ALVOX vs. ALSRX

Last updated Aug 1, 2026

ALVOX (Alger Capital Appreciation Portfolio) and ALSRX (Alger SmallCap Growth Institutional Fund) are both mutual funds - ALVOX is a Large Cap Growth Equities fund managed by Alger, while ALSRX is a Small Cap Growth Equities fund managed by Alger. Over the past 10 years, ALVOX returned 18.66%/yr vs 9.48%/yr for ALSRX. Their correlation of 0.86 means they have usually moved in the same direction. ALVOX charges 0.91%/yr vs 1.24%/yr for ALSRX.

Performance

ALVOX vs. ALSRX - Performance Comparison

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

Returns By Period

In the year-to-date period, ALVOX achieves a 7.30% return, which is significantly lower than ALSRX's 17.90% return. Over the past 10 years, ALVOX has outperformed ALSRX with an annualized return of 18.66%, while ALSRX has yielded a comparatively lower 9.48% annualized return.

ALVOX

• 1D: 4.54%
• 1M: -2.96%
• 6M: 9.14%
• YTD: 7.30%
• 1Y: 21.51%
• 3Y*: 31.16%
• 5Y*: 14.55%
• 10Y*: 18.66%
• ALL TIME*: 14.53%

ALSRX

• 1D: 4.23%
• 1M: 1.77%
• 6M: 16.44%
• YTD: 17.90%
• 1Y: 30.59%
• 3Y*: 10.80%
• 5Y*: -3.12%
• 10Y*: 9.48%
• ALL TIME*: 6.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ALSRX Alger SmallCap Growth Institutional Fund	$0.00	$0.00	$0.00
ALVOX Alger Capital Appreciation Portfolio	$0.00	$0.00	$0.00

ALVOX vs. ALSRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALVOX Alger Capital Appreciation Portfolio	7.30%	32.25%	48.13%	43.13%	-36.69%	19.79%	41.90%	33.59%	-0.01%	31.17%
ALSRX Alger SmallCap Growth Institutional Fund	17.90%	4.83%	8.76%	14.83%	-38.17%	-4.44%	64.90%	29.87%	-4.03%	24.83%

Correlation

The correlation between ALVOX and ALSRX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Jan 26, 1995	0.86

The correlation between ALVOX and ALSRX shifts across timeframes, from 0.71 (3 years) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ALVOX vs. ALSRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ALVOX

ALVOX Risk / Return Rank: 25
ALVOX Sharpe Ratio Rank: 26
ALVOX Sortino Ratio Rank: 27
ALVOX Omega Ratio Rank: 25
ALVOX Calmar Ratio Rank: 24
ALVOX Martin Ratio Rank: 24

ALSRX

ALSRX Risk / Return Rank: 28
ALSRX Sharpe Ratio Rank: 29
ALSRX Sortino Ratio Rank: 31
ALSRX Omega Ratio Rank: 27
ALSRX Calmar Ratio Rank: 26
ALSRX Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ALVOX vs. ALSRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Portfolio (ALVOX) and Alger SmallCap Growth Institutional Fund (ALSRX). 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	ALSRX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.01	-0.14
Sortino ratio: Return per unit of downside risk	1.33	1.54	-0.21
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.07	1.26	-0.19
Martin ratio: Return relative to average drawdown	3.30	4.13	-0.83

ALVOX vs. ALSRX - Sharpe Ratio Comparison

The current ALVOX Sharpe Ratio is 0.87, which is comparable to the ALSRX Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of ALVOX and ALSRX, 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. ALSRX - Drawdown Comparison

The maximum ALVOX drawdown since its inception was -67.54%, smaller than the maximum ALSRX drawdown of -73.40%. Use the drawdown chart below to compare losses from any high point for ALVOX and ALSRX.

Drawdown Indicators

	ALVOX	ALSRX	Difference
Max Drawdown Largest peak-to-trough decline	-67.54%	-73.40%	+5.86%
Max Drawdown (1Y) Largest decline over 1 year	-18.86%	-21.23%	+2.37%
Max Drawdown (3Y) Largest decline over 3 years	-27.46%	-33.53%	+6.07%
Max Drawdown (5Y) Largest decline over 5 years	-41.01%	-53.46%	+12.45%
Max Drawdown (10Y) Largest decline over 10 years	-41.01%	-55.04%	+14.03%
Current Drawdown Current decline from peak	-7.11%	-22.55%	+15.44%
Average Drawdown Average peak-to-trough decline	-18.72%	-28.67%	+9.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	6.48%	-0.35%

Volatility

ALVOX vs. ALSRX - Volatility Comparison

The current volatility for Alger Capital Appreciation Portfolio (ALVOX) is 7.65%, while Alger SmallCap Growth Institutional Fund (ALSRX) has a volatility of 8.37%. This indicates that ALVOX experiences smaller price fluctuations and is considered to be less risky than ALSRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALVOX	ALSRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.65%	8.37%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	18.38%	21.57%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	26.53%	-3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.11%	29.99%	-3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.79%	26.97%	-3.18%

ALVOX vs. ALSRX - Expense Ratio Comparison

ALVOX has a 0.91% expense ratio, which is lower than ALSRX's 1.24% expense ratio.

Dividends

ALVOX vs. ALSRX - Dividend Comparison

ALVOX's dividend yield for the trailing twelve months is around 17.50%, more than ALSRX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALSRX Alger SmallCap Growth Institutional Fund	2.38%	2.80%	1.99%	0.00%	0.00%	23.64%	5.23%	20.07%	11.31%	0.00%	0.00%	0.00%
ALVOX Alger Capital Appreciation Portfolio	17.50%	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 ALSRX in my portfolio?

ALVOX and ALSRX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALVOX or ALSRX?

ALSRX has higher volatility (8.37%) compared to ALVOX (7.65%). In terms of maximum drawdown, ALVOX dropped -67.54% vs ALSRX's -73.40%.

Which has better risk-adjusted returns?

ALSRX currently has the higher Sharpe Ratio (1.01 vs 0.87), 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.