ALAI vs. DRGN

Last updated Aug 4, 2026

ALAI (Alger AI Enablers & Adopters ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both Artificial Intelligence funds. ALAI is actively managed, while DRGN is passively managed. Over the past year, ALAI returned 40.53% vs 34.60% for DRGN. Their 0.45 correlation means their historical movements had little consistent relationship. ALAI charges 0.55%/yr vs 0.39%/yr for DRGN.

Performance

ALAI vs. DRGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger AI Enablers & Adopters ETF (ALAI) and Themes China Generative Artificial Intelligence ETF (DRGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALAI achieves a 22.63% return, which is significantly higher than DRGN's 8.71% return.

ALAI

• 1D: 2.98%
• 1M: 1.63%
• 6M: 22.67%
• YTD: 22.63%
• 1Y: 40.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 42.22%

DRGN

• 1D: -0.02%
• 1M: -0.13%
• 6M: -0.73%
• YTD: 8.71%
• 1Y: 34.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ALAI Alger AI Enablers & Adopters ETF	$3.00M	$4.32M	$4.07M
DRGN Themes China Generative Artificial Intelligence ETF	$403.33K	$404.08K	$565.01K

ALAI vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
ALAI Alger AI Enablers & Adopters ETF	22.63%	18.81%
DRGN Themes China Generative Artificial Intelligence ETF	8.71%	26.96%

Correlation

The correlation between ALAI and DRGN is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.45

Return for Risk

ALAI vs. DRGN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ALAI

ALAI Risk / Return Rank: 56
ALAI Sharpe Ratio Rank: 60
ALAI Sortino Ratio Rank: 59
ALAI Omega Ratio Rank: 54
ALAI Calmar Ratio Rank: 57
ALAI Martin Ratio Rank: 51

DRGN

DRGN Risk / Return Rank: 37
DRGN Sharpe Ratio Rank: 36
DRGN Sortino Ratio Rank: 38
DRGN Omega Ratio Rank: 35
DRGN Calmar Ratio Rank: 44
DRGN Martin Ratio Rank: 33

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ALAI vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters ETF (ALAI) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	ALAI	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.95	+0.53
Sortino ratio: Return per unit of downside risk	2.07	1.51	+0.56
Omega ratio: Gain probability vs. loss probability	1.25	1.18	+0.07
Calmar ratio: Return relative to maximum drawdown	2.09	1.67	+0.42
Martin ratio: Return relative to average drawdown	6.16	3.32	+2.85

ALAI vs. DRGN - Sharpe Ratio Comparison

The current ALAI Sharpe Ratio is 1.48, which is higher than the DRGN Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of ALAI and DRGN, 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

ALAI vs. DRGN - Drawdown Comparison

The maximum ALAI drawdown since its inception was -29.36%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for ALAI and DRGN.

Drawdown Indicators

	ALAI	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-20.86%	-8.50%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-20.86%	+1.38%
Current Drawdown Current decline from peak	-5.28%	-13.31%	+8.03%
Average Drawdown Average peak-to-trough decline	-5.18%	-8.41%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.59%	10.46%	-3.87%

Volatility

ALAI vs. DRGN - Volatility Comparison

The current volatility for Alger AI Enablers & Adopters ETF (ALAI) is 10.48%, while Themes China Generative Artificial Intelligence ETF (DRGN) has a volatility of 11.95%. This indicates that ALAI experiences smaller price fluctuations and is considered to be less risky than DRGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAI	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.48%	11.95%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	22.49%	25.81%	-3.32%
Volatility (1Y) Calculated over the trailing 1-year period	27.55%	36.59%	-9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.15%	35.96%	-6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.15%	35.96%	-6.81%

ALAI vs. DRGN - Expense Ratio Comparison

ALAI has a 0.55% expense ratio, which is higher than DRGN's 0.39% expense ratio.

Dividends

ALAI vs. DRGN - Dividend Comparison

ALAI's dividend yield for the trailing twelve months is around 1.22%, more than DRGN's 1.12% yield.

Position	TTM	2025	2024
ALAI Alger AI Enablers & Adopters ETF	1.22%	1.50%	0.66%
DRGN Themes China Generative Artificial Intelligence ETF	1.12%	1.22%	0.00%

Frequently Asked Questions

Can I hold both ALAI and DRGN in my portfolio?

ALAI and DRGN have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALAI or DRGN?

DRGN has higher volatility (11.95%) compared to ALAI (10.48%). In terms of maximum drawdown, ALAI dropped -29.36% vs DRGN's -20.86%.

Which ETF is better, ALAI or DRGN?

On 1-year performance, ALAI leads with 40.53% vs 34.60% for DRGN. On fees, DRGN is cheaper at 0.39% per year. On volatility, ALAI has been the lower-risk option at 10.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALAI or DRGN?

Over the 1-year period, ALAI has performed better with a 40.53% return vs 34.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALAI or DRGN?

DRGN is cheaper with a 0.39% expense ratio, compared with 0.55% for ALAI.

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

ALAI has the higher dividend yield at 1.22%, compared with 1.12% for DRGN.

What is the main difference between ALAI and DRGN?

They also come from different issuers: Alger and Themes. Their fees differ too: 0.55% for ALAI and 0.39% for DRGN.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (1.48 vs 0.95), 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.