ALTEX vs. AIO

Last updated Jun 4, 2026

ALTEX (Firsthand Alternative Energy Fund) and AIO (Virtus Artificial Intelligence & Technology Opportunities Fund) are both Technology Equities funds. Over the past 5 years, ALTEX returned 5.82%/yr vs 13.20%/yr for AIO. A 0.62 correlation means they provide meaningful diversification when combined. ALTEX charges 1.98%/yr vs 1.41%/yr for AIO.

Performance

ALTEX vs. AIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Firsthand Alternative Energy Fund (ALTEX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALTEX achieves a 66.80% return, which is significantly higher than AIO's 30.26% return.

ALTEX

• 1D: 6.08%
• 1M: 7.97%
• YTD: 66.80%
• 6M: 37.64%
• 1Y: 87.90%
• 3Y*: 15.23%
• 5Y*: 5.82%
• 10Y*: 14.28%

AIO

• 1D: 0.11%
• 1M: 11.21%
• YTD: 30.26%
• 6M: 29.79%
• 1Y: 29.76%
• 3Y*: 29.61%
• 5Y*: 13.20%
• 10Y*: —

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

ALTEX vs. AIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ALTEX Firsthand Alternative Energy Fund	66.80%	6.62%	-6.79%	-2.31%	-18.26%	-5.09%	83.88%	15.07%
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	30.26%	0.48%	54.48%	19.27%	-28.06%	13.51%	46.27%	1.05%

Correlation

The correlation between ALTEX and AIO is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.62

The correlation between ALTEX and AIO has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

Return for Risk

ALTEX vs. AIO — Risk / Return Rank

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

ALTEX

ALTEX Risk / Return Rank: 56
ALTEX Sharpe Ratio Rank: 70
ALTEX Sortino Ratio Rank: 40
ALTEX Omega Ratio Rank: 53
ALTEX Calmar Ratio Rank: 74
ALTEX Martin Ratio Rank: 42

AIO

AIO Risk / Return Rank: 36
AIO Sharpe Ratio Rank: 34
AIO Sortino Ratio Rank: 34
AIO Omega Ratio Rank: 30
AIO Calmar Ratio Rank: 47
AIO Martin Ratio Rank: 35

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.

ALTEX vs. AIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Firsthand Alternative Energy Fund (ALTEX) and Virtus Artificial Intelligence & Technology Opportunities Fund (AIO). 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.

	ALTEX	AIO	Difference
Sharpe ratio: Return per unit of total volatility	2.44	1.68	+0.76
Sortino ratio: Return per unit of downside risk	2.66	2.41	+0.24
Omega ratio: Gain probability vs. loss probability	1.40	1.29	+0.12
Calmar ratio: Return relative to maximum drawdown	3.37	2.62	+0.75
Martin ratio: Return relative to average drawdown	8.88	7.77	+1.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALTEX vs. AIO - Sharpe Ratio Comparison

The current ALTEX Sharpe Ratio is 2.44, which is higher than the AIO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of ALTEX and AIO, 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

	ALTEX	AIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	1.68	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.60	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.66	-0.57

Drawdowns

ALTEX vs. AIO - Drawdown Comparison

The maximum ALTEX drawdown since its inception was -75.48%, which is greater than AIO's maximum drawdown of -44.88%. Use the drawdown chart below to compare losses from any high point for ALTEX and AIO.

Drawdown Indicators

	ALTEX	AIO	Difference
Max Drawdown Largest peak-to-trough decline	-75.48%	-44.88%	-30.60%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-11.42%	-17.49%
Max Drawdown (3Y) Largest decline over 3 years	-68.78%	-30.23%	-38.55%
Max Drawdown (5Y) Largest decline over 5 years	-75.48%	-37.39%	-38.09%
Max Drawdown (10Y) Largest decline over 10 years	-75.48%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-37.26%	-10.96%	-26.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.75%	3.84%	+6.91%

Volatility

ALTEX vs. AIO - Volatility Comparison

Firsthand Alternative Energy Fund (ALTEX) has a higher volatility of 12.96% compared to Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) at 5.68%. This indicates that ALTEX's price experiences larger fluctuations and is considered to be riskier than AIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALTEX	AIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	5.68%	+7.28%
Volatility (6M) Calculated over the trailing 6-month period	33.09%	13.37%	+19.72%
Volatility (1Y) Calculated over the trailing 1-year period	39.96%	17.86%	+22.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.12%	22.04%	+46.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.36%	26.87%	+24.49%

ALTEX vs. AIO - Expense Ratio Comparison

ALTEX has a 1.98% expense ratio, which is higher than AIO's 1.41% expense ratio.

Dividends

ALTEX vs. AIO - Dividend Comparison

ALTEX has not paid dividends to shareholders, while AIO's dividend yield for the trailing twelve months is around 10.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	10.90%	13.75%	7.30%	10.34%	11.12%	19.97%	9.31%	0.54%	0.00%	0.00%
ALTEX Firsthand Alternative Energy Fund	0.00%	0.00%	1.50%	3.43%	0.00%	0.00%	0.00%	9.12%	0.05%	0.25%

Frequently Asked Questions

Can I hold both ALTEX and AIO in my portfolio?

ALTEX and AIO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALTEX or AIO?

ALTEX has higher volatility (12.96%) compared to AIO (5.68%). In terms of maximum drawdown, ALTEX dropped -75.48% vs AIO's -44.88%.

Which has better risk-adjusted returns?

ALTEX currently has the higher Sharpe Ratio (2.44 vs 1.68), 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.