ALMAX vs. AAIZX

Last updated Jun 4, 2026

ALMAX (Alger Weatherbie Specialized Growth Fund) and AAIZX (Alger AI Enablers & Adopters Z) are both mutual funds - ALMAX is a Small Cap Growth Equities fund managed by Alger, while AAIZX is a Technology Equities fund actively managed by Alger. Over the past year, ALMAX returned 12.92% vs 65.77% for AAIZX. A 0.63 correlation means they provide meaningful diversification when combined. ALMAX charges 1.20%/yr vs 0.55%/yr for AAIZX.

Performance

ALMAX vs. AAIZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Weatherbie Specialized Growth Fund (ALMAX) and Alger AI Enablers & Adopters Z (AAIZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALMAX achieves a 4.73% return, which is significantly lower than AAIZX's 28.04% return.

ALMAX

• 1D: 0.69%
• 1M: 5.95%
• YTD: 4.73%
• 6M: 3.25%
• 1Y: 12.92%
• 3Y*: 7.88%
• 5Y*: -3.52%
• 10Y*: 8.75%

AAIZX

• 1D: 0.14%
• 1M: 13.74%
• YTD: 28.04%
• 6M: 27.96%
• 1Y: 65.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ALMAX vs. AAIZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ALMAX Alger Weatherbie Specialized Growth Fund	4.73%	0.50%	11.23%
AAIZX Alger AI Enablers & Adopters Z	28.04%	41.00%	33.76%

Correlation

The correlation between ALMAX and AAIZX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.63

The correlation between ALMAX and AAIZX has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

ALMAX vs. AAIZX — Risk / Return Rank

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

ALMAX

ALMAX Risk / Return Rank: 8
ALMAX Sharpe Ratio Rank: 8
ALMAX Sortino Ratio Rank: 9
ALMAX Omega Ratio Rank: 8
ALMAX Calmar Ratio Rank: 7
ALMAX Martin Ratio Rank: 7

AAIZX

AAIZX Risk / Return Rank: 76
AAIZX Sharpe Ratio Rank: 91
AAIZX Sortino Ratio Rank: 76
AAIZX Omega Ratio Rank: 72
AAIZX Calmar Ratio Rank: 84
AAIZX Martin Ratio Rank: 60

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.

ALMAX vs. AAIZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Weatherbie Specialized Growth Fund (ALMAX) and Alger AI Enablers & Adopters Z (AAIZX). 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.

	ALMAX	AAIZX	Difference
Sharpe ratio Return per unit of total volatility	0.68	3.06	-2.39
Sortino ratio Return per unit of downside risk	1.12	3.64	-2.52
Omega ratio Gain probability vs. loss probability	1.13	1.47	-0.35
Calmar ratio Return relative to maximum drawdown	0.70	3.91	-3.21
Martin ratio Return relative to average drawdown	2.14	11.89	-9.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALMAX vs. AAIZX - Sharpe Ratio Comparison

The current ALMAX Sharpe Ratio is 0.68, which is lower than the AAIZX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of ALMAX and AAIZX, 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

	ALMAX	AAIZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	3.06	-2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.87	-1.55

Drawdowns

ALMAX vs. AAIZX - Drawdown Comparison

The maximum ALMAX drawdown since its inception was -60.51%, which is greater than AAIZX's maximum drawdown of -29.00%. Use the drawdown chart below to compare losses from any high point for ALMAX and AAIZX.

Drawdown Indicators

	ALMAX	AAIZX	Difference
Max Drawdown Largest peak-to-trough decline	-60.51%	-29.00%	-31.51%
Max Drawdown (1Y) Largest decline over 1 year	-20.91%	-17.47%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	-29.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-53.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.89%	—	—
Current Drawdown Current decline from peak	-32.00%	0.00%	-32.00%
Average Drawdown Average peak-to-trough decline	-17.33%	-5.00%	-12.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	5.73%	+1.10%

Volatility

ALMAX vs. AAIZX - Volatility Comparison

Alger Weatherbie Specialized Growth Fund (ALMAX) has a higher volatility of 7.66% compared to Alger AI Enablers & Adopters Z (AAIZX) at 5.22%. This indicates that ALMAX's price experiences larger fluctuations and is considered to be riskier than AAIZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALMAX	AAIZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	5.22%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	16.75%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	21.71%	22.33%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.17%	27.44%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.26%	27.44%	-0.18%

ALMAX vs. AAIZX - Expense Ratio Comparison

ALMAX has a 1.20% expense ratio, which is higher than AAIZX's 0.55% expense ratio.

Dividends

ALMAX vs. AAIZX - Dividend Comparison

ALMAX has not paid dividends to shareholders, while AAIZX's dividend yield for the trailing twelve months is around 4.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAIZX Alger AI Enablers & Adopters Z	4.93%	6.31%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ALMAX Alger Weatherbie Specialized Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	24.48%	4.64%	4.00%	9.86%	0.00%	12.44%	55.85%

Frequently Asked Questions

Can I hold both ALMAX and AAIZX in my portfolio?

ALMAX and AAIZX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALMAX or AAIZX?

ALMAX has higher volatility (7.66%) compared to AAIZX (5.22%). In terms of maximum drawdown, ALMAX dropped -60.51% vs AAIZX's -29.00%.

Which has better risk-adjusted returns?

AAIZX currently has the higher Sharpe Ratio (3.06 vs 0.68), 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.