ALSCX vs. HSPGX
ALSCX (Alger Small Cap Growth Fund) and HSPGX (Emerald Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ALSCX returned 10.99%/yr vs 15.52%/yr for HSPGX. Their correlation of 0.91 means they have usually moved in the same direction. ALSCX charges 1.96%/yr vs 1.03%/yr for HSPGX.
Performance
ALSCX vs. HSPGX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ALSCX having a 22.89% return and HSPGX slightly higher at 23.46%. Over the past 10 years, ALSCX has underperformed HSPGX with an annualized return of 10.99%, while HSPGX has yielded a comparatively higher 15.52% annualized return.
ALSCX
- 1D
- -0.11%
- 1M
- 1.85%
- 6M
- 19.28%
- YTD
- 22.89%
- 1Y
- 38.99%
- 3Y*
- 14.03%
- 5Y*
- -0.94%
- 10Y*
- 10.99%
- ALL TIME*
- 3.50%
HSPGX
- 1D
- -0.12%
- 1M
- -7.36%
- 6M
- 15.71%
- YTD
- 23.46%
- 1Y
- 51.54%
- 3Y*
- 27.87%
- 5Y*
- 13.04%
- 10Y*
- 15.52%
- ALL TIME*
- 10.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
HSPGX Emerald Growth Fund | $0.00 | $0.00 | $0.00 |
ALSCX vs. HSPGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALSCX Alger Small Cap Growth Fund | 22.89% | 7.80% | 9.47% | 16.25% | -37.61% | -3.35% | 63.82% | 28.12% | 1.20% | 25.24% |
HSPGX Emerald Growth Fund | 23.46% | 31.62% | 28.04% | 18.66% | -24.65% | 3.59% | 38.49% | 28.33% | -12.16% | 27.72% |
Correlation
The correlation between ALSCX and HSPGX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996 | 0.91 |
The correlation between ALSCX and HSPGX has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
ALSCX vs. HSPGX — Risk / Return Rank
ALSCX
HSPGX
ALSCX vs. HSPGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Small Cap Growth Fund (ALSCX) and Emerald Growth Fund (HSPGX). 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.
| ALSCX | HSPGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 3.44 | -1.51 |
| Martin ratioReturn relative to average drawdown | 6.47 | 11.98 | -5.51 |
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Drawdowns
ALSCX vs. HSPGX - Drawdown Comparison
The maximum ALSCX drawdown since its inception was -76.39%, which is greater than HSPGX's maximum drawdown of -60.28%. Use the drawdown chart below to compare losses from any high point for ALSCX and HSPGX.
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Drawdown Indicators
| ALSCX | HSPGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.39% | -60.28% | -16.11% |
Max Drawdown (1Y)Largest decline over 1 year | -19.23% | -14.41% | -4.82% |
Max Drawdown (3Y)Largest decline over 3 years | -34.29% | -28.63% | -5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -50.13% | -38.65% | -11.48% |
Max Drawdown (10Y)Largest decline over 10 years | -53.16% | -41.48% | -11.68% |
Current DrawdownCurrent decline from peak | -13.54% | -10.56% | -2.98% |
Average DrawdownAverage peak-to-trough decline | -35.18% | -18.94% | -16.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.73% | 4.12% | +1.61% |
Volatility
ALSCX vs. HSPGX - Volatility Comparison
Alger Small Cap Growth Fund (ALSCX) has a higher volatility of 8.67% compared to Emerald Growth Fund (HSPGX) at 8.20%. This indicates that ALSCX's price experiences larger fluctuations and is considered to be riskier than HSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALSCX | HSPGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.67% | 8.20% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 21.42% | 21.56% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.18% | 27.62% | -1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.34% | 25.89% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.90% | 25.30% | +0.60% |
ALSCX vs. HSPGX - Expense Ratio Comparison
ALSCX has a 1.96% expense ratio, which is higher than HSPGX's 1.03% expense ratio.
Dividends
ALSCX vs. HSPGX - Dividend Comparison
ALSCX has not paid dividends to shareholders, while HSPGX's dividend yield for the trailing twelve months is around 10.32%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ALSCX Alger Small Cap Growth Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.11% | 0.67% | 8.26% | 17.08% |
HSPGX Emerald Growth Fund | 10.32% | 12.74% | 21.85% | 6.43% | 8.77% | 19.11% | 8.48% | 1.45% | 11.86% |
Frequently Asked Questions
With a correlation of 0.91, ALSCX and HSPGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ALSCX has higher volatility (8.67%) compared to HSPGX (8.20%). In terms of maximum drawdown, ALSCX dropped -76.39% vs HSPGX's -60.28%.
HSPGX currently has the higher Sharpe Ratio (1.80 vs 1.42), 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.
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