ALAI vs. FPXTX

Last updated Jun 5, 2026

ALAI (Alger AI Enablers & Adopters ETF) and FPXTX (Fidelity Pennsylvania Municipal Income Fund) are both funds - ALAI is a Technology Equities fund actively managed by Alger, while FPXTX is a Municipal Bonds fund managed by Fidelity. Over the past year, ALAI returned 61.30% vs 6.65% for FPXTX. At a 0.06 correlation, their price movements are largely independent. ALAI charges 0.55%/yr vs 0.48%/yr for FPXTX.

Performance

ALAI vs. FPXTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger AI Enablers & Adopters ETF (ALAI) and Fidelity Pennsylvania Municipal Income Fund (FPXTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALAI achieves a 26.20% return, which is significantly higher than FPXTX's 1.20% return.

ALAI

• 1D: -0.76%
• 1M: 11.99%
• YTD: 26.20%
• 6M: 24.67%
• 1Y: 61.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FPXTX

• 1D: 0.00%
• 1M: 0.63%
• YTD: 1.20%
• 6M: 1.67%
• 1Y: 6.65%
• 3Y*: 4.19%
• 5Y*: 0.80%
• 10Y*: 2.06%

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

ALAI vs. FPXTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ALAI Alger AI Enablers & Adopters ETF	26.20%	39.81%	31.43%
FPXTX Fidelity Pennsylvania Municipal Income Fund	1.20%	4.73%	2.84%

Correlation

The correlation between ALAI and FPXTX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.06

Return for Risk

ALAI vs. FPXTX — Risk / Return Rank

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

ALAI

ALAI Risk / Return Rank: 69
ALAI Sharpe Ratio Rank: 80
ALAI Sortino Ratio Rank: 71
ALAI Omega Ratio Rank: 69
ALAI Calmar Ratio Rank: 65
ALAI Martin Ratio Rank: 58

FPXTX

FPXTX Risk / Return Rank: 69
FPXTX Sharpe Ratio Rank: 83
FPXTX Sortino Ratio Rank: 87
FPXTX Omega Ratio Rank: 91
FPXTX Calmar Ratio Rank: 43
FPXTX Martin Ratio Rank: 39

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. FPXTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters ETF (ALAI) and Fidelity Pennsylvania Municipal Income Fund (FPXTX). 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	FPXTX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.69	-0.13
Sortino ratio: Return per unit of downside risk	3.17	4.19	-1.02
Omega ratio: Gain probability vs. loss probability	1.41	1.68	-0.27
Calmar ratio: Return relative to maximum drawdown	3.16	2.46	+0.71
Martin ratio: Return relative to average drawdown	10.14	8.33	+1.82
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. FPXTX - Sharpe Ratio Comparison

The current ALAI Sharpe Ratio is 2.56, which is comparable to the FPXTX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of ALAI and FPXTX, 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	FPXTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.69	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.69	1.12	+0.57

Drawdowns

ALAI vs. FPXTX - Drawdown Comparison

The maximum ALAI drawdown since its inception was -29.36%, which is greater than FPXTX's maximum drawdown of -25.49%. Use the drawdown chart below to compare losses from any high point for ALAI and FPXTX.

Drawdown Indicators

	ALAI	FPXTX	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-25.49%	-3.87%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-2.80%	-16.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.70%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.12%	—
Current Drawdown Current decline from peak	-2.44%	-0.56%	-1.88%
Average Drawdown Average peak-to-trough decline	-5.13%	-2.41%	-2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.06%	0.83%	+5.23%

Volatility

ALAI vs. FPXTX - Volatility Comparison

Alger AI Enablers & Adopters ETF (ALAI) has a higher volatility of 7.11% compared to Fidelity Pennsylvania Municipal Income Fund (FPXTX) at 1.01%. This indicates that ALAI's price experiences larger fluctuations and is considered to be riskier than FPXTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAI	FPXTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.11%	1.01%	+6.10%
Volatility (6M) Calculated over the trailing 6-month period	18.60%	1.97%	+16.63%
Volatility (1Y) Calculated over the trailing 1-year period	24.06%	2.56%	+21.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.39%	3.73%	+24.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.39%	3.83%	+24.56%

ALAI vs. FPXTX - Expense Ratio Comparison

ALAI has a 0.55% expense ratio, which is higher than FPXTX's 0.48% expense ratio.

Dividends

ALAI vs. FPXTX - Dividend Comparison

ALAI's dividend yield for the trailing twelve months is around 1.19%, less than FPXTX's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALAI Alger AI Enablers & Adopters ETF	1.19%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FPXTX Fidelity Pennsylvania Municipal Income Fund	2.94%	3.60%	3.11%	2.64%	1.87%	2.09%	2.28%	3.19%	3.20%	3.09%	3.78%	3.29%

Frequently Asked Questions

Can I hold both ALAI and FPXTX in my portfolio?

ALAI and FPXTX have a correlation of 0.10, 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 FPXTX?

ALAI has higher volatility (7.11%) compared to FPXTX (1.01%). In terms of maximum drawdown, ALAI dropped -29.36% vs FPXTX's -25.49%.

Which has better risk-adjusted returns?

FPXTX currently has the higher Sharpe Ratio (2.69 vs 2.56), 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.