CNEQ vs. ALAFX

Last updated Jun 4, 2026

CNEQ (Alger Concentrated Equity ETF) and ALAFX (Alger Focus Equity A Fund) are both Large Cap Growth Equities funds from Alger. Both are actively managed. Over the past year, CNEQ returned 49.78% vs 50.29% for ALAFX. With a 0.97 correlation, they move nearly in lockstep. CNEQ charges 0.55%/yr vs 0.95%/yr for ALAFX.

Performance

CNEQ vs. ALAFX - Performance Comparison

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

Returns By Period

In the year-to-date period, CNEQ achieves a 19.72% return, which is significantly higher than ALAFX's 17.12% return.

CNEQ

• 1D: -0.91%
• 1M: 11.24%
• YTD: 19.72%
• 6M: 19.16%
• 1Y: 49.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ALAFX

• 1D: -0.55%
• 1M: 8.94%
• YTD: 17.12%
• 6M: 16.71%
• 1Y: 50.29%
• 3Y*: 41.58%
• 5Y*: 20.81%
• 10Y*: 21.77%

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

CNEQ vs. ALAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNEQ Alger Concentrated Equity ETF	19.72%	33.61%	28.84%
ALAFX Alger Focus Equity A Fund	17.12%	39.65%	29.11%

Correlation

The correlation between CNEQ and ALAFX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.97

The correlation between CNEQ and ALAFX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

CNEQ vs. ALAFX — Risk / Return Rank

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

CNEQ

CNEQ Risk / Return Rank: 57
CNEQ Sharpe Ratio Rank: 66
CNEQ Sortino Ratio Rank: 60
CNEQ Omega Ratio Rank: 60
CNEQ Calmar Ratio Rank: 52
CNEQ Martin Ratio Rank: 49

ALAFX

ALAFX Risk / Return Rank: 57
ALAFX Sharpe Ratio Rank: 71
ALAFX Sortino Ratio Rank: 54
ALAFX Omega Ratio Rank: 51
ALAFX Calmar Ratio Rank: 60
ALAFX Martin Ratio Rank: 49

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. ALAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and Alger Focus Equity A Fund (ALAFX). 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	ALAFX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.45	-0.23
Sortino ratio: Return per unit of downside risk	2.84	3.09	-0.26
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.59	2.98	-0.39
Martin ratio: Return relative to average drawdown	8.16	10.12	-1.96
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. ALAFX - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 2.22, which is comparable to the ALAFX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of CNEQ and ALAFX, 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	ALAFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.45	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.51	0.90	+0.61

Drawdowns

CNEQ vs. ALAFX - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum ALAFX drawdown of -43.65%. Use the drawdown chart below to compare losses from any high point for CNEQ and ALAFX.

Drawdown Indicators

	CNEQ	ALAFX	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-43.65%	+16.07%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-17.58%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.96%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.65%	—
Current Drawdown Current decline from peak	-0.91%	-0.55%	-0.36%
Average Drawdown Average peak-to-trough decline	-4.89%	-7.68%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	5.16%	+0.96%

Volatility

CNEQ vs. ALAFX - Volatility Comparison

Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 6.55% compared to Alger Focus Equity A Fund (ALAFX) at 5.00%. This indicates that CNEQ's price experiences larger fluctuations and is considered to be riskier than ALAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEQ	ALAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	5.00%	+1.55%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	16.02%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	21.37%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.62%	26.17%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.62%	23.99%	+2.63%

CNEQ vs. ALAFX - Expense Ratio Comparison

CNEQ has a 0.55% expense ratio, which is lower than ALAFX's 0.95% expense ratio.

Dividends

CNEQ vs. ALAFX - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.44%, less than ALAFX's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ALAFX Alger Focus Equity A Fund	6.75%	7.91%	0.00%	0.10%	0.06%	14.09%	6.28%	1.98%	5.41%
CNEQ Alger Concentrated Equity ETF	0.44%	0.52%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNEQ and ALAFX in my portfolio?

With a correlation of 0.96, CNEQ and ALAFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CNEQ or ALAFX?

CNEQ has higher volatility (6.55%) compared to ALAFX (5.00%). In terms of maximum drawdown, CNEQ dropped -27.58% vs ALAFX's -43.65%.

Which has better risk-adjusted returns?

ALAFX currently has the higher Sharpe Ratio (2.45 vs 2.22), 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.