ALAFX vs. VOO

Last updated Jun 23, 2026

ALAFX (Alger Focus Equity A Fund) and VOO (Vanguard S&P 500 ETF) are both funds - ALAFX is a Large Cap Growth Equities fund actively managed by Alger, while VOO is a S&P 500 fund tracking the S&P 500 Index. ALAFX is actively managed, while VOO is passively managed. Over the past 10 years, ALAFX returned 22.10%/yr vs 15.77%/yr for VOO. Their correlation of 0.89 suggests significant overlap in exposure. ALAFX charges 0.95%/yr vs 0.03%/yr for VOO.

Performance

ALAFX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Focus Equity A Fund (ALAFX) and Vanguard S&P 500 ETF (VOO). 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 higher than VOO's 9.75% return. Over the past 10 years, ALAFX has outperformed VOO with an annualized return of 22.10%, while VOO has yielded a comparatively lower 15.77% annualized return.

ALAFX

• 1D: 2.30%
• 1M: 5.27%
• YTD: 18.18%
• 6M: 16.66%
• 1Y: 49.66%
• 3Y*: 40.88%
• 5Y*: 20.29%
• 10Y*: 22.10%

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

ALAFX vs. VOO - 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%	28.70%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between ALAFX and VOO is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.89

The correlation between ALAFX and VOO has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

Return for Risk

ALAFX vs. VOO — Risk / Return Rank

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

ALAFX

ALAFX Risk / Return Rank: 53
ALAFX Sharpe Ratio Rank: 63
ALAFX Sortino Ratio Rank: 51
ALAFX Omega Ratio Rank: 48
ALAFX Calmar Ratio Rank: 57
ALAFX Martin Ratio Rank: 47

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Focus Equity A Fund (ALAFX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.17	-0.04
Sortino ratio: Return per unit of downside risk	2.75	2.93	-0.18
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.77	3.02	-0.26
Martin ratio: Return relative to average drawdown	9.20	13.58	-4.38

ALAFX vs. VOO - Sharpe Ratio Comparison

The current ALAFX Sharpe Ratio is 2.14, which is comparable to the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of ALAFX and VOO, 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. VOO - Drawdown Comparison

The maximum ALAFX drawdown since its inception was -43.65%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ALAFX and VOO.

Drawdown Indicators

	ALAFX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-33.99%	-9.66%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-8.90%	-8.68%
Max Drawdown (3Y) Largest decline over 3 years	-26.96%	-18.69%	-8.27%
Max Drawdown (5Y) Largest decline over 5 years	-43.65%	-24.52%	-19.13%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	-33.99%	-9.66%
Current Drawdown Current decline from peak	0.00%	-1.74%	+1.74%
Average Drawdown Average peak-to-trough decline	-7.67%	-3.68%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	1.98%	+3.29%

Volatility

ALAFX vs. VOO - Volatility Comparison

Alger Focus Equity A Fund (ALAFX) has a higher volatility of 8.96% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that ALAFX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAFX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	4.60%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	17.74%	9.73%	+8.01%
Volatility (1Y) Calculated over the trailing 1-year period	22.73%	12.39%	+10.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.41%	16.90%	+9.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	18.05%	+6.06%

ALAFX vs. VOO - Expense Ratio Comparison

ALAFX has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

ALAFX vs. VOO - Dividend Comparison

ALAFX's dividend yield for the trailing twelve months is around 6.69%, more than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both ALAFX and VOO in my portfolio?

ALAFX and VOO have a correlation of 0.82, 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 VOO?

ALAFX has higher volatility (8.96%) compared to VOO (4.60%). In terms of maximum drawdown, ALAFX dropped -43.65% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 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.