ALMAX vs. NESGX

Last updated Jun 4, 2026

ALMAX (Alger Weatherbie Specialized Growth Fund) and NESGX (Needham Small Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ALMAX returned 8.75%/yr vs 20.16%/yr for NESGX. Their correlation of 0.82 suggests significant overlap in exposure. ALMAX charges 1.20%/yr vs 1.85%/yr for NESGX.

Performance

ALMAX vs. NESGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Weatherbie Specialized Growth Fund (ALMAX) and Needham Small Cap Growth Fund (NESGX). 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 NESGX's 81.77% return. Over the past 10 years, ALMAX has underperformed NESGX with an annualized return of 8.75%, while NESGX has yielded a comparatively higher 20.16% annualized 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%

NESGX

• 1D: 4.01%
• 1M: 22.89%
• YTD: 81.77%
• 6M: 79.23%
• 1Y: 124.03%
• 3Y*: 33.11%
• 5Y*: 10.36%
• 10Y*: 20.16%

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

ALMAX vs. NESGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALMAX Alger Weatherbie Specialized Growth Fund	4.73%	0.50%	13.78%	11.22%	-38.11%	5.83%	56.85%	39.17%	-4.10%	21.83%
NESGX Needham Small Cap Growth Fund	81.77%	10.50%	12.76%	5.68%	-30.21%	10.59%	71.90%	54.42%	-5.43%	11.96%

Correlation

The correlation between ALMAX and NESGX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.82

The correlation between ALMAX and NESGX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

ALMAX vs. NESGX — 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

NESGX

NESGX Risk / Return Rank: 95
NESGX Sharpe Ratio Rank: 99
NESGX Sortino Ratio Rank: 93
NESGX Omega Ratio Rank: 87
NESGX Calmar Ratio Rank: 98
NESGX Martin Ratio Rank: 98

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. NESGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Weatherbie Specialized Growth Fund (ALMAX) and Needham Small Cap Growth Fund (NESGX). 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	NESGX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	4.36	-3.69
Sortino ratio: Return per unit of downside risk	1.12	4.69	-3.56
Omega ratio: Gain probability vs. loss probability	1.13	1.61	-0.48
Calmar ratio: Return relative to maximum drawdown	0.70	7.69	-6.99
Martin ratio: Return relative to average drawdown	2.14	31.87	-29.73
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. NESGX - Sharpe Ratio Comparison

The current ALMAX Sharpe Ratio is 0.68, which is lower than the NESGX Sharpe Ratio of 4.36. The chart below compares the historical Sharpe Ratios of ALMAX and NESGX, 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	NESGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	4.36	-3.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.36	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.78	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.61	-0.29

Drawdowns

ALMAX vs. NESGX - Drawdown Comparison

The maximum ALMAX drawdown since its inception was -60.51%, which is greater than NESGX's maximum drawdown of -50.29%. Use the drawdown chart below to compare losses from any high point for ALMAX and NESGX.

Drawdown Indicators

	ALMAX	NESGX	Difference
Max Drawdown Largest peak-to-trough decline	-60.51%	-50.29%	-10.22%
Max Drawdown (1Y) Largest decline over 1 year	-20.91%	-17.16%	-3.75%
Max Drawdown (3Y) Largest decline over 3 years	-29.61%	-35.27%	+5.66%
Max Drawdown (5Y) Largest decline over 5 years	-53.89%	-50.05%	-3.84%
Max Drawdown (10Y) Largest decline over 10 years	-53.89%	-50.29%	-3.60%
Current Drawdown Current decline from peak	-32.00%	0.00%	-32.00%
Average Drawdown Average peak-to-trough decline	-17.33%	-11.66%	-5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	4.13%	+2.70%

Volatility

ALMAX vs. NESGX - Volatility Comparison

The current volatility for Alger Weatherbie Specialized Growth Fund (ALMAX) is 7.66%, while Needham Small Cap Growth Fund (NESGX) has a volatility of 8.70%. This indicates that ALMAX experiences smaller price fluctuations and is considered to be less risky than NESGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALMAX	NESGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	8.70%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	17.11%	21.09%	-3.98%
Volatility (1Y) Calculated over the trailing 1-year period	21.71%	30.24%	-8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.17%	29.27%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.26%	25.83%	+1.43%

ALMAX vs. NESGX - Expense Ratio Comparison

ALMAX has a 1.20% expense ratio, which is lower than NESGX's 1.85% expense ratio.

Dividends

ALMAX vs. NESGX - Dividend Comparison

Neither ALMAX nor NESGX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NESGX Needham Small Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	4.16%	25.09%	13.69%	8.43%	22.26%	8.94%	6.67%	2.52%

Frequently Asked Questions

Can I hold both ALMAX and NESGX in my portfolio?

ALMAX and NESGX have a correlation of 0.75, 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 NESGX?

NESGX has higher volatility (8.70%) compared to ALMAX (7.66%). In terms of maximum drawdown, ALMAX dropped -60.51% vs NESGX's -50.29%.

Which has better risk-adjusted returns?

NESGX currently has the higher Sharpe Ratio (4.36 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.