ALARX vs. SPY
Compare and contrast key facts about Alger Capital Appreciation Institutional Fund (ALARX) and State Street SPDR S&P 500 ETF (SPY).
ALARX is managed by Alger. It was launched on Nov 8, 1993. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
ALARX vs. SPY - Performance Comparison
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ALARX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALARX Alger Capital Appreciation Institutional Fund | -10.15% | 31.75% | 49.44% | 42.82% | -36.88% | 18.38% | 41.50% | 33.13% | -0.82% | 31.11% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, ALARX achieves a -10.15% return, which is significantly lower than SPY's -3.65% return. Over the past 10 years, ALARX has outperformed SPY with an annualized return of 16.80%, while SPY has yielded a comparatively lower 14.06% annualized 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%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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ALARX vs. SPY - Expense Ratio Comparison
ALARX has a 1.12% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
ALARX vs. SPY — Risk / Return Rank
ALARX
SPY
ALARX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Institutional Fund (ALARX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.25 | 0.96 | +0.29 |
Sortino ratioReturn per unit of downside risk | 1.85 | 1.49 | +0.36 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.53 | +0.28 |
Martin ratioReturn relative to average drawdown | 6.03 | 7.27 | -1.23 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 0.96 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | 0.70 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.79 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.56 | -0.10 |
Correlation
The correlation between ALARX and SPY is 0.86, 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. SPY - Dividend Comparison
ALARX's dividend yield for the trailing twelve months is around 7.77%, more than SPY's 1.13% yield.
| 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% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
ALARX vs. SPY - Drawdown Comparison
The maximum ALARX drawdown since its inception was -68.32%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ALARX and SPY.
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Drawdown Indicators
| ALARX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.32% | -55.19% | -13.13% |
Max Drawdown (1Y)Largest decline over 1 year | -18.65% | -12.05% | -6.60% |
Max Drawdown (5Y)Largest decline over 5 years | -46.86% | -24.50% | -22.36% |
Max Drawdown (10Y)Largest decline over 10 years | -46.86% | -33.72% | -13.14% |
Current DrawdownCurrent decline from peak | -14.61% | -5.53% | -9.08% |
Average DrawdownAverage peak-to-trough decline | -21.07% | -9.09% | -11.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.61% | 2.54% | +3.07% |
Volatility
ALARX vs. SPY - Volatility Comparison
Alger Capital Appreciation Institutional Fund (ALARX) has a higher volatility of 9.23% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that ALARX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALARX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.23% | 5.35% | +3.88% |
Volatility (6M)Calculated over the trailing 6-month period | 17.21% | 9.50% | +7.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.96% | 19.06% | +8.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.79% | 17.06% | +10.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.70% | 17.92% | +6.78% |