ALAI vs. CNEQ

Last updated Jun 4, 2026

ALAI (Alger AI Enablers & Adopters ETF) and CNEQ (Alger Concentrated Equity ETF) are both exchange-traded funds - ALAI is a Technology Equities fund actively managed by Alger, while CNEQ is a Large Cap Growth Equities fund actively managed by Alger. Both are actively managed. Over the past year, ALAI returned 63.92% vs 49.78% for CNEQ. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.55% expense ratio.

Performance

ALAI vs. CNEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger AI Enablers & Adopters ETF (ALAI) 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, ALAI achieves a 27.17% return, which is significantly higher than CNEQ's 19.72% return.

ALAI

• 1D: -1.25%
• 1M: 13.53%
• YTD: 27.17%
• 6M: 26.74%
• 1Y: 63.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ALAI vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ALAI Alger AI Enablers & Adopters ETF	27.17%	39.81%	31.43%
CNEQ Alger Concentrated Equity ETF	19.72%	33.61%	28.84%

Correlation

The correlation between ALAI and CNEQ is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.96

The correlation between ALAI and CNEQ has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

ALAI vs. CNEQ - Sectors Allocation Comparison

Sectors	ALAI	CNEQ
Technology	55.9%	47.4%
Communication Services	20.1%	19.2%
Consumer Cyclical	13.7%	13.4%
Industrials	3.2%	11.0%
Healthcare	2.8%	4.6%
Financial Services	2.3%	1.6%
Utilities	2.0%	2.9%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-

Return for Risk

ALAI vs. CNEQ — Risk / Return Rank

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

ALAI

ALAI Risk / Return Rank: 70
ALAI Sharpe Ratio Rank: 81
ALAI Sortino Ratio Rank: 71
ALAI Omega Ratio Rank: 70
ALAI Calmar Ratio Rank: 66
ALAI Martin Ratio Rank: 60

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.

ALAI vs. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters ETF (ALAI) 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.

	ALAI	CNEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.22	+0.45
Sortino ratio: Return per unit of downside risk	3.27	2.84	+0.44
Omega ratio: Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	3.30	2.59	+0.71
Martin ratio: Return relative to average drawdown	10.58	8.16	+2.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALAI vs. CNEQ - Sharpe Ratio Comparison

The current ALAI Sharpe Ratio is 2.67, which is comparable to the CNEQ Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ALAI 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

	ALAI	CNEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.22	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	1.51	+0.20

Drawdowns

ALAI vs. CNEQ - Drawdown Comparison

The maximum ALAI drawdown since its inception was -29.36%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for ALAI and CNEQ.

Drawdown Indicators

	ALAI	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-27.58%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-19.30%	-0.18%
Current Drawdown Current decline from peak	-1.69%	-0.91%	-0.78%
Average Drawdown Average peak-to-trough decline	-5.14%	-4.89%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.06%	6.12%	-0.06%

Volatility

ALAI vs. CNEQ - Volatility Comparison

Alger AI Enablers & Adopters ETF (ALAI) has a higher volatility of 6.97% compared to Alger Concentrated Equity ETF (CNEQ) at 6.55%. This indicates that ALAI's price experiences larger fluctuations and is considered to be riskier than CNEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAI	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	6.55%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	18.57%	17.19%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	24.06%	22.51%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.41%	26.62%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.41%	26.62%	+1.79%

ALAI vs. CNEQ - Expense Ratio Comparison

Both ALAI and CNEQ have an expense ratio of 0.55%.

Dividends

ALAI vs. CNEQ - Dividend Comparison

ALAI's dividend yield for the trailing twelve months is around 1.18%, more than CNEQ's 0.44% yield.

Position	TTM	2025	2024
ALAI Alger AI Enablers & Adopters ETF	1.18%	1.50%	0.66%
CNEQ Alger Concentrated Equity ETF	0.44%	0.52%	0.16%

Frequently Asked Questions

Can I hold both ALAI and CNEQ in my portfolio?

With a correlation of 0.94, ALAI 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, ALAI or CNEQ?

ALAI has higher volatility (6.97%) compared to CNEQ (6.55%). In terms of maximum drawdown, ALAI dropped -29.36% vs CNEQ's -27.58%.

Which ETF is better, ALAI or CNEQ?

On 1-year performance, ALAI leads with 63.92% vs 49.78% for CNEQ. Both ETFs have the same 0.55% expense ratio. On volatility, CNEQ has been the lower-risk option at 6.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALAI or CNEQ?

Over the 1-year period, ALAI has performed better with a 63.92% return vs 49.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALAI or CNEQ?

ALAI and CNEQ have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, ALAI or CNEQ?

ALAI has the higher dividend yield at 1.18%, compared with 0.44% for CNEQ.

What is the main difference between ALAI and CNEQ?

ALAI is categorized as Technology Equities, while CNEQ is Large Cap Growth Equities.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (2.67 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.