ALAFX vs. SPECX
ALAFX (Alger Focus Equity A Fund) and SPECX (Alger Spectra Fund) are both Large Cap Growth Equities funds from Alger. Over the past 10 years, ALAFX returned 20.74%/yr vs 16.53%/yr for SPECX. Their 0.99 correlation means they have historically moved very closely together. ALAFX charges 0.95%/yr vs 1.39%/yr for SPECX.
Performance
ALAFX vs. SPECX - Performance Comparison
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Returns By Period
In the year-to-date period, ALAFX achieves a 10.07% return, which is significantly higher than SPECX's 4.51% return. Over the past 10 years, ALAFX has outperformed SPECX with an annualized return of 20.74%, while SPECX has yielded a comparatively lower 16.53% annualized return.
ALAFX
- 1D
- 1.23%
- 1M
- -2.51%
- 6M
- 11.38%
- YTD
- 10.07%
- 1Y
- 27.16%
- 3Y*
- 35.48%
- 5Y*
- 17.45%
- 10Y*
- 20.74%
- ALL TIME*
- 18.96%
SPECX
- 1D
- 1.08%
- 1M
- -3.23%
- 6M
- 6.41%
- YTD
- 4.51%
- 1Y
- 17.07%
- 3Y*
- 28.63%
- 5Y*
- 11.66%
- 10Y*
- 16.53%
- ALL TIME*
- 12.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
SPECX Alger Spectra Fund | $0.00 | $0.00 | $0.00 |
ALAFX vs. SPECX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALAFX Alger Focus Equity A Fund | 10.07% | 39.65% | 51.72% | 44.15% | -35.95% | 20.00% | 45.73% | 33.84% | 1.33% | 28.70% |
SPECX Alger Spectra Fund | 4.51% | 29.16% | 47.52% | 41.34% | -39.37% | 12.61% | 43.66% | 32.15% | -0.82% | 31.11% |
Correlation
The correlation between ALAFX and SPECX is 0.99 - 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. | 0.99 |
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 SPECX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
ALAFX vs. SPECX — Risk / Return Rank
ALAFX
SPECX
ALAFX vs. SPECX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Focus Equity A Fund (ALAFX) and Alger Spectra Fund (SPECX). 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 | SPECX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.11 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 0.70 | +0.67 |
| Martin ratioReturn relative to average drawdown | 4.27 | 2.04 | +2.23 |
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Drawdowns
ALAFX vs. SPECX - Drawdown Comparison
The maximum ALAFX drawdown since its inception was -43.65%, smaller than the maximum SPECX drawdown of -72.19%. Use the drawdown chart below to compare losses from any high point for ALAFX and SPECX.
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Drawdown Indicators
| ALAFX | SPECX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.65% | -72.19% | +28.54% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -20.03% | +2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -26.96% | -27.91% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -43.65% | -54.82% | +11.17% |
Max Drawdown (10Y)Largest decline over 10 years | -43.65% | -54.82% | +11.17% |
Current DrawdownCurrent decline from peak | -6.86% | -8.60% | +1.74% |
Average DrawdownAverage peak-to-trough decline | -7.65% | -23.94% | +16.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.62% | 6.85% | -1.23% |
Volatility
ALAFX vs. SPECX - Volatility Comparison
The current volatility for Alger Focus Equity A Fund (ALAFX) is 8.35%, while Alger Spectra Fund (SPECX) has a volatility of 8.82%. This indicates that ALAFX experiences smaller price fluctuations and is considered to be less risky than SPECX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALAFX | SPECX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.35% | 8.82% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 19.08% | 20.08% | -1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.15% | 25.01% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.70% | 33.11% | -6.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.24% | 28.11% | -3.87% |
ALAFX vs. SPECX - Expense Ratio Comparison
ALAFX has a 0.95% expense ratio, which is lower than SPECX's 1.39% expense ratio.
Dividends
ALAFX vs. SPECX - Dividend Comparison
ALAFX's dividend yield for the trailing twelve months is around 7.19%, which matches SPECX's 7.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALAFX Alger Focus Equity A Fund | 7.19% | 7.91% | 0.00% | 0.10% | 0.06% | 14.09% | 6.28% | 1.98% | 5.41% | 0.00% | 0.00% | 0.00% |
SPECX Alger Spectra Fund | 7.15% | 7.47% | 6.49% | 0.00% | 2.70% | 34.41% | 9.19% | 7.20% | 12.09% | 6.14% | 0.00% | 8.80% |
Frequently Asked Questions
With a correlation of 0.99, ALAFX and SPECX 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.
SPECX has higher volatility (8.82%) compared to ALAFX (8.35%). In terms of maximum drawdown, ALAFX dropped -43.65% vs SPECX's -72.19%.
ALAFX currently has the higher Sharpe Ratio (1.00 vs 0.56), 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.
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