ALAFX vs. ALVOX

Last updated Aug 1, 2026

ALAFX (Alger Focus Equity A Fund) and ALVOX (Alger Capital Appreciation Portfolio) are both Large Cap Growth Equities funds from Alger. Over the past 10 years, ALAFX returned 20.50%/yr vs 18.66%/yr for ALVOX. Their 0.99 correlation means they have historically moved very closely together. ALAFX charges 0.95%/yr vs 0.91%/yr for ALVOX.

Performance

ALAFX vs. ALVOX - 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 Portfolio (ALVOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALAFX achieves a 8.73% return, which is significantly higher than ALVOX's 7.30% return. Over the past 10 years, ALAFX has outperformed ALVOX with an annualized return of 20.50%, while ALVOX has yielded a comparatively lower 18.66% annualized return.

ALAFX

• 1D: 4.69%
• 1M: -3.70%
• 6M: 10.35%
• YTD: 8.73%
• 1Y: 25.61%
• 3Y*: 34.86%
• 5Y*: 17.16%
• 10Y*: 20.50%
• ALL TIME*: 18.86%

ALVOX

• 1D: 4.54%
• 1M: -2.96%
• 6M: 9.14%
• YTD: 7.30%
• 1Y: 21.51%
• 3Y*: 31.16%
• 5Y*: 14.55%
• 10Y*: 18.66%
• ALL TIME*: 14.53%

*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)
ALAFX Alger Focus Equity A Fund	$0.00	$0.00	$0.00
ALVOX Alger Capital Appreciation Portfolio	$0.00	$0.00	$0.00

ALAFX vs. ALVOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALAFX Alger Focus Equity A Fund	8.73%	39.65%	51.72%	44.15%	-35.95%	20.00%	45.73%	33.84%	1.33%	28.70%
ALVOX Alger Capital Appreciation Portfolio	7.30%	32.25%	48.13%	43.13%	-36.69%	19.79%	41.90%	33.59%	-0.01%	31.17%

Correlation

The correlation between ALAFX and ALVOX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.99

The correlation between ALAFX and ALVOX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

ALAFX vs. ALVOX — Risk / Return Rank

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

ALAFX

ALAFX Risk / Return Rank: 32
ALAFX Sharpe Ratio Rank: 32
ALAFX Sortino Ratio Rank: 32
ALAFX Omega Ratio Rank: 30
ALAFX Calmar Ratio Rank: 33
ALAFX Martin Ratio Rank: 30

ALVOX

ALVOX Risk / Return Rank: 25
ALVOX Sharpe Ratio Rank: 26
ALVOX Sortino Ratio Rank: 27
ALVOX Omega Ratio Rank: 25
ALVOX Calmar Ratio Rank: 24
ALVOX Martin Ratio Rank: 24

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.

ALAFX vs. ALVOX - 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 Portfolio (ALVOX). 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.

	ALAFX	ALVOX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	0.87	+0.13
Sortino ratio: Return per unit of downside risk	1.49	1.33	+0.16
Omega ratio: Gain probability vs. loss probability	1.18	1.16	+0.02
Calmar ratio: Return relative to maximum drawdown	1.38	1.07	+0.30
Martin ratio: Return relative to average drawdown	4.31	3.30	+1.01

ALAFX vs. ALVOX - Sharpe Ratio Comparison

The current ALAFX Sharpe Ratio is 1.00, which is comparable to the ALVOX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of ALAFX and ALVOX, 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

ALAFX vs. ALVOX - Drawdown Comparison

The maximum ALAFX drawdown since its inception was -43.65%, smaller than the maximum ALVOX drawdown of -67.54%. Use the drawdown chart below to compare losses from any high point for ALAFX and ALVOX.

Drawdown Indicators

	ALAFX	ALVOX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-67.54%	+23.89%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-18.86%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-26.96%	-27.46%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-43.65%	-41.01%	-2.64%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	-41.01%	-2.64%
Current Drawdown Current decline from peak	-8.00%	-7.11%	-0.89%
Average Drawdown Average peak-to-trough decline	-7.65%	-18.72%	+11.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.60%	6.13%	-0.53%

Volatility

ALAFX vs. ALVOX - Volatility Comparison

Alger Focus Equity A Fund (ALAFX) has a higher volatility of 8.32% compared to Alger Capital Appreciation Portfolio (ALVOX) at 7.65%. This indicates that ALAFX's price experiences larger fluctuations and is considered to be riskier than ALVOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAFX	ALVOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.32%	7.65%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	19.09%	18.38%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	24.15%	23.20%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.70%	26.11%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.24%	23.79%	+0.45%

ALAFX vs. ALVOX - Expense Ratio Comparison

ALAFX has a 0.95% expense ratio, which is higher than ALVOX's 0.91% expense ratio.

Dividends

ALAFX vs. ALVOX - Dividend Comparison

ALAFX's dividend yield for the trailing twelve months is around 7.28%, less than ALVOX's 17.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALAFX Alger Focus Equity A Fund	7.28%	7.91%	0.00%	0.10%	0.06%	14.09%	6.28%	1.98%	5.41%	0.00%	0.00%	0.00%
ALVOX Alger Capital Appreciation Portfolio	17.50%	18.78%	0.00%	0.00%	9.84%	26.10%	14.64%	12.19%	21.59%	6.47%	0.00%	12.50%

Frequently Asked Questions

Can I hold both ALAFX and ALVOX in my portfolio?

With a correlation of 1.00, ALAFX and ALVOX 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 ALVOX?

ALAFX has higher volatility (8.32%) compared to ALVOX (7.65%). In terms of maximum drawdown, ALAFX dropped -43.65% vs ALVOX's -67.54%.

Which has better risk-adjusted returns?

ALAFX currently has the higher Sharpe Ratio (1.00 vs 0.87), 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.