ALARX vs. SHSAX

Last updated Jun 23, 2026

ALARX (Alger Capital Appreciation Institutional Fund) and SHSAX (BlackRock Health Sciences Opportunities Portfolio) are both mutual funds - ALARX is a Large Cap Growth Equities fund managed by Alger, while SHSAX is a Health & Biotech Equities fund managed by BlackRock. Over the past 10 years, ALARX returned 20.01%/yr vs 9.67%/yr for SHSAX. A 0.70 correlation means they provide meaningful diversification when combined. ALARX charges 1.12%/yr vs 1.09%/yr for SHSAX.

Performance

ALARX vs. SHSAX - Performance Comparison

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

Returns By Period

In the year-to-date period, ALARX achieves a 17.11% return, which is significantly higher than SHSAX's -2.94% return. Over the past 10 years, ALARX has outperformed SHSAX with an annualized return of 20.01%, while SHSAX has yielded a comparatively lower 9.67% annualized return.

ALARX

• 1D: 2.18%
• 1M: 5.37%
• YTD: 17.11%
• 6M: 15.77%
• 1Y: 44.34%
• 3Y*: 37.10%
• 5Y*: 17.78%
• 10Y*: 20.01%

SHSAX

• 1D: -0.65%
• 1M: 0.38%
• YTD: -2.94%
• 6M: -3.69%
• 1Y: 16.32%
• 3Y*: 6.12%
• 5Y*: 3.78%
• 10Y*: 9.67%

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

ALARX vs. SHSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALARX Alger Capital Appreciation Institutional Fund	17.11%	31.75%	49.44%	42.82%	-36.88%	18.38%	41.50%	33.13%	-0.82%	31.11%
SHSAX BlackRock Health Sciences Opportunities Portfolio	-2.94%	15.85%	3.73%	3.59%	-5.94%	11.88%	19.44%	25.27%	7.93%	24.74%

Correlation

The correlation between ALARX and SHSAX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000	0.70

Over the past year, the correlation between ALARX and SHSAX has dropped to 0.18 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

ALARX vs. SHSAX — Risk / Return Rank

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

ALARX

ALARX Risk / Return Rank: 42
ALARX Sharpe Ratio Rank: 49
ALARX Sortino Ratio Rank: 42
ALARX Omega Ratio Rank: 41
ALARX Calmar Ratio Rank: 41
ALARX Martin Ratio Rank: 36

SHSAX

SHSAX Risk / Return Rank: 18
SHSAX Sharpe Ratio Rank: 18
SHSAX Sortino Ratio Rank: 20
SHSAX Omega Ratio Rank: 17
SHSAX Calmar Ratio Rank: 22
SHSAX Martin Ratio Rank: 15

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. SHSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Institutional Fund (ALARX) and BlackRock Health Sciences Opportunities Portfolio (SHSAX). 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.

	ALARX	SHSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.13	+0.78
Sortino ratio: Return per unit of downside risk	2.50	1.76	+0.74
Omega ratio: Gain probability vs. loss probability	1.32	1.20	+0.12
Calmar ratio: Return relative to maximum drawdown	2.32	1.62	+0.70
Martin ratio: Return relative to average drawdown	7.56	3.91	+3.65

ALARX vs. SHSAX - Sharpe Ratio Comparison

The current ALARX Sharpe Ratio is 1.91, which is higher than the SHSAX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ALARX and SHSAX, 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

ALARX vs. SHSAX - Drawdown Comparison

The maximum ALARX drawdown since its inception was -68.32%, which is greater than SHSAX's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for ALARX and SHSAX.

Drawdown Indicators

	ALARX	SHSAX	Difference
Max Drawdown Largest peak-to-trough decline	-68.32%	-35.49%	-32.83%
Max Drawdown (1Y) Largest decline over 1 year	-18.65%	-9.87%	-8.78%
Max Drawdown (3Y) Largest decline over 3 years	-27.77%	-16.08%	-11.69%
Max Drawdown (5Y) Largest decline over 5 years	-46.86%	-17.99%	-28.87%
Max Drawdown (10Y) Largest decline over 10 years	-46.86%	-28.36%	-18.50%
Current Drawdown Current decline from peak	-0.14%	-5.73%	+5.59%
Average Drawdown Average peak-to-trough decline	-20.94%	-6.17%	-14.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	4.08%	+1.64%

Volatility

ALARX vs. SHSAX - Volatility Comparison

Alger Capital Appreciation Institutional Fund (ALARX) has a higher volatility of 9.20% compared to BlackRock Health Sciences Opportunities Portfolio (SHSAX) at 4.95%. This indicates that ALARX's price experiences larger fluctuations and is considered to be riskier than SHSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALARX	SHSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	4.95%	+4.25%
Volatility (6M) Calculated over the trailing 6-month period	17.85%	10.65%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	22.68%	14.14%	+8.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.06%	14.44%	+13.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	16.56%	+8.36%

ALARX vs. SHSAX - Expense Ratio Comparison

ALARX has a 1.12% expense ratio, which is higher than SHSAX's 1.09% expense ratio.

Dividends

ALARX vs. SHSAX - Dividend Comparison

ALARX's dividend yield for the trailing twelve months is around 5.96%, less than SHSAX's 10.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALARX Alger Capital Appreciation Institutional Fund	5.96%	6.99%	13.06%	8.09%	3.90%	19.40%	16.62%	10.34%	12.39%	6.75%	0.00%	7.71%
SHSAX BlackRock Health Sciences Opportunities Portfolio	10.96%	10.63%	9.18%	3.84%	7.44%	9.20%	4.34%	3.89%	8.56%	3.53%	2.43%	12.58%

Frequently Asked Questions

Can I hold both ALARX and SHSAX in my portfolio?

ALARX and SHSAX have a correlation of 0.18, 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 SHSAX?

ALARX has higher volatility (9.20%) compared to SHSAX (4.95%). In terms of maximum drawdown, ALARX dropped -68.32% vs SHSAX's -35.49%.

Which has better risk-adjusted returns?

ALARX currently has the higher Sharpe Ratio (1.91 vs 1.13), 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.