ALARX vs. SPEGX

Last updated Jun 4, 2026

ALARX (Alger Capital Appreciation Institutional Fund) and SPEGX (Alger Responsible Investing Fund) are both Large Cap Growth Equities funds from Alger. Over the past 10 years, ALARX returned 19.80%/yr vs 15.42%/yr for SPEGX. With a 0.97 correlation, they move nearly in lockstep. ALARX charges 1.12%/yr vs 1.27%/yr for SPEGX.

Performance

ALARX vs. SPEGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Institutional Fund (ALARX) and Alger Responsible Investing Fund (SPEGX). 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 SPEGX's 13.13% return. Over the past 10 years, ALARX has outperformed SPEGX with an annualized return of 19.80%, while SPEGX has yielded a comparatively lower 15.42% 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%

SPEGX

• 1D: 0.17%
• 1M: 7.98%
• YTD: 13.13%
• 6M: 13.27%
• 1Y: 35.07%
• 3Y*: 26.70%
• 5Y*: 14.81%
• 10Y*: 15.42%

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

ALARX vs. SPEGX - 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%
SPEGX Alger Responsible Investing Fund	13.13%	22.09%	31.46%	36.73%	-30.82%	24.12%	35.83%	33.90%	-1.63%	10.44%

Correlation

The correlation between ALARX and SPEGX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 8, 2000	0.97

The correlation between ALARX and SPEGX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

ALARX vs. SPEGX — 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

SPEGX

SPEGX Risk / Return Rank: 46
SPEGX Sharpe Ratio Rank: 53
SPEGX Sortino Ratio Rank: 45
SPEGX Omega Ratio Rank: 45
SPEGX Calmar Ratio Rank: 44
SPEGX Martin Ratio Rank: 42

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. SPEGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Institutional Fund (ALARX) and Alger Responsible Investing Fund (SPEGX). 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	SPEGX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.15	+0.06
Sortino ratio: Return per unit of downside risk	2.83	2.83	0.00
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	2.52	2.55	-0.03
Martin ratio: Return relative to average drawdown	8.34	8.96	-0.62
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. SPEGX - Sharpe Ratio Comparison

The current ALARX Sharpe Ratio is 2.21, which is comparable to the SPEGX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ALARX and SPEGX, 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	SPEGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.15	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.68	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.71	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.26	+0.25

Drawdowns

ALARX vs. SPEGX - Drawdown Comparison

The maximum ALARX drawdown since its inception was -68.32%, roughly equal to the maximum SPEGX drawdown of -67.29%. Use the drawdown chart below to compare losses from any high point for ALARX and SPEGX.

Drawdown Indicators

	ALARX	SPEGX	Difference
Max Drawdown Largest peak-to-trough decline	-68.32%	-67.29%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-18.65%	-14.24%	-4.41%
Max Drawdown (3Y) Largest decline over 3 years	-27.77%	-24.92%	-2.85%
Max Drawdown (5Y) Largest decline over 5 years	-46.86%	-36.33%	-10.53%
Max Drawdown (10Y) Largest decline over 10 years	-46.86%	-36.33%	-10.53%
Current Drawdown Current decline from peak	-0.35%	0.00%	-0.35%
Average Drawdown Average peak-to-trough decline	-20.97%	-24.51%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	4.05%	+1.57%

Volatility

ALARX vs. SPEGX - Volatility Comparison

Alger Capital Appreciation Institutional Fund (ALARX) has a higher volatility of 5.09% compared to Alger Responsible Investing Fund (SPEGX) at 4.07%. This indicates that ALARX's price experiences larger fluctuations and is considered to be riskier than SPEGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALARX	SPEGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	4.07%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	13.01%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	16.92%	+4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.83%	21.81%	+6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.79%	21.72%	+3.07%

ALARX vs. SPEGX - Expense Ratio Comparison

ALARX has a 1.12% expense ratio, which is lower than SPEGX's 1.27% expense ratio.

Dividends

ALARX vs. SPEGX - Dividend Comparison

ALARX's dividend yield for the trailing twelve months is around 5.98%, less than SPEGX's 7.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPEGX Alger Responsible Investing Fund	7.56%	8.55%	8.89%	2.92%	0.81%	8.42%	7.23%	7.54%	7.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ALARX and SPEGX in my portfolio?

With a correlation of 0.94, ALARX and SPEGX 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 SPEGX?

ALARX has higher volatility (5.09%) compared to SPEGX (4.07%). In terms of maximum drawdown, ALARX dropped -68.32% vs SPEGX's -67.29%.

Which has better risk-adjusted returns?

ALARX currently has the higher Sharpe Ratio (2.21 vs 2.15), 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.