ALAI vs. INVN

Last updated Jun 24, 2026

ALAI (Alger AI Enablers & Adopters ETF) and INVN (Alger Russell Innovation ETF) are both exchange-traded funds - ALAI is a Technology Equities fund actively managed by Alger, while INVN is a Mid Cap Blend Equities fund tracking the Alger Russell Innovation Index. ALAI is actively managed, while INVN is passively managed. Over the past year, ALAI returned 55.24% vs 11.07% for INVN. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.

Performance

ALAI vs. INVN - Performance Comparison

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

Returns By Period

In the year-to-date period, ALAI achieves a 23.84% return, which is significantly higher than INVN's -4.42% return.

ALAI

• 1D: -3.08%
• 1M: 2.64%
• YTD: 23.84%
• 6M: 21.16%
• 1Y: 55.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INVN

• 1D: 0.51%
• 1M: -0.92%
• YTD: -4.42%
• 6M: -5.37%
• 1Y: 11.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ALAI vs. INVN - Yearly Performance Comparison

	2026 (YTD)	2025
ALAI Alger AI Enablers & Adopters ETF	23.84%	32.96%
INVN Alger Russell Innovation ETF	-4.42%	6.56%

Correlation

The correlation between ALAI and INVN is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.48

Return for Risk

ALAI vs. INVN — Risk / Return Rank

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

ALAI

ALAI Risk / Return Rank: 62
ALAI Sharpe Ratio Rank: 70
ALAI Sortino Ratio Rank: 62
ALAI Omega Ratio Rank: 61
ALAI Calmar Ratio Rank: 61
ALAI Martin Ratio Rank: 55

INVN

INVN Risk / Return Rank: 16
INVN Sharpe Ratio Rank: 17
INVN Sortino Ratio Rank: 17
INVN Omega Ratio Rank: 16
INVN Calmar Ratio Rank: 15
INVN Martin Ratio Rank: 16

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. INVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger AI Enablers & Adopters ETF (ALAI) and Alger Russell Innovation ETF (INVN). 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	INVN	Difference
Sharpe ratio: Return per unit of total volatility	2.14	0.51	+1.62
Sortino ratio: Return per unit of downside risk	2.73	0.86	+1.87
Omega ratio: Gain probability vs. loss probability	1.35	1.10	+0.25
Calmar ratio: Return relative to maximum drawdown	2.85	0.55	+2.30
Martin ratio: Return relative to average drawdown	8.95	1.39	+7.56

ALAI vs. INVN - Sharpe Ratio Comparison

The current ALAI Sharpe Ratio is 2.14, which is higher than the INVN Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of ALAI and INVN, 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. INVN - Drawdown Comparison

The maximum ALAI drawdown since its inception was -29.36%, which is greater than INVN's maximum drawdown of -26.01%. Use the drawdown chart below to compare losses from any high point for ALAI and INVN.

Drawdown Indicators

	ALAI	INVN	Difference
Max Drawdown Largest peak-to-trough decline	-29.36%	-26.01%	-3.35%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-20.39%	+0.91%
Current Drawdown Current decline from peak	-4.34%	-9.82%	+5.48%
Average Drawdown Average peak-to-trough decline	-5.12%	-7.68%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.19%	7.98%	-1.79%

Volatility

ALAI vs. INVN - Volatility Comparison

Alger AI Enablers & Adopters ETF (ALAI) has a higher volatility of 11.00% compared to Alger Russell Innovation ETF (INVN) at 9.06%. This indicates that ALAI's price experiences larger fluctuations and is considered to be riskier than INVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAI	INVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.00%	9.06%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	20.54%	17.99%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	25.98%	21.67%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.89%	23.77%	+5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.89%	23.77%	+5.12%

ALAI vs. INVN - Expense Ratio Comparison

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

Dividends

ALAI vs. INVN - Dividend Comparison

ALAI's dividend yield for the trailing twelve months is around 1.21%, more than INVN's 0.30% yield.

Position	TTM	2025	2024
ALAI Alger AI Enablers & Adopters ETF	1.21%	1.50%	0.66%
INVN Alger Russell Innovation ETF	0.30%	0.29%	0.00%

Frequently Asked Questions

Can I hold both ALAI and INVN in my portfolio?

ALAI and INVN have a correlation of 0.39, 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 INVN?

ALAI has higher volatility (11.00%) compared to INVN (9.06%). In terms of maximum drawdown, ALAI dropped -29.36% vs INVN's -26.01%.

Which ETF is better, ALAI or INVN?

On 1-year performance, ALAI leads with 55.24% vs 11.07% for INVN. Both ETFs have the same 0.55% expense ratio. On volatility, INVN has been the lower-risk option at 9.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALAI or INVN?

Over the 1-year period, ALAI has performed better with a 55.24% return vs 11.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALAI or INVN?

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

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

ALAI has the higher dividend yield at 1.21%, compared with 0.30% for INVN.

What is the main difference between ALAI and INVN?

ALAI is categorized as Technology Equities, while INVN is Mid Cap Blend Equities.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (2.14 vs 0.51), 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.