ALVOX vs. ACAAX

Last updated Jun 23, 2026

ALVOX (Alger Capital Appreciation Portfolio) and ACAAX (Alger Capital Appreciation Fund) are both Large Cap Growth Equities funds from Alger. Over the past 10 years, ALVOX returned 20.04%/yr vs 19.85%/yr for ACAAX. With a 0.99 correlation, they move nearly in lockstep. ALVOX charges 0.91%/yr vs 1.15%/yr for ACAAX.

Performance

ALVOX vs. ACAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Portfolio (ALVOX) and Alger Capital Appreciation Fund (ACAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ALVOX having a 14.65% return and ACAAX slightly higher at 15.37%. Both investments have delivered pretty close results over the past 10 years, with ALVOX having a 20.04% annualized return and ACAAX not far behind at 19.85%.

ALVOX

• 1D: 2.12%
• 1M: 4.36%
• YTD: 14.65%
• 6M: 13.42%
• 1Y: 41.31%
• 3Y*: 35.96%
• 5Y*: 17.41%
• 10Y*: 20.04%

ACAAX

• 1D: 2.19%
• 1M: 4.70%
• YTD: 15.37%
• 6M: 14.09%
• 1Y: 41.32%
• 3Y*: 36.16%
• 5Y*: 17.28%
• 10Y*: 19.85%

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

ALVOX vs. ACAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALVOX Alger Capital Appreciation Portfolio	14.65%	32.25%	48.13%	43.13%	-36.69%	19.79%	41.90%	33.59%	-0.01%	31.17%
ACAAX Alger Capital Appreciation Fund	15.37%	30.80%	49.55%	42.99%	-36.90%	18.17%	41.78%	33.14%	-0.95%	31.31%

Correlation

The correlation between ALVOX and ACAAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.99

The correlation between ALVOX and ACAAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

ALVOX vs. ACAAX — Risk / Return Rank

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

ALVOX

ALVOX Risk / Return Rank: 38
ALVOX Sharpe Ratio Rank: 46
ALVOX Sortino Ratio Rank: 39
ALVOX Omega Ratio Rank: 39
ALVOX Calmar Ratio Rank: 35
ALVOX Martin Ratio Rank: 32

ACAAX

ACAAX Risk / Return Rank: 37
ACAAX Sharpe Ratio Rank: 44
ACAAX Sortino Ratio Rank: 38
ACAAX Omega Ratio Rank: 37
ACAAX Calmar Ratio Rank: 35
ACAAX Martin Ratio Rank: 31

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.

ALVOX vs. ACAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Portfolio (ALVOX) and Alger Capital Appreciation Fund (ACAAX). 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.

	ALVOX	ACAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.80	+0.04
Sortino ratio: Return per unit of downside risk	2.43	2.38	+0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.14	2.11	+0.03
Martin ratio: Return relative to average drawdown	6.88	6.68	+0.19

ALVOX vs. ACAAX - Sharpe Ratio Comparison

The current ALVOX Sharpe Ratio is 1.84, which is comparable to the ACAAX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of ALVOX and ACAAX, 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

ALVOX vs. ACAAX - Drawdown Comparison

The maximum ALVOX drawdown since its inception was -67.54%, roughly equal to the maximum ACAAX drawdown of -70.29%. Use the drawdown chart below to compare losses from any high point for ALVOX and ACAAX.

Drawdown Indicators

	ALVOX	ACAAX	Difference
Max Drawdown Largest peak-to-trough decline	-67.54%	-70.29%	+2.75%
Max Drawdown (1Y) Largest decline over 1 year	-18.86%	-19.11%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-27.46%	-27.79%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-41.01%	-48.73%	+7.72%
Max Drawdown (10Y) Largest decline over 10 years	-41.01%	-48.73%	+7.72%
Current Drawdown Current decline from peak	-0.75%	-0.54%	-0.21%
Average Drawdown Average peak-to-trough decline	-18.77%	-22.93%	+4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.86%	6.02%	-0.16%

Volatility

ALVOX vs. ACAAX - Volatility Comparison

Alger Capital Appreciation Portfolio (ALVOX) and Alger Capital Appreciation Fund (ACAAX) have volatilities of 8.96% and 9.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALVOX	ACAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	9.10%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	17.33%	17.63%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	21.95%	22.41%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.87%	29.12%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.69%	25.52%	-1.83%

ALVOX vs. ACAAX - Expense Ratio Comparison

ALVOX has a 0.91% expense ratio, which is lower than ACAAX's 1.15% expense ratio.

Dividends

ALVOX vs. ACAAX - Dividend Comparison

ALVOX's dividend yield for the trailing twelve months is around 16.38%, more than ACAAX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACAAX Alger Capital Appreciation Fund	8.49%	9.80%	12.93%	7.19%	4.42%	23.67%	15.64%	8.17%	11.59%	6.76%	0.84%	8.28%
ALVOX Alger Capital Appreciation Portfolio	16.38%	18.78%	0.00%	0.00%	9.84%	26.10%	14.64%	12.19%	21.59%	6.47%	0.00%	12.50%

Frequently Asked Questions

Can I hold both ALVOX and ACAAX in my portfolio?

With a correlation of 1.00, ALVOX and ACAAX 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.

Which is riskier, ALVOX or ACAAX?

ACAAX has higher volatility (9.10%) compared to ALVOX (8.96%). In terms of maximum drawdown, ALVOX dropped -67.54% vs ACAAX's -70.29%.

Which has better risk-adjusted returns?

ALVOX currently has the higher Sharpe Ratio (1.84 vs 1.80), 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.