ALTEX vs. BOGSX

Last updated Jun 4, 2026

ALTEX (Firsthand Alternative Energy Fund) and BOGSX (Black Oak Emerging Technology Fund) are both Technology Equities funds. Over the past 10 years, ALTEX returned 14.28%/yr vs 17.86%/yr for BOGSX. A 0.75 correlation means they provide meaningful diversification when combined. ALTEX charges 1.98%/yr vs 1.03%/yr for BOGSX.

Performance

ALTEX vs. BOGSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Firsthand Alternative Energy Fund (ALTEX) and Black Oak Emerging Technology Fund (BOGSX). 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 BOGSX's 43.19% return. Over the past 10 years, ALTEX has underperformed BOGSX with an annualized return of 14.28%, while BOGSX has yielded a comparatively higher 17.86% annualized 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%

BOGSX

• 1D: 2.19%
• 1M: 15.43%
• YTD: 43.19%
• 6M: 42.65%
• 1Y: 62.39%
• 3Y*: 25.08%
• 5Y*: 13.99%
• 10Y*: 17.86%

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

ALTEX vs. BOGSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALTEX Firsthand Alternative Energy Fund	66.80%	6.62%	-6.79%	-2.31%	-18.26%	-5.09%	83.88%	55.04%	-18.56%	27.35%
BOGSX Black Oak Emerging Technology Fund	43.19%	19.06%	9.25%	17.79%	-27.30%	26.89%	45.16%	38.20%	-4.94%	19.05%

Correlation

The correlation between ALTEX and BOGSX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 31, 2007	0.75

The correlation between ALTEX and BOGSX shifts across timeframes, from 0.67 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ALTEX vs. BOGSX — 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

BOGSX

BOGSX Risk / Return Rank: 86
BOGSX Sharpe Ratio Rank: 91
BOGSX Sortino Ratio Rank: 79
BOGSX Omega Ratio Rank: 74
BOGSX Calmar Ratio Rank: 95
BOGSX Martin Ratio Rank: 93

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. BOGSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Firsthand Alternative Energy Fund (ALTEX) and Black Oak Emerging Technology Fund (BOGSX). 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	BOGSX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	3.03	-0.59
Sortino ratio: Return per unit of downside risk	2.66	3.76	-1.11
Omega ratio: Gain probability vs. loss probability	1.40	1.49	-0.08
Calmar ratio: Return relative to maximum drawdown	3.37	5.90	-2.53
Martin ratio: Return relative to average drawdown	8.88	20.24	-11.36
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. BOGSX - Sharpe Ratio Comparison

The current ALTEX Sharpe Ratio is 2.44, which is comparable to the BOGSX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of ALTEX and BOGSX, 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	BOGSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	3.03	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.56	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.73	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.11	-0.02

Drawdowns

ALTEX vs. BOGSX - Drawdown Comparison

The maximum ALTEX drawdown since its inception was -75.48%, smaller than the maximum BOGSX drawdown of -92.80%. Use the drawdown chart below to compare losses from any high point for ALTEX and BOGSX.

Drawdown Indicators

	ALTEX	BOGSX	Difference
Max Drawdown Largest peak-to-trough decline	-75.48%	-92.80%	+17.32%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-11.04%	-17.87%
Max Drawdown (3Y) Largest decline over 3 years	-68.78%	-24.78%	-44.00%
Max Drawdown (5Y) Largest decline over 5 years	-75.48%	-33.93%	-41.55%
Max Drawdown (10Y) Largest decline over 10 years	-75.48%	-33.93%	-41.55%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-37.26%	-58.96%	+21.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.75%	3.21%	+7.54%

Volatility

ALTEX vs. BOGSX - Volatility Comparison

Firsthand Alternative Energy Fund (ALTEX) has a higher volatility of 12.96% compared to Black Oak Emerging Technology Fund (BOGSX) at 6.71%. This indicates that ALTEX's price experiences larger fluctuations and is considered to be riskier than BOGSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALTEX	BOGSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	6.71%	+6.25%
Volatility (6M) Calculated over the trailing 6-month period	33.09%	16.73%	+16.36%
Volatility (1Y) Calculated over the trailing 1-year period	39.96%	21.46%	+18.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.12%	25.22%	+42.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.36%	24.61%	+26.75%

ALTEX vs. BOGSX - Expense Ratio Comparison

ALTEX has a 1.98% expense ratio, which is higher than BOGSX's 1.03% expense ratio.

Dividends

ALTEX vs. BOGSX - Dividend Comparison

ALTEX has not paid dividends to shareholders, while BOGSX's dividend yield for the trailing twelve months is around 4.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
BOGSX Black Oak Emerging Technology Fund	4.02%	5.76%	7.96%	3.79%	1.87%	11.31%	6.30%	5.47%	11.71%	7.71%	4.00%	3.09%

Frequently Asked Questions

Can I hold both ALTEX and BOGSX in my portfolio?

ALTEX and BOGSX have a correlation of 0.67, 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 BOGSX?

ALTEX has higher volatility (12.96%) compared to BOGSX (6.71%). In terms of maximum drawdown, ALTEX dropped -75.48% vs BOGSX's -92.80%.

Which has better risk-adjusted returns?

BOGSX currently has the higher Sharpe Ratio (3.03 vs 2.44), 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.