ALMAX vs. ACAYX

Last updated Jun 24, 2026

ALMAX (Alger Weatherbie Specialized Growth Fund) and ACAYX (Alger Capital Appreciation Institutional Fund Class Y) are both mutual funds - ALMAX is a Small Cap Growth Equities fund managed by Alger, while ACAYX is a Large Cap Growth Equities fund managed by Alger. Over the past 5 years, ALMAX returned -3.66%/yr vs 20.34%/yr for ACAYX. A 0.75 correlation means they provide meaningful diversification when combined. ALMAX charges 1.20%/yr vs 0.83%/yr for ACAYX.

Performance

ALMAX vs. ACAYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Weatherbie Specialized Growth Fund (ALMAX) and Alger Capital Appreciation Institutional Fund Class Y (ACAYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALMAX achieves a 9.54% return, which is significantly lower than ACAYX's 15.32% return.

ALMAX

• 1D: 0.07%
• 1M: 6.56%
• YTD: 9.54%
• 6M: 6.19%
• 1Y: 17.37%
• 3Y*: 9.72%
• 5Y*: -3.66%
• 10Y*: 9.64%

ACAYX

• 1D: -1.71%
• 1M: 3.60%
• YTD: 15.32%
• 6M: 13.31%
• 1Y: 40.93%
• 3Y*: 43.08%
• 5Y*: 20.34%
• 10Y*: —

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

ALMAX vs. ACAYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALMAX Alger Weatherbie Specialized Growth Fund	9.54%	0.50%	13.78%	11.22%	-38.11%	5.83%	56.85%	39.17%	-4.10%	12.89%
ACAYX Alger Capital Appreciation Institutional Fund Class Y	15.32%	32.26%	70.32%	43.39%	-36.58%	18.80%	42.01%	33.67%	-0.38%	18.92%

Correlation

The correlation between ALMAX and ACAYX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 1, 2017	0.75

The correlation between ALMAX and ACAYX shifts across timeframes, from 0.60 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ALMAX vs. ACAYX — Risk / Return Rank

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

ALMAX

ALMAX Risk / Return Rank: 11
ALMAX Sharpe Ratio Rank: 11
ALMAX Sortino Ratio Rank: 13
ALMAX Omega Ratio Rank: 11
ALMAX Calmar Ratio Rank: 10
ALMAX Martin Ratio Rank: 10

ACAYX

ACAYX Risk / Return Rank: 41
ACAYX Sharpe Ratio Rank: 47
ACAYX Sortino Ratio Rank: 40
ACAYX Omega Ratio Rank: 40
ACAYX Calmar Ratio Rank: 40
ACAYX Martin Ratio Rank: 36

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. ACAYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Weatherbie Specialized Growth Fund (ALMAX) and Alger Capital Appreciation Institutional Fund Class Y (ACAYX). 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.

	ALMAX	ACAYX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.88	-1.04
Sortino ratio: Return per unit of downside risk	1.35	2.46	-1.11
Omega ratio: Gain probability vs. loss probability	1.15	1.31	-0.16
Calmar ratio: Return relative to maximum drawdown	0.90	2.30	-1.40
Martin ratio: Return relative to average drawdown	2.75	7.51	-4.76

ALMAX vs. ACAYX - Sharpe Ratio Comparison

The current ALMAX Sharpe Ratio is 0.84, which is lower than the ACAYX Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of ALMAX and ACAYX, 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

ALMAX vs. ACAYX - Drawdown Comparison

The maximum ALMAX drawdown since its inception was -60.51%, which is greater than ACAYX's maximum drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for ALMAX and ACAYX.

Drawdown Indicators

	ALMAX	ACAYX	Difference
Max Drawdown Largest peak-to-trough decline	-60.51%	-46.37%	-14.14%
Max Drawdown (1Y) Largest decline over 1 year	-20.91%	-18.50%	-2.41%
Max Drawdown (3Y) Largest decline over 3 years	-29.61%	-27.75%	-1.86%
Max Drawdown (5Y) Largest decline over 5 years	-53.89%	-46.37%	-7.52%
Max Drawdown (10Y) Largest decline over 10 years	-53.89%	—	—
Current Drawdown Current decline from peak	-28.88%	-1.84%	-27.04%
Average Drawdown Average peak-to-trough decline	-17.36%	-10.69%	-6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.84%	5.67%	+1.17%

Volatility

ALMAX vs. ACAYX - Volatility Comparison

The current volatility for Alger Weatherbie Specialized Growth Fund (ALMAX) is 6.99%, while Alger Capital Appreciation Institutional Fund Class Y (ACAYX) has a volatility of 9.31%. This indicates that ALMAX experiences smaller price fluctuations and is considered to be less risky than ACAYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALMAX	ACAYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	9.31%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	17.85%	17.69%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	22.43%	22.75%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.28%	28.50%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.31%	25.90%	+1.41%

ALMAX vs. ACAYX - Expense Ratio Comparison

ALMAX has a 1.20% expense ratio, which is higher than ACAYX's 0.83% expense ratio.

Dividends

ALMAX vs. ACAYX - Dividend Comparison

ALMAX has not paid dividends to shareholders, while ACAYX's dividend yield for the trailing twelve months is around 5.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACAYX Alger Capital Appreciation Institutional Fund Class Y	5.76%	6.64%	24.81%	7.76%	3.77%	18.85%	16.28%	10.19%	12.28%	6.73%	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 ACAYX in my portfolio?

ALMAX and ACAYX have a correlation of 0.60, 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 ACAYX?

ACAYX has higher volatility (9.31%) compared to ALMAX (6.99%). In terms of maximum drawdown, ALMAX dropped -60.51% vs ACAYX's -46.37%.

Which has better risk-adjusted returns?

ACAYX currently has the higher Sharpe Ratio (1.88 vs 0.84), 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.