ALARX vs. ACAZX

Last updated Jun 4, 2026

ALARX (Alger Capital Appreciation Institutional Fund) and ACAZX (Alger Capital Appreciation Fund Class Z) are both Large Cap Growth Equities funds from Alger. Over the past 10 years, ALARX returned 19.80%/yr vs 21.57%/yr for ACAZX. With a 1.00 correlation, they move nearly in lockstep. ALARX charges 1.12%/yr vs 0.85%/yr for ACAZX.

Performance

ALARX vs. ACAZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Institutional Fund (ALARX) and Alger Capital Appreciation Fund Class Z (ACAZX). 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 ACAZX's 15.70% return. Over the past 10 years, ALARX has underperformed ACAZX with an annualized return of 19.80%, while ACAZX has yielded a comparatively higher 21.57% 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%

ACAZX

• 1D: -0.41%
• 1M: 9.21%
• YTD: 15.70%
• 6M: 15.26%
• 1Y: 43.34%
• 3Y*: 43.65%
• 5Y*: 21.52%
• 10Y*: 21.57%

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

ALARX vs. ACAZX - 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%
ACAZX Alger Capital Appreciation Fund Class Z	15.70%	31.33%	69.38%	43.53%	-36.63%	18.48%	42.23%	33.63%	-0.61%	31.78%

Correlation

The correlation between ALARX and ACAZX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 30, 2010	1.00

The correlation between ALARX and ACAZX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

ALARX vs. ACAZX — 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

ACAZX

ACAZX Risk / Return Rank: 42
ACAZX Sharpe Ratio Rank: 53
ACAZX Sortino Ratio Rank: 44
ACAZX Omega Ratio Rank: 43
ACAZX Calmar Ratio Rank: 39
ACAZX Martin Ratio Rank: 34

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. ACAZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Institutional Fund (ALARX) and Alger Capital Appreciation Fund Class Z (ACAZX). 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	ACAZX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.14	+0.07
Sortino ratio: Return per unit of downside risk	2.83	2.76	+0.07
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	2.52	2.37	+0.15
Martin ratio: Return relative to average drawdown	8.34	7.66	+0.68
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. ACAZX - Sharpe Ratio Comparison

The current ALARX Sharpe Ratio is 2.21, which is comparable to the ACAZX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ALARX and ACAZX, 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	ACAZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.14	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.75	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.85	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.78	-0.27

Drawdowns

ALARX vs. ACAZX - Drawdown Comparison

The maximum ALARX drawdown since its inception was -68.32%, which is greater than ACAZX's maximum drawdown of -47.92%. Use the drawdown chart below to compare losses from any high point for ALARX and ACAZX.

Drawdown Indicators

	ALARX	ACAZX	Difference
Max Drawdown Largest peak-to-trough decline	-68.32%	-47.92%	-20.40%
Max Drawdown (1Y) Largest decline over 1 year	-18.65%	-18.97%	+0.32%
Max Drawdown (3Y) Largest decline over 3 years	-27.77%	-27.72%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-46.86%	-47.92%	+1.06%
Max Drawdown (10Y) Largest decline over 10 years	-46.86%	-47.92%	+1.06%
Current Drawdown Current decline from peak	-0.35%	-0.41%	+0.06%
Average Drawdown Average peak-to-trough decline	-20.97%	-8.34%	-12.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	5.85%	-0.23%

Volatility

ALARX vs. ACAZX - Volatility Comparison

Alger Capital Appreciation Institutional Fund (ALARX) and Alger Capital Appreciation Fund Class Z (ACAZX) have volatilities of 5.09% and 4.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALARX	ACAZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	4.96%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	15.79%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	20.98%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.83%	28.98%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.79%	25.44%	-0.65%

ALARX vs. ACAZX - Expense Ratio Comparison

ALARX has a 1.12% expense ratio, which is higher than ACAZX's 0.85% expense ratio.

Dividends

ALARX vs. ACAZX - Dividend Comparison

ALARX's dividend yield for the trailing twelve months is around 5.98%, less than ACAZX's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACAZX Alger Capital Appreciation Fund Class Z	7.63%	8.83%	23.61%	6.65%	4.13%	22.24%	14.91%	7.87%	11.23%	6.60%	0.82%	8.15%
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 ACAZX in my portfolio?

With a correlation of 1.00, ALARX and ACAZX 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, ALARX or ACAZX?

ALARX has higher volatility (5.09%) compared to ACAZX (4.96%). In terms of maximum drawdown, ALARX dropped -68.32% vs ACAZX's -47.92%.

Which has better risk-adjusted returns?

ALARX currently has the higher Sharpe Ratio (2.21 vs 2.14), 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.