AMCGX vs. ACAAX

Last updated Aug 1, 2026

AMCGX (Alger Mid Cap Growth Fund) and ACAAX (Alger Capital Appreciation Fund) are both mutual funds - AMCGX is a Mid Cap Growth Equities fund managed by Alger, while ACAAX is a Large Cap Growth Equities fund managed by Alger. Over the past 10 years, AMCGX returned 7.27%/yr vs 18.41%/yr for ACAAX. Their correlation of 0.91 means they have usually moved in the same direction. AMCGX charges 1.93%/yr vs 1.15%/yr for ACAAX.

Performance

AMCGX vs. ACAAX - Performance Comparison

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

Returns By Period

In the year-to-date period, AMCGX achieves a 3.65% return, which is significantly lower than ACAAX's 7.22% return. Over the past 10 years, AMCGX has underperformed ACAAX with an annualized return of 7.27%, while ACAAX has yielded a comparatively higher 18.41% annualized return.

AMCGX

• 1D: 2.11%
• 1M: -4.59%
• 6M: 4.96%
• YTD: 3.65%
• 1Y: 9.20%
• 3Y*: 13.76%
• 5Y*: -5.57%
• 10Y*: 7.27%
• ALL TIME*: 32.25%

ACAAX

• 1D: 4.66%
• 1M: -3.07%
• 6M: 9.41%
• YTD: 7.22%
• 1Y: 20.44%
• 3Y*: 31.02%
• 5Y*: 14.30%
• 10Y*: 18.41%
• ALL TIME*: 12.10%

*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)
ACAAX Alger Capital Appreciation Fund	$0.00	$0.00	$0.00
AMCGX Alger Mid Cap Growth Fund	$0.00	$0.00	$0.00

AMCGX vs. ACAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMCGX Alger Mid Cap Growth Fund	3.65%	16.63%	20.10%	22.85%	-35.19%	-29.98%	63.90%	29.63%	-8.03%	27.39%
ACAAX Alger Capital Appreciation Fund	7.22%	30.80%	49.55%	42.99%	-36.90%	18.17%	41.78%	33.14%	-0.95%	31.31%

Correlation

The correlation between AMCGX and ACAAX is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.91

The correlation between AMCGX and ACAAX shifts across timeframes, from 0.79 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AMCGX vs. ACAAX — Risk / Return Rank

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

AMCGX

AMCGX Risk / Return Rank: 10
AMCGX Sharpe Ratio Rank: 10
AMCGX Sortino Ratio Rank: 11
AMCGX Omega Ratio Rank: 10
AMCGX Calmar Ratio Rank: 10
AMCGX Martin Ratio Rank: 11

ACAAX

ACAAX Risk / Return Rank: 23
ACAAX Sharpe Ratio Rank: 24
ACAAX Sortino Ratio Rank: 25
ACAAX Omega Ratio Rank: 24
ACAAX Calmar Ratio Rank: 22
ACAAX Martin Ratio Rank: 22

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.

AMCGX vs. ACAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Mid Cap Growth Fund (AMCGX) 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.

	AMCGX	ACAAX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	0.81	-0.43
Sortino ratio: Return per unit of downside risk	0.69	1.25	-0.57
Omega ratio: Gain probability vs. loss probability	1.08	1.15	-0.07
Calmar ratio: Return relative to maximum drawdown	0.48	1.01	-0.53
Martin ratio: Return relative to average drawdown	1.47	3.04	-1.57

AMCGX vs. ACAAX - Sharpe Ratio Comparison

The current AMCGX Sharpe Ratio is 0.38, which is lower than the ACAAX Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of AMCGX 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

AMCGX vs. ACAAX - Drawdown Comparison

The maximum AMCGX drawdown since its inception was -74.93%, which is greater than ACAAX's maximum drawdown of -70.29%. Use the drawdown chart below to compare losses from any high point for AMCGX and ACAAX.

Drawdown Indicators

	AMCGX	ACAAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.93%	-70.29%	-4.64%
Max Drawdown (1Y) Largest decline over 1 year	-16.20%	-19.11%	+2.91%
Max Drawdown (3Y) Largest decline over 3 years	-26.65%	-27.79%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-64.50%	-48.73%	-15.77%
Max Drawdown (10Y) Largest decline over 10 years	-64.50%	-48.73%	-15.77%
Current Drawdown Current decline from peak	-34.04%	-7.56%	-26.48%
Average Drawdown Average peak-to-trough decline	-22.92%	-22.87%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.23%	6.32%	-1.09%

Volatility

AMCGX vs. ACAAX - Volatility Comparison

The current volatility for Alger Mid Cap Growth Fund (AMCGX) is 5.19%, while Alger Capital Appreciation Fund (ACAAX) has a volatility of 7.92%. This indicates that AMCGX experiences smaller price fluctuations and is considered to be less risky than ACAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMCGX	ACAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	7.92%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	15.96%	18.81%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	23.74%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.58%	29.36%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.86%	25.62%	+1.24%

AMCGX vs. ACAAX - Expense Ratio Comparison

AMCGX has a 1.93% expense ratio, which is higher than ACAAX's 1.15% expense ratio.

Dividends

AMCGX vs. ACAAX - Dividend Comparison

AMCGX has not paid dividends to shareholders, while ACAAX's dividend yield for the trailing twelve months is around 9.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACAAX Alger Capital Appreciation Fund	9.14%	9.80%	12.93%	7.19%	4.42%	23.67%	15.64%	8.17%	11.59%	6.76%	0.84%	8.28%
AMCGX Alger Mid Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	13.34%	13.72%	10.98%	7.59%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMCGX and ACAAX in my portfolio?

AMCGX and ACAAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMCGX or ACAAX?

ACAAX has higher volatility (7.92%) compared to AMCGX (5.19%). In terms of maximum drawdown, AMCGX dropped -74.93% vs ACAAX's -70.29%.

Which has better risk-adjusted returns?

ACAAX currently has the higher Sharpe Ratio (0.81 vs 0.38), 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.