AMGOX vs. ACAAX

Last updated Jun 23, 2026

AMGOX (Alger Mid Cap Growth Portfolio Fund) and ACAAX (Alger Capital Appreciation Fund) are both mutual funds - AMGOX 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, AMGOX returned 12.89%/yr vs 19.85%/yr for ACAAX. Their correlation of 0.91 suggests significant overlap in exposure. AMGOX charges 0.92%/yr vs 1.15%/yr for ACAAX.

Performance

AMGOX vs. ACAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Mid Cap Growth Portfolio Fund (AMGOX) 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, AMGOX achieves a 9.07% return, which is significantly lower than ACAAX's 15.37% return. Over the past 10 years, AMGOX has underperformed ACAAX with an annualized return of 12.89%, while ACAAX has yielded a comparatively higher 19.85% annualized return.

AMGOX

• 1D: 2.00%
• 1M: 7.62%
• YTD: 9.07%
• 6M: 7.09%
• 1Y: 22.03%
• 3Y*: 17.98%
• 5Y*: 4.26%
• 10Y*: 12.89%

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)

AMGOX vs. ACAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMGOX Alger Mid Cap Growth Portfolio Fund	9.07%	16.76%	21.07%	23.17%	-36.14%	5.45%	64.79%	30.24%	-7.42%	26.90%
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 AMGOX and ACAAX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.91

The correlation between AMGOX 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

AMGOX vs. ACAAX — Risk / Return Rank

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

AMGOX

AMGOX Risk / Return Rank: 16
AMGOX Sharpe Ratio Rank: 17
AMGOX Sortino Ratio Rank: 17
AMGOX Omega Ratio Rank: 15
AMGOX Calmar Ratio Rank: 16
AMGOX Martin Ratio Rank: 17

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.

AMGOX vs. ACAAX - Risk-Adjusted Trends Comparison

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

	AMGOX	ACAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.80	-0.72
Sortino ratio: Return per unit of downside risk	1.61	2.38	-0.77
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.12
Calmar ratio: Return relative to maximum drawdown	1.33	2.11	-0.78
Martin ratio: Return relative to average drawdown	4.23	6.68	-2.45

AMGOX vs. ACAAX - Sharpe Ratio Comparison

The current AMGOX Sharpe Ratio is 1.08, which is lower than the ACAAX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of AMGOX 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

AMGOX vs. ACAAX - Drawdown Comparison

The maximum AMGOX drawdown since its inception was -68.10%, roughly equal to the maximum ACAAX drawdown of -70.29%. Use the drawdown chart below to compare losses from any high point for AMGOX and ACAAX.

Drawdown Indicators

	AMGOX	ACAAX	Difference
Max Drawdown Largest peak-to-trough decline	-68.10%	-70.29%	+2.19%
Max Drawdown (1Y) Largest decline over 1 year	-16.25%	-19.11%	+2.86%
Max Drawdown (3Y) Largest decline over 3 years	-27.34%	-27.79%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-59.22%	-48.73%	-10.49%
Max Drawdown (10Y) Largest decline over 10 years	-59.22%	-48.73%	-10.49%
Current Drawdown Current decline from peak	-19.22%	-0.54%	-18.68%
Average Drawdown Average peak-to-trough decline	-17.71%	-22.93%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.10%	6.02%	-0.92%

Volatility

AMGOX vs. ACAAX - Volatility Comparison

The current volatility for Alger Mid Cap Growth Portfolio Fund (AMGOX) is 7.05%, while Alger Capital Appreciation Fund (ACAAX) has a volatility of 9.10%. This indicates that AMGOX 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

	AMGOX	ACAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	9.10%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	17.63%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	20.00%	22.41%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.50%	29.12%	+10.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.17%	25.52%	+6.65%

AMGOX vs. ACAAX - Expense Ratio Comparison

AMGOX has a 0.92% expense ratio, which is lower than ACAAX's 1.15% expense ratio.

Dividends

AMGOX vs. ACAAX - Dividend Comparison

AMGOX has not paid dividends to shareholders, while ACAAX's dividend yield for the trailing twelve months is around 8.49%.

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%
AMGOX Alger Mid Cap Growth Portfolio Fund	0.00%	0.00%	0.00%	0.00%	3.72%	55.13%	12.13%	12.09%	18.59%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMGOX and ACAAX in my portfolio?

AMGOX 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, AMGOX or ACAAX?

ACAAX has higher volatility (9.10%) compared to AMGOX (7.05%). In terms of maximum drawdown, AMGOX dropped -68.10% vs ACAAX's -70.29%.

Which has better risk-adjusted returns?

ACAAX currently has the higher Sharpe Ratio (1.80 vs 1.08), 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.