ALARX vs. SPEGX
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 18.71%/yr vs 14.46%/yr for SPEGX. Their 0.97 correlation means they have historically moved very closely together. ALARX charges 1.12%/yr vs 1.27%/yr for SPEGX.
Performance
ALARX vs. SPEGX - Performance Comparison
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Returns By Period
In the year-to-date period, ALARX achieves a 9.61% return, which is significantly higher than SPEGX's 6.98% return. Over the past 10 years, ALARX has outperformed SPEGX with an annualized return of 18.71%, while SPEGX has yielded a comparatively lower 14.46% annualized return.
ALARX
- 1D
- 1.02%
- 1M
- -2.31%
- 6M
- 11.30%
- YTD
- 9.61%
- 1Y
- 23.80%
- 3Y*
- 32.37%
- 5Y*
- 14.95%
- 10Y*
- 18.71%
- ALL TIME*
- 12.10%
SPEGX
- 1D
- 1.40%
- 1M
- -1.00%
- 6M
- 7.14%
- YTD
- 6.98%
- 1Y
- 19.83%
- 3Y*
- 21.82%
- 5Y*
- 11.58%
- 10Y*
- 14.46%
- ALL TIME*
- 5.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ALARX vs. SPEGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALARX Alger Capital Appreciation Institutional Fund | 9.61% | 31.75% | 49.44% | 42.82% | -36.88% | 18.38% | 41.50% | 33.13% | -0.82% | 31.11% |
SPEGX Alger Responsible Investing Fund | 6.98% | 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 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2000 | 0.97 |
The correlation between ALARX and SPEGX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
ALARX vs. SPEGX — Risk / Return Rank
ALARX
SPEGX
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.
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 | SPEGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 1.21 | -0.10 |
| Martin ratioReturn relative to average drawdown | 3.43 | 3.78 | -0.35 |
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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.
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Drawdown Indicators
| ALARX | SPEGX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -6.54% | -5.43% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -20.89% | -24.38% | +3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.02% | 4.56% | +1.46% |
Volatility
ALARX vs. SPEGX - Volatility Comparison
Alger Capital Appreciation Institutional Fund (ALARX) has a higher volatility of 7.93% compared to Alger Responsible Investing Fund (SPEGX) at 6.15%. 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.
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Volatility by Period
| ALARX | SPEGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.93% | 6.15% | +1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 19.03% | 15.02% | +4.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.03% | 18.90% | +5.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.30% | 22.14% | +6.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.03% | 21.85% | +3.18% |
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 6.37%, less than SPEGX's 7.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALARX Alger Capital Appreciation Institutional Fund | 6.37% | 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 | 7.99% | 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
With a correlation of 0.95, 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.
ALARX has higher volatility (7.93%) compared to SPEGX (6.15%). In terms of maximum drawdown, ALARX dropped -68.32% vs SPEGX's -67.29%.
SPEGX currently has the higher Sharpe Ratio (0.91 vs 0.86), 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.
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