ALARX vs. BMAY
Compare and contrast key facts about Alger Capital Appreciation Institutional Fund (ALARX) and Innovator U.S. Equity Buffer ETF - May (BMAY).
ALARX is managed by Alger. It was launched on Nov 8, 1993. BMAY is a passively managed fund by Innovator that tracks the performance of the S&P 500 Price Return Index. It was launched on Apr 30, 2020.
Performance
ALARX vs. BMAY - Performance Comparison
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ALARX vs. BMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ALARX Alger Capital Appreciation Institutional Fund | -10.15% | 31.75% | 49.44% | 42.82% | -36.88% | 18.38% | 43.41% |
BMAY Innovator U.S. Equity Buffer ETF - May | 0.56% | 11.16% | 19.06% | 16.73% | -12.54% | 11.76% | 17.82% |
Returns By Period
In the year-to-date period, ALARX achieves a -10.15% return, which is significantly lower than BMAY's 0.56% return.
ALARX
- 1D
- 4.97%
- 1M
- -4.89%
- YTD
- -10.15%
- 6M
- -11.34%
- 1Y
- 32.72%
- 3Y*
- 30.55%
- 5Y*
- 12.82%
- 10Y*
- 16.80%
BMAY
- 1D
- 0.44%
- 1M
- -0.52%
- YTD
- 0.56%
- 6M
- 2.66%
- 1Y
- 13.28%
- 3Y*
- 14.24%
- 5Y*
- 8.25%
- 10Y*
- —
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ALARX vs. BMAY - Expense Ratio Comparison
ALARX has a 1.12% expense ratio, which is higher than BMAY's 0.79% expense ratio.
Return for Risk
ALARX vs. BMAY — Risk / Return Rank
ALARX
BMAY
ALARX vs. BMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Institutional Fund (ALARX) and Innovator U.S. Equity Buffer ETF - May (BMAY). 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 | BMAY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.25 | 1.07 | +0.17 |
Sortino ratioReturn per unit of downside risk | 1.85 | 1.62 | +0.23 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.33 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.37 | +0.45 |
Martin ratioReturn relative to average drawdown | 6.03 | 8.16 | -2.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ALARX | BMAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.07 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.73 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.93 | -0.47 |
Correlation
The correlation between ALARX and BMAY is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
ALARX vs. BMAY - Dividend Comparison
ALARX's dividend yield for the trailing twelve months is around 7.77%, while BMAY has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALARX Alger Capital Appreciation Institutional Fund | 7.77% | 6.99% | 13.06% | 8.09% | 3.90% | 19.40% | 16.62% | 10.34% | 12.39% | 6.75% | 0.00% | 7.71% |
BMAY Innovator U.S. Equity Buffer ETF - May | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
ALARX vs. BMAY - Drawdown Comparison
The maximum ALARX drawdown since its inception was -68.32%, which is greater than BMAY's maximum drawdown of -17.66%. Use the drawdown chart below to compare losses from any high point for ALARX and BMAY.
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Drawdown Indicators
| ALARX | BMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.32% | -17.66% | -50.66% |
Max Drawdown (1Y)Largest decline over 1 year | -18.65% | -9.94% | -8.71% |
Max Drawdown (5Y)Largest decline over 5 years | -46.86% | -17.66% | -29.20% |
Max Drawdown (10Y)Largest decline over 10 years | -46.86% | — | — |
Current DrawdownCurrent decline from peak | -14.61% | -0.77% | -13.84% |
Average DrawdownAverage peak-to-trough decline | -21.07% | -3.17% | -17.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.61% | 1.67% | +3.94% |
Volatility
ALARX vs. BMAY - Volatility Comparison
Alger Capital Appreciation Institutional Fund (ALARX) has a higher volatility of 9.23% compared to Innovator U.S. Equity Buffer ETF - May (BMAY) at 3.10%. This indicates that ALARX's price experiences larger fluctuations and is considered to be riskier than BMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALARX | BMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.23% | 3.10% | +6.13% |
Volatility (6M)Calculated over the trailing 6-month period | 17.21% | 4.10% | +13.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.96% | 12.46% | +15.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.79% | 11.31% | +16.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.70% | 11.11% | +13.59% |