BMAY vs. ALARX

Last updated Jun 4, 2026

BMAY (Innovator U.S. Equity Buffer ETF - May) and ALARX (Alger Capital Appreciation Institutional Fund) are both funds - BMAY is a Defined Outcome fund tracking the S&P 500 Price Return Index, while ALARX is a Large Cap Growth Equities fund managed by Alger. Over the past 5 years, BMAY returned 9.09%/yr vs 18.60%/yr for ALARX. Their correlation of 0.84 suggests significant overlap in exposure. BMAY charges 0.79%/yr vs 1.12%/yr for ALARX.

Performance

BMAY vs. ALARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - May (BMAY) and Alger Capital Appreciation Institutional Fund (ALARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMAY achieves a 5.94% return, which is significantly lower than ALARX's 16.87% return.

BMAY

• 1D: -0.32%
• 1M: 3.01%
• YTD: 5.94%
• 6M: 6.79%
• 1Y: 15.18%
• 3Y*: 15.44%
• 5Y*: 9.09%
• 10Y*: —

ALARX

• 1D: -0.35%
• 1M: 9.73%
• YTD: 16.87%
• 6M: 16.37%
• 1Y: 45.38%
• 3Y*: 38.23%
• 5Y*: 18.60%
• 10Y*: 19.80%

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

BMAY vs. ALARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BMAY Innovator U.S. Equity Buffer ETF - May	5.94%	11.16%	19.06%	16.73%	-12.54%	11.76%	17.82%
ALARX Alger Capital Appreciation Institutional Fund	16.87%	31.75%	49.44%	42.82%	-36.88%	18.38%	43.41%

Correlation

The correlation between BMAY and ALARX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 4, 2020	0.84

The correlation between BMAY and ALARX shifts across timeframes, from 0.75 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BMAY vs. ALARX — Risk / Return Rank

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

BMAY

BMAY Risk / Return Rank: 91
BMAY Sharpe Ratio Rank: 87
BMAY Sortino Ratio Rank: 92
BMAY Omega Ratio Rank: 93
BMAY Calmar Ratio Rank: 88
BMAY Martin Ratio Rank: 95

ALARX

ALARX Risk / Return Rank: 46
ALARX Sharpe Ratio Rank: 57
ALARX Sortino Ratio Rank: 46
ALARX Omega Ratio Rank: 44
ALARX Calmar Ratio Rank: 44
ALARX Martin Ratio Rank: 38

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.

BMAY vs. ALARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - May (BMAY) and Alger Capital Appreciation Institutional Fund (ALARX). 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.

	BMAY	ALARX	Difference
Sharpe ratio Return per unit of total volatility	2.90	2.21	+0.69
Sortino ratio Return per unit of downside risk	4.44	2.83	+1.60
Omega ratio Gain probability vs. loss probability	1.64	1.36	+0.28
Calmar ratio Return relative to maximum drawdown	5.17	2.52	+2.65
Martin ratio Return relative to average drawdown	30.22	8.34	+21.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMAY vs. ALARX - Sharpe Ratio Comparison

The current BMAY Sharpe Ratio is 2.90, which is higher than the ALARX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of BMAY and ALARX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BMAY	ALARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	2.21	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.67	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.50	+0.50

Drawdowns

BMAY vs. ALARX - Drawdown Comparison

The maximum BMAY drawdown since its inception was -17.66%, smaller than the maximum ALARX drawdown of -68.32%. Use the drawdown chart below to compare losses from any high point for BMAY and ALARX.

Drawdown Indicators

	BMAY	ALARX	Difference
Max Drawdown Largest peak-to-trough decline	-17.66%	-68.32%	+50.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.95%	-18.65%	+15.70%
Max Drawdown (3Y) Largest decline over 3 years	-12.75%	-27.77%	+15.02%
Max Drawdown (5Y) Largest decline over 5 years	-17.66%	-46.86%	+29.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.86%	—
Current Drawdown Current decline from peak	-0.32%	-0.35%	+0.03%
Average Drawdown Average peak-to-trough decline	-3.08%	-20.97%	+17.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	5.62%	-5.12%

Volatility

BMAY vs. ALARX - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - May (BMAY) is 1.65%, while Alger Capital Appreciation Institutional Fund (ALARX) has a volatility of 5.09%. This indicates that BMAY experiences smaller price fluctuations and is considered to be less risky than ALARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMAY	ALARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	5.09%	-3.44%
Volatility (6M) Calculated over the trailing 6-month period	4.04%	16.02%	-11.98%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	21.24%	-15.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.27%	27.83%	-16.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.99%	24.79%	-13.80%

BMAY vs. ALARX - Expense Ratio Comparison

BMAY has a 0.79% expense ratio, which is lower than ALARX's 1.12% expense ratio.

Dividends

BMAY vs. ALARX - Dividend Comparison

BMAY has not paid dividends to shareholders, while ALARX's dividend yield for the trailing twelve months is around 5.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALARX Alger Capital Appreciation Institutional Fund	5.98%	6.99%	13.06%	8.09%	3.90%	19.40%	16.62%	10.34%	12.39%	6.75%	0.00%	7.71%
BMAY Innovator U.S. Equity Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BMAY and ALARX in my portfolio?

BMAY and ALARX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMAY or ALARX?

ALARX has higher volatility (5.09%) compared to BMAY (1.65%). In terms of maximum drawdown, BMAY dropped -17.66% vs ALARX's -68.32%.

Which has better risk-adjusted returns?

BMAY currently has the higher Sharpe Ratio (2.90 vs 2.21), 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.