ALARX vs. AASOX

Last updated Jun 4, 2026

ALARX (Alger Capital Appreciation Institutional Fund) and AASOX (Alger Small Cap Growth Portfolio) are both mutual funds - ALARX is a Large Cap Growth Equities fund managed by Alger, while AASOX is a Small Cap Growth Equities fund managed by Alger. Over the past 10 years, ALARX returned 19.80%/yr vs 8.71%/yr for AASOX. Their correlation of 0.86 suggests significant overlap in exposure. ALARX charges 1.12%/yr vs 0.95%/yr for AASOX.

Performance

ALARX vs. AASOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Institutional Fund (ALARX) and Alger Small Cap Growth Portfolio (AASOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALARX achieves a 16.87% return, which is significantly higher than AASOX's 9.87% return. Over the past 10 years, ALARX has outperformed AASOX with an annualized return of 19.80%, while AASOX has yielded a comparatively lower 8.71% annualized return.

ALARX

• 1D: -0.35%
• 1M: 9.73%
• YTD: 16.87%
• 6M: 16.37%
• 1Y: 45.38%
• 3Y*: 38.23%
• 5Y*: 18.60%
• 10Y*: 19.80%

AASOX

• 1D: 0.34%
• 1M: 5.84%
• YTD: 9.87%
• 6M: 7.42%
• 1Y: 27.83%
• 3Y*: 11.01%
• 5Y*: -2.53%
• 10Y*: 8.71%

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

ALARX vs. AASOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALARX Alger Capital Appreciation Institutional Fund	16.87%	31.75%	49.44%	42.82%	-36.88%	18.38%	41.50%	33.13%	-0.82%	31.11%
AASOX Alger Small Cap Growth Portfolio	9.87%	5.89%	8.12%	16.49%	-38.39%	-5.07%	67.18%	29.36%	1.47%	28.73%

Correlation

The correlation between ALARX and AASOX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 4, 1994	0.86

The correlation between ALARX and AASOX shifts across timeframes, from 0.70 (3 years) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ALARX vs. AASOX — Risk / Return Rank

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

ALARX

ALARX Risk / Return Rank: 46
ALARX Sharpe Ratio Rank: 57
ALARX Sortino Ratio Rank: 46
ALARX Omega Ratio Rank: 44
ALARX Calmar Ratio Rank: 44
ALARX Martin Ratio Rank: 38

AASOX

AASOX Risk / Return Rank: 21
AASOX Sharpe Ratio Rank: 22
AASOX Sortino Ratio Rank: 22
AASOX Omega Ratio Rank: 19
AASOX Calmar Ratio Rank: 20
AASOX Martin Ratio Rank: 21

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.

ALARX vs. AASOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Institutional Fund (ALARX) and Alger Small Cap Growth Portfolio (AASOX). 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.

	ALARX	AASOX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.34	+0.87
Sortino ratio: Return per unit of downside risk	2.83	1.93	+0.90
Omega ratio: Gain probability vs. loss probability	1.36	1.23	+0.13
Calmar ratio: Return relative to maximum drawdown	2.52	1.63	+0.89
Martin ratio: Return relative to average drawdown	8.34	5.40	+2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALARX vs. AASOX - Sharpe Ratio Comparison

The current ALARX Sharpe Ratio is 2.21, which is higher than the AASOX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of ALARX and AASOX, 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

	ALARX	AASOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	1.34	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	-0.06	+0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.26	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.23	+0.28

Drawdowns

ALARX vs. AASOX - Drawdown Comparison

The maximum ALARX drawdown since its inception was -68.32%, smaller than the maximum AASOX drawdown of -74.54%. Use the drawdown chart below to compare losses from any high point for ALARX and AASOX.

Drawdown Indicators

	ALARX	AASOX	Difference
Max Drawdown Largest peak-to-trough decline	-68.32%	-74.54%	+6.22%
Max Drawdown (1Y) Largest decline over 1 year	-18.65%	-18.34%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-27.77%	-32.82%	+5.05%
Max Drawdown (5Y) Largest decline over 5 years	-46.86%	-60.50%	+13.64%
Max Drawdown (10Y) Largest decline over 10 years	-46.86%	-60.50%	+13.64%
Current Drawdown Current decline from peak	-0.35%	-37.53%	+37.18%
Average Drawdown Average peak-to-trough decline	-20.97%	-29.84%	+8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	5.51%	+0.11%

Volatility

ALARX vs. AASOX - Volatility Comparison

The current volatility for Alger Capital Appreciation Institutional Fund (ALARX) is 5.09%, while Alger Small Cap Growth Portfolio (AASOX) has a volatility of 7.30%. This indicates that ALARX experiences smaller price fluctuations and is considered to be less risky than AASOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALARX	AASOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	7.30%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	17.40%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	22.25%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.83%	40.35%	-12.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.79%	33.44%	-8.65%

ALARX vs. AASOX - Expense Ratio Comparison

ALARX has a 1.12% expense ratio, which is higher than AASOX's 0.95% expense ratio.

Dividends

ALARX vs. AASOX - Dividend Comparison

ALARX's dividend yield for the trailing twelve months is around 5.98%, more than AASOX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AASOX Alger Small Cap Growth Portfolio	1.07%	1.17%	0.38%	0.00%	22.43%	49.73%	6.88%	5.59%	4.58%	0.00%	0.00%	0.00%
ALARX Alger Capital Appreciation Institutional Fund	5.98%	6.99%	13.06%	8.09%	3.90%	19.40%	16.62%	10.34%	12.39%	6.75%	0.00%	7.71%

Frequently Asked Questions

Can I hold both ALARX and AASOX in my portfolio?

ALARX and AASOX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALARX or AASOX?

AASOX has higher volatility (7.30%) compared to ALARX (5.09%). In terms of maximum drawdown, ALARX dropped -68.32% vs AASOX's -74.54%.

Which has better risk-adjusted returns?

ALARX currently has the higher Sharpe Ratio (2.21 vs 1.34), 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.