ALMAX vs. ALGRX

Last updated Aug 1, 2026

ALMAX (Alger Weatherbie Specialized Growth Fund) and ALGRX (Alger Focus Equity Fund Class I) are both mutual funds - ALMAX is a Small Cap Growth Equities fund managed by Alger, while ALGRX is a Large Cap Growth Equities fund managed by Alger. Over the past 10 years, ALMAX returned 8.04%/yr vs 20.55%/yr for ALGRX. Their correlation of 0.84 means they have usually moved in the same direction. ALMAX charges 1.20%/yr vs 0.95%/yr for ALGRX.

Performance

ALMAX vs. ALGRX - Performance Comparison

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

Returns By Period

In the year-to-date period, ALMAX achieves a 2.51% return, which is significantly lower than ALGRX's 8.75% return. Over the past 10 years, ALMAX has underperformed ALGRX with an annualized return of 8.04%, while ALGRX has yielded a comparatively higher 20.55% annualized return.

ALMAX

• 1D: 3.03%
• 1M: -6.91%
• 6M: 0.70%
• YTD: 2.51%
• 1Y: 8.59%
• 3Y*: 5.21%
• 5Y*: -4.71%
• 10Y*: 8.04%
• ALL TIME*: 7.81%

ALGRX

• 1D: 4.69%
• 1M: -3.70%
• 6M: 10.37%
• YTD: 8.75%
• 1Y: 25.68%
• 3Y*: 34.90%
• 5Y*: 17.20%
• 10Y*: 20.55%
• ALL TIME*: 10.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ALGRX Alger Focus Equity Fund Class I	$0.00	$0.00	$0.00
ALMAX Alger Weatherbie Specialized Growth Fund	$0.00	$0.00	$0.00

ALMAX vs. ALGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALMAX Alger Weatherbie Specialized Growth Fund	2.51%	0.50%	13.78%	11.22%	-38.11%	5.83%	56.85%	39.17%	-4.10%	21.83%
ALGRX Alger Focus Equity Fund Class I	8.75%	39.68%	51.77%	44.20%	-35.94%	20.06%	45.82%	33.93%	1.39%	28.68%

Correlation

The correlation between ALMAX and ALGRX is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (10Y) Provides a long-term view across more market conditions.	0.76
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.84

Over the past year, the correlation between ALMAX and ALGRX has dropped to 0.63 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

ALMAX vs. ALGRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 8
ALMAX Martin Ratio Rank: 8

ALGRX

ALGRX Risk / Return Rank: 32
ALGRX Sharpe Ratio Rank: 32
ALGRX Sortino Ratio Rank: 33
ALGRX Omega Ratio Rank: 30
ALGRX Calmar Ratio Rank: 33
ALGRX Martin Ratio Rank: 31

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ALMAX vs. ALGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Weatherbie Specialized Growth Fund (ALMAX) and Alger Focus Equity Fund Class I (ALGRX). 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	ALGRX	Difference
Sharpe ratio: Return per unit of total volatility	0.24	1.01	-0.77
Sortino ratio: Return per unit of downside risk	0.52	1.50	-0.97
Omega ratio: Gain probability vs. loss probability	1.06	1.18	-0.12
Calmar ratio: Return relative to maximum drawdown	0.27	1.38	-1.12
Martin ratio: Return relative to average drawdown	0.77	4.33	-3.56

ALMAX vs. ALGRX - Sharpe Ratio Comparison

The current ALMAX Sharpe Ratio is 0.24, which is lower than the ALGRX Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of ALMAX and ALGRX, 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. ALGRX - Drawdown Comparison

The maximum ALMAX drawdown since its inception was -60.51%, roughly equal to the maximum ALGRX drawdown of -62.64%. Use the drawdown chart below to compare losses from any high point for ALMAX and ALGRX.

Drawdown Indicators

	ALMAX	ALGRX	Difference
Max Drawdown Largest peak-to-trough decline	-60.51%	-62.64%	+2.13%
Max Drawdown (1Y) Largest decline over 1 year	-20.91%	-17.55%	-3.36%
Max Drawdown (3Y) Largest decline over 3 years	-29.61%	-26.96%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-53.89%	-43.57%	-10.32%
Max Drawdown (10Y) Largest decline over 10 years	-53.89%	-43.57%	-10.32%
Current Drawdown Current decline from peak	-33.44%	-7.99%	-25.45%
Average Drawdown Average peak-to-trough decline	-17.42%	-18.73%	+1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	5.59%	+1.66%

Volatility

ALMAX vs. ALGRX - Volatility Comparison

The current volatility for Alger Weatherbie Specialized Growth Fund (ALMAX) is 7.21%, while Alger Focus Equity Fund Class I (ALGRX) has a volatility of 8.31%. This indicates that ALMAX experiences smaller price fluctuations and is considered to be less risky than ALGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALMAX	ALGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.21%	8.31%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	18.99%	19.09%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	24.15%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.43%	26.69%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	24.23%	+3.10%

ALMAX vs. ALGRX - Expense Ratio Comparison

ALMAX has a 1.20% expense ratio, which is higher than ALGRX's 0.95% expense ratio.

Dividends

ALMAX vs. ALGRX - Dividend Comparison

ALMAX has not paid dividends to shareholders, while ALGRX's dividend yield for the trailing twelve months is around 7.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALGRX Alger Focus Equity Fund Class I	7.21%	7.84%	0.00%	0.10%	0.06%	13.98%	6.25%	2.08%	5.38%	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 ALGRX in my portfolio?

ALMAX and ALGRX have a correlation of 0.63, 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 ALGRX?

ALGRX has higher volatility (8.31%) compared to ALMAX (7.21%). In terms of maximum drawdown, ALMAX dropped -60.51% vs ALGRX's -62.64%.

Which has better risk-adjusted returns?

ALGRX currently has the higher Sharpe Ratio (1.01 vs 0.24), 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.