ALAFX vs. FUMIX

Last updated Jun 20, 2026

ALAFX (Alger Focus Equity A Fund) and FUMIX (Fidelity SAI U.S. Momentum Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, ALAFX returned 20.29%/yr vs 17.68%/yr for FUMIX. Their correlation of 0.87 suggests significant overlap in exposure. ALAFX charges 0.95%/yr vs 0.11%/yr for FUMIX.

Performance

ALAFX vs. FUMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Focus Equity A Fund (ALAFX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALAFX achieves a 18.18% return, which is significantly lower than FUMIX's 30.85% return.

ALAFX

• 1D: 2.30%
• 1M: 5.93%
• YTD: 18.18%
• 6M: 17.81%
• 1Y: 48.37%
• 3Y*: 40.88%
• 5Y*: 20.29%
• 10Y*: 22.10%

FUMIX

• 1D: 1.84%
• 1M: 9.79%
• YTD: 30.85%
• 6M: 30.64%
• 1Y: 40.57%
• 3Y*: 32.61%
• 5Y*: 17.68%
• 10Y*: —

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

ALAFX vs. FUMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALAFX Alger Focus Equity A Fund	18.18%	39.65%	51.72%	44.15%	-35.95%	20.00%	45.73%	33.84%	1.33%	21.06%
FUMIX Fidelity SAI U.S. Momentum Index Fund	30.85%	17.01%	33.39%	14.67%	-15.79%	22.56%	29.92%	24.16%	-1.41%	22.71%

Correlation

The correlation between ALAFX and FUMIX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017	0.87

The correlation between ALAFX and FUMIX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

ALAFX vs. FUMIX — Risk / Return Rank

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

ALAFX

ALAFX Risk / Return Rank: 56
ALAFX Sharpe Ratio Rank: 67
ALAFX Sortino Ratio Rank: 54
ALAFX Omega Ratio Rank: 51
ALAFX Calmar Ratio Rank: 60
ALAFX Martin Ratio Rank: 48

FUMIX

FUMIX Risk / Return Rank: 77
FUMIX Sharpe Ratio Rank: 73
FUMIX Sortino Ratio Rank: 68
FUMIX Omega Ratio Rank: 67
FUMIX Calmar Ratio Rank: 85
FUMIX Martin Ratio Rank: 91

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. FUMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Focus Equity A Fund (ALAFX) and Fidelity SAI U.S. Momentum Index Fund (FUMIX). 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	FUMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.22	-0.08
Sortino ratio: Return per unit of downside risk	2.75	3.02	-0.27
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.77	3.73	-0.96
Martin ratio: Return relative to average drawdown	9.20	16.72	-7.51

ALAFX vs. FUMIX - Sharpe Ratio Comparison

The current ALAFX Sharpe Ratio is 2.14, which is comparable to the FUMIX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ALAFX and FUMIX, 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. FUMIX - Drawdown Comparison

The maximum ALAFX drawdown since its inception was -43.65%, which is greater than FUMIX's maximum drawdown of -33.36%. Use the drawdown chart below to compare losses from any high point for ALAFX and FUMIX.

Drawdown Indicators

	ALAFX	FUMIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-33.36%	-10.29%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-10.99%	-6.59%
Max Drawdown (3Y) Largest decline over 3 years	-26.96%	-19.90%	-7.06%
Max Drawdown (5Y) Largest decline over 5 years	-43.65%	-27.66%	-15.99%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.67%	-6.29%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	2.44%	+2.83%

Volatility

ALAFX vs. FUMIX - Volatility Comparison

Alger Focus Equity A Fund (ALAFX) has a higher volatility of 8.96% compared to Fidelity SAI U.S. Momentum Index Fund (FUMIX) at 7.72%. This indicates that ALAFX's price experiences larger fluctuations and is considered to be riskier than FUMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAFX	FUMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	7.72%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	17.74%	16.07%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	22.73%	18.43%	+4.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.41%	21.38%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	21.83%	+2.28%

ALAFX vs. FUMIX - Expense Ratio Comparison

ALAFX has a 0.95% expense ratio, which is higher than FUMIX's 0.11% expense ratio.

Dividends

ALAFX vs. FUMIX - Dividend Comparison

ALAFX's dividend yield for the trailing twelve months is around 6.69%, more than FUMIX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALAFX Alger Focus Equity A Fund	6.69%	7.91%	0.00%	0.10%	0.06%	14.09%	6.28%	1.98%	5.41%	0.00%
FUMIX Fidelity SAI U.S. Momentum Index Fund	2.12%	2.77%	5.89%	18.09%	2.10%	20.67%	8.68%	2.09%	3.84%	0.88%

Frequently Asked Questions

Can I hold both ALAFX and FUMIX in my portfolio?

ALAFX and FUMIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALAFX or FUMIX?

ALAFX has higher volatility (8.96%) compared to FUMIX (7.72%). In terms of maximum drawdown, ALAFX dropped -43.65% vs FUMIX's -33.36%.

Which has better risk-adjusted returns?

FUMIX currently has the higher Sharpe Ratio (2.22 vs 2.14), 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.