CNEQ vs. AAPL

Last updated Jun 3, 2026

CNEQ (Alger Concentrated Equity ETF) is Large Cap Growth Equities fund actively managed by Alger, while AAPL (Apple Inc) is a stock. Over the past year, CNEQ returned 52.10% vs 56.89% for AAPL. At a 0.39 correlation, their price movements are largely independent.

Performance

CNEQ vs. AAPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Concentrated Equity ETF (CNEQ) and Apple Inc (AAPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNEQ achieves a 20.83% return, which is significantly higher than AAPL's 16.16% return.

CNEQ

• 1D: 0.10%
• 1M: 13.10%
• YTD: 20.83%
• 6M: 20.16%
• 1Y: 52.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPL

• 1D: 2.90%
• 1M: 12.62%
• YTD: 16.16%
• 6M: 10.34%
• 1Y: 56.89%
• 3Y*: 20.88%
• 5Y*: 21.22%
• 10Y*: 30.33%

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

CNEQ vs. AAPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNEQ Alger Concentrated Equity ETF	20.83%	33.61%	28.84%
AAPL Apple Inc	16.16%	9.05%	48.21%

Correlation

The correlation between CNEQ and AAPL is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.39

Return for Risk

CNEQ vs. AAPL — Risk / Return Rank

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

CNEQ

CNEQ Risk / Return Rank: 60
CNEQ Sharpe Ratio Rank: 70
CNEQ Sortino Ratio Rank: 62
CNEQ Omega Ratio Rank: 63
CNEQ Calmar Ratio Rank: 55
CNEQ Martin Ratio Rank: 51

AAPL

AAPL Risk / Return Rank: 90
AAPL Sharpe Ratio Rank: 92
AAPL Sortino Ratio Rank: 92
AAPL Omega Ratio Rank: 91
AAPL Calmar Ratio Rank: 88
AAPL Martin Ratio Rank: 88

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.

CNEQ vs. AAPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and Apple Inc (AAPL). 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.

	CNEQ	AAPL	Difference
Sharpe ratio Return per unit of total volatility	2.33	2.57	-0.24
Sortino ratio Return per unit of downside risk	2.94	3.56	-0.62
Omega ratio Gain probability vs. loss probability	1.39	1.46	-0.07
Calmar ratio Return relative to maximum drawdown	2.79	4.17	-1.38
Martin ratio Return relative to average drawdown	8.80	10.52	-1.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNEQ vs. AAPL - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 2.33, which is comparable to the AAPL Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of CNEQ and AAPL, 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

	CNEQ	AAPL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.57	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.53	0.44	+1.09

Drawdowns

CNEQ vs. AAPL - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum AAPL drawdown of -81.80%. Use the drawdown chart below to compare losses from any high point for CNEQ and AAPL.

Drawdown Indicators

	CNEQ	AAPL	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-81.80%	+54.22%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-13.80%	-5.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.52%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.90%	-29.61%	+24.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	5.47%	+0.65%

Volatility

CNEQ vs. AAPL - Volatility Comparison

Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 6.38% compared to Apple Inc (AAPL) at 5.32%. This indicates that CNEQ's price experiences larger fluctuations and is considered to be riskier than AAPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEQ	AAPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	5.32%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	17.16%	15.89%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	22.25%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.63%	27.46%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	28.89%	-2.26%

Dividends

CNEQ vs. AAPL - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.43%, more than AAPL's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPL Apple Inc	0.33%	0.38%	0.40%	0.49%	0.70%	0.49%	0.61%	1.04%	1.79%	1.45%	1.93%	1.93%
CNEQ Alger Concentrated Equity ETF	0.43%	0.52%	0.16%	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 CNEQ and AAPL in my portfolio?

CNEQ and AAPL have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNEQ or AAPL?

CNEQ has higher volatility (6.38%) compared to AAPL (5.32%). In terms of maximum drawdown, CNEQ dropped -27.58% vs AAPL's -81.80%.

Which has better risk-adjusted returns?

AAPL currently has the higher Sharpe Ratio (2.57 vs 2.33), 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.