ATFV vs. INVN

Last updated Aug 2, 2026

ATFV (Alger 35 ETF) and INVN (Alger Russell Innovation ETF) are both exchange-traded funds - ATFV is a Large Cap Growth Equities fund tracking the S&P 500, while INVN is a Mid Cap Blend Equities fund tracking the Alger Russell Innovation Index. Both are passively managed. Over the past year, ATFV returned 26.14% vs 24.54% for INVN. Their 0.41 correlation means their historical movements had little consistent relationship. Both charge a 0.55% expense ratio.

Performance

ATFV vs. INVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger 35 ETF (ATFV) and Alger Russell Innovation ETF (INVN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ATFV having a 10.01% return and INVN slightly lower at 9.96%.

ATFV

• 1D: 2.68%
• 1M: -2.89%
• 6M: 12.26%
• YTD: 10.01%
• 1Y: 26.14%
• 3Y*: 33.90%
• 5Y*: 12.57%
• 10Y*: —
• ALL TIME*: 13.54%

INVN

• 1D: -0.50%
• 1M: 7.03%
• 6M: 18.92%
• YTD: 9.96%
• 1Y: 24.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.69%

*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)
ATFV Alger 35 ETF	$2.07M	$1.55M	$2.50M
INVN Alger Russell Innovation ETF	$258.38K	$157.49K	$106.45K

ATFV vs. INVN - Yearly Performance Comparison

	2026 (YTD)	2025
ATFV Alger 35 ETF	10.01%	29.85%
INVN Alger Russell Innovation ETF	9.96%	6.56%

Correlation

The correlation between ATFV and INVN is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.41

The correlation between ATFV and INVN shifts across timeframes, from 0.30 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ATFV vs. INVN — Risk / Return Rank

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

ATFV

ATFV Risk / Return Rank: 35
ATFV Sharpe Ratio Rank: 34
ATFV Sortino Ratio Rank: 35
ATFV Omega Ratio Rank: 33
ATFV Calmar Ratio Rank: 36
ATFV Martin Ratio Rank: 37

INVN

INVN Risk / Return Rank: 37
INVN Sharpe Ratio Rank: 39
INVN Sortino Ratio Rank: 41
INVN Omega Ratio Rank: 39
INVN Calmar Ratio Rank: 33
INVN Martin Ratio Rank: 31

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.

ATFV vs. INVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger 35 ETF (ATFV) and Alger Russell Innovation ETF (INVN). 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.

	ATFV	INVN	Difference
Sharpe ratio: Return per unit of total volatility	0.84	0.99	-0.16
Sortino ratio: Return per unit of downside risk	1.32	1.52	-0.20
Omega ratio: Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.23	1.14	+0.09
Martin ratio: Return relative to average drawdown	3.72	2.88	+0.83

ATFV vs. INVN - Sharpe Ratio Comparison

The current ATFV Sharpe Ratio is 0.84, which is comparable to the INVN Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ATFV and INVN, 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

ATFV vs. INVN - Drawdown Comparison

The maximum ATFV drawdown since its inception was -45.34%, which is greater than INVN's maximum drawdown of -26.01%. Use the drawdown chart below to compare losses from any high point for ATFV and INVN.

Drawdown Indicators

	ATFV	INVN	Difference
Max Drawdown Largest peak-to-trough decline	-45.34%	-26.01%	-19.33%
Max Drawdown (1Y) Largest decline over 1 year	-18.29%	-20.39%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-29.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.34%	—	—
Current Drawdown Current decline from peak	-8.11%	-2.22%	-5.89%
Average Drawdown Average peak-to-trough decline	-17.46%	-7.36%	-10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	8.06%	-2.01%

Volatility

ATFV vs. INVN - Volatility Comparison

Alger 35 ETF (ATFV) has a higher volatility of 10.70% compared to Alger Russell Innovation ETF (INVN) at 9.21%. This indicates that ATFV's price experiences larger fluctuations and is considered to be riskier than INVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ATFV	INVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.70%	9.21%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	19.77%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	26.95%	23.55%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.36%	24.39%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.99%	24.39%	+2.60%

ATFV vs. INVN - Expense Ratio Comparison

Both ATFV and INVN have an expense ratio of 0.55%.

Dividends

ATFV vs. INVN - Dividend Comparison

ATFV's dividend yield for the trailing twelve months is around 0.18%, less than INVN's 0.26% yield.

Position	TTM	2025	2024	2023	2022
ATFV Alger 35 ETF	0.18%	0.20%	0.16%	0.01%	0.06%
INVN Alger Russell Innovation ETF	0.26%	0.29%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ATFV and INVN in my portfolio?

ATFV and INVN have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ATFV or INVN?

ATFV has higher volatility (10.70%) compared to INVN (9.21%). In terms of maximum drawdown, ATFV dropped -45.34% vs INVN's -26.01%.

Which ETF is better, ATFV or INVN?

On 1-year performance, ATFV leads with 26.14% vs 24.54% for INVN. Both ETFs have the same 0.55% expense ratio. On volatility, INVN has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ATFV or INVN?

Over the 1-year period, ATFV has performed better with a 26.14% return vs 24.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ATFV or INVN?

ATFV and INVN have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, ATFV or INVN?

INVN has the higher dividend yield at 0.26%, compared with 0.18% for ATFV.

What is the main difference between ATFV and INVN?

ATFV is categorized as Large Cap Growth Equities, while INVN is Mid Cap Blend Equities. ATFV tracks S&P 500, while INVN tracks Alger Russell Innovation Index.

Which has better risk-adjusted returns?

INVN currently has the higher Sharpe Ratio (0.99 vs 0.84), 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.