%, more than ACAYX's 5.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACAYX Alger Capital Appreciation Institutional Fund Class Y	5.75%	6.64%	24.81%	7.76%	3.77%	18.85%	16.28%	10.19%	12.28%	6.73%
ALAFX Alger Focus Equity A Fund	6.84%	7.91%	0.00%	0.10%	0.06%	14.09%	6.28%	1.98%	5.41%	0.00%

Frequently Asked Questions

Can I hold both ALAFX and ACAYX in my portfolio?

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

ACAYX has higher volatility (5.36%) compared to ALAFX (5.28%). In terms of maximum drawdown, ALAFX dropped -43.65% vs ACAYX's -46.37%.

Which has better risk-adjusted returns?

ALAFX currently has the higher Sharpe Ratio (2.27 vs 2.09), 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.