ALVOX vs. AMRGX

Last updated Aug 1, 2026

ALVOX (Alger Capital Appreciation Portfolio) and AMRGX (American Growth Fund Series One) are both Large Cap Growth Equities funds. Over the past 10 years, ALVOX returned 18.66%/yr vs 11.79%/yr for AMRGX. Their correlation of 0.81 means they have usually moved in the same direction. ALVOX charges 0.91%/yr vs 4.07%/yr for AMRGX.

Performance

ALVOX vs. AMRGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Capital Appreciation Portfolio (ALVOX) and American Growth Fund Series One (AMRGX). 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 AMRGX's 17.06% return. Over the past 10 years, ALVOX has outperformed AMRGX with an annualized return of 18.66%, while AMRGX has yielded a comparatively lower 11.79% 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%

AMRGX

• 1D: 2.55%
• 1M: -0.50%
• 6M: 12.78%
• YTD: 17.06%
• 1Y: 37.70%
• 3Y*: 17.59%
• 5Y*: 9.71%
• 10Y*: 11.79%
• ALL TIME*: 2.94%

*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)
ALVOX Alger Capital Appreciation Portfolio	$0.00	$0.00	$0.00
AMRGX American Growth Fund Series One	$0.00	$0.00	$0.00

ALVOX vs. AMRGX - 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%
AMRGX American Growth Fund Series One	17.06%	11.18%	16.61%	24.38%	-19.93%	15.64%	18.65%	36.73%	-9.07%	13.37%

Correlation

The correlation between ALVOX and AMRGX is 0.63, 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.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.81

The correlation between ALVOX and AMRGX shifts across timeframes, from 0.63 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ALVOX vs. AMRGX — 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

AMRGX

AMRGX Risk / Return Rank: 56
AMRGX Sharpe Ratio Rank: 43
AMRGX Sortino Ratio Rank: 49
AMRGX Omega Ratio Rank: 69
AMRGX Calmar Ratio Rank: 78
AMRGX Martin Ratio Rank: 41

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. AMRGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Capital Appreciation Portfolio (ALVOX) and American Growth Fund Series One (AMRGX). 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	AMRGX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.22	-0.34
Sortino ratio: Return per unit of downside risk	1.33	1.88	-0.55
Omega ratio: Gain probability vs. loss probability	1.16	1.30	-0.14
Calmar ratio: Return relative to maximum drawdown	1.07	2.50	-1.43
Martin ratio: Return relative to average drawdown	3.30	5.86	-2.57

ALVOX vs. AMRGX - Sharpe Ratio Comparison

The current ALVOX Sharpe Ratio is 0.87, which is comparable to the AMRGX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of ALVOX and AMRGX, 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. AMRGX - Drawdown Comparison

The maximum ALVOX drawdown since its inception was -67.54%, smaller than the maximum AMRGX drawdown of -80.32%. Use the drawdown chart below to compare losses from any high point for ALVOX and AMRGX.

Drawdown Indicators

	ALVOX	AMRGX	Difference
Max Drawdown Largest peak-to-trough decline	-67.54%	-80.32%	+12.78%
Max Drawdown (1Y) Largest decline over 1 year	-18.86%	-13.98%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	-27.46%	-21.15%	-6.31%
Max Drawdown (5Y) Largest decline over 5 years	-41.01%	-35.42%	-5.59%
Max Drawdown (10Y) Largest decline over 10 years	-41.01%	-35.42%	-5.59%
Current Drawdown Current decline from peak	-7.11%	-5.31%	-1.80%
Average Drawdown Average peak-to-trough decline	-18.72%	-40.05%	+21.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	5.91%	+0.22%

Volatility

ALVOX vs. AMRGX - Volatility Comparison

Alger Capital Appreciation Portfolio (ALVOX) has a higher volatility of 7.65% compared to American Growth Fund Series One (AMRGX) at 6.43%. This indicates that ALVOX's price experiences larger fluctuations and is considered to be riskier than AMRGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALVOX	AMRGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.65%	6.43%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	18.38%	17.26%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	28.73%	-5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.11%	22.64%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.79%	21.64%	+2.15%

ALVOX vs. AMRGX - Expense Ratio Comparison

ALVOX has a 0.91% expense ratio, which is lower than AMRGX's 4.07% expense ratio.

Dividends

ALVOX vs. AMRGX - Dividend Comparison

ALVOX's dividend yield for the trailing twelve months is around 17.50%, more than AMRGX's 15.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
AMRGX American Growth Fund Series One	15.23%	17.82%	12.39%	8.17%	7.77%	12.21%	2.36%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ALVOX and AMRGX in my portfolio?

ALVOX and AMRGX have a correlation of 0.63, 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 AMRGX?

ALVOX has higher volatility (7.65%) compared to AMRGX (6.43%). In terms of maximum drawdown, ALVOX dropped -67.54% vs AMRGX's -80.32%.

Which has better risk-adjusted returns?

AMRGX currently has the higher Sharpe Ratio (1.22 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.