ALAFX vs. CNEQ

Last updated Jun 4, 2026

ALAFX (Alger Focus Equity A Fund) and CNEQ (Alger Concentrated Equity ETF) are both Large Cap Growth Equities funds from Alger. Both are actively managed. Over the past year, ALAFX returned 50.29% vs 49.78% for CNEQ. With a 0.97 correlation, they move nearly in lockstep. ALAFX charges 0.95%/yr vs 0.55%/yr for CNEQ.

Performance

ALAFX vs. CNEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Focus Equity A Fund (ALAFX) and Alger Concentrated Equity ETF (CNEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALAFX achieves a 17.12% return, which is significantly lower than CNEQ's 19.72% return.

ALAFX

• 1D: -0.55%
• 1M: 8.94%
• YTD: 17.12%
• 6M: 16.71%
• 1Y: 50.29%
• 3Y*: 41.58%
• 5Y*: 20.81%
• 10Y*: 21.77%

CNEQ

• 1D: -0.91%
• 1M: 11.24%
• YTD: 19.72%
• 6M: 19.16%
• 1Y: 49.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ALAFX vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ALAFX Alger Focus Equity A Fund	17.12%	39.65%	29.11%
CNEQ Alger Concentrated Equity ETF	19.72%	33.61%	28.84%

Correlation

The correlation between ALAFX and CNEQ is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.97

The correlation between ALAFX and CNEQ has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

ALAFX vs. CNEQ — Risk / Return Rank

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

ALAFX

ALAFX Risk / Return Rank: 57
ALAFX Sharpe Ratio Rank: 71
ALAFX Sortino Ratio Rank: 54
ALAFX Omega Ratio Rank: 51
ALAFX Calmar Ratio Rank: 60
ALAFX Martin Ratio Rank: 49

CNEQ

CNEQ Risk / Return Rank: 57
CNEQ Sharpe Ratio Rank: 66
CNEQ Sortino Ratio Rank: 60
CNEQ Omega Ratio Rank: 60
CNEQ Calmar Ratio Rank: 52
CNEQ Martin Ratio Rank: 49

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. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Focus Equity A Fund (ALAFX) and Alger Concentrated Equity ETF (CNEQ). 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	CNEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.22	+0.23
Sortino ratio: Return per unit of downside risk	3.09	2.84	+0.26
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.98	2.59	+0.39
Martin ratio: Return relative to average drawdown	10.12	8.16	+1.96
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. CNEQ - Sharpe Ratio Comparison

The current ALAFX Sharpe Ratio is 2.45, which is comparable to the CNEQ Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ALAFX and CNEQ, 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	CNEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.22	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	1.51	-0.61

Drawdowns

ALAFX vs. CNEQ - Drawdown Comparison

The maximum ALAFX drawdown since its inception was -43.65%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for ALAFX and CNEQ.

Drawdown Indicators

	ALAFX	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-27.58%	-16.07%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-19.30%	+1.72%
Max Drawdown (3Y) Largest decline over 3 years	-26.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	—	—
Current Drawdown Current decline from peak	-0.55%	-0.91%	+0.36%
Average Drawdown Average peak-to-trough decline	-7.68%	-4.89%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	6.12%	-0.96%

Volatility

ALAFX vs. CNEQ - Volatility Comparison

The current volatility for Alger Focus Equity A Fund (ALAFX) is 5.00%, while Alger Concentrated Equity ETF (CNEQ) has a volatility of 6.55%. This indicates that ALAFX experiences smaller price fluctuations and is considered to be less risky than CNEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAFX	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	6.55%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	17.19%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	21.37%	22.51%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.17%	26.62%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.99%	26.62%	-2.63%

ALAFX vs. CNEQ - Expense Ratio Comparison

ALAFX has a 0.95% expense ratio, which is higher than CNEQ's 0.55% expense ratio.

Dividends

ALAFX vs. CNEQ - Dividend Comparison

ALAFX's dividend yield for the trailing twelve months is around 6.75%, more than CNEQ's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ALAFX Alger Focus Equity A Fund	6.75%	7.91%	0.00%	0.10%	0.06%	14.09%	6.28%	1.98%	5.41%
CNEQ Alger Concentrated Equity ETF	0.44%	0.52%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ALAFX and CNEQ in my portfolio?

With a correlation of 0.96, ALAFX and CNEQ 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 CNEQ?

CNEQ has higher volatility (6.55%) compared to ALAFX (5.00%). In terms of maximum drawdown, ALAFX dropped -43.65% vs CNEQ's -27.58%.

Which has better risk-adjusted returns?

ALAFX currently has the higher Sharpe Ratio (2.45 vs 2.22), 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.