CNEQ vs. ALAI

Last updated Jun 4, 2026

CNEQ (Alger Concentrated Equity ETF) and ALAI (Alger AI Enablers & Adopters ETF) are both exchange-traded funds - CNEQ is a Large Cap Growth Equities fund actively managed by Alger, while ALAI is a Technology Equities fund actively managed by Alger. Both are actively managed. Over the past year, CNEQ returned 49.78% vs 63.92% for ALAI. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.55% expense ratio.

Performance

CNEQ vs. ALAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Concentrated Equity ETF (CNEQ) and Alger AI Enablers & Adopters ETF (ALAI). 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 lower than ALAI's 27.17% return.

CNEQ

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

ALAI

• 1D: -1.25%
• 1M: 13.53%
• YTD: 27.17%
• 6M: 26.74%
• 1Y: 63.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNEQ vs. ALAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNEQ Alger Concentrated Equity ETF	19.72%	33.61%	28.84%
ALAI Alger AI Enablers & Adopters ETF	27.17%	39.81%	31.43%

Correlation

The correlation between CNEQ and ALAI is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.96

The correlation between CNEQ and ALAI has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

CNEQ vs. ALAI - Sectors Allocation Comparison

Sectors	CNEQ	ALAI
Technology	47.4%	55.9%
Communication Services	19.2%	20.1%
Consumer Cyclical	13.4%	13.7%
Industrials	11.0%	3.2%
Healthcare	4.6%	2.8%
Utilities	2.9%	2.0%
Financial Services	1.6%	2.3%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-

Return for Risk

CNEQ vs. ALAI — 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

ALAI

ALAI Risk / Return Rank: 70
ALAI Sharpe Ratio Rank: 81
ALAI Sortino Ratio Rank: 71
ALAI Omega Ratio Rank: 70
ALAI Calmar Ratio Rank: 66
ALAI Martin Ratio Rank: 60

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. ALAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and Alger AI Enablers & Adopters ETF (ALAI). 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	ALAI	Difference
Sharpe ratio Return per unit of total volatility	2.22	2.67	-0.45
Sortino ratio Return per unit of downside risk	2.84	3.27	-0.44
Omega ratio Gain probability vs. loss probability	1.37	1.42	-0.05
Calmar ratio Return relative to maximum drawdown	2.59	3.30	-0.71
Martin ratio Return relative to average drawdown	8.16	10.58	-2.42
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. ALAI - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 2.22, which is comparable to the ALAI Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of CNEQ and ALAI, 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	ALAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.67	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	1.51	1.71	-0.20

Drawdowns

CNEQ vs. ALAI - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum ALAI drawdown of -29.36%. Use the drawdown chart below to compare losses from any high point for CNEQ and ALAI.

Drawdown Indicators

	CNEQ	ALAI	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-29.36%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-19.48%	+0.18%
Current Drawdown Current decline from peak	-0.91%	-1.69%	+0.78%
Average Drawdown Average peak-to-trough decline	-4.89%	-5.14%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	6.06%	+0.06%

Volatility

CNEQ vs. ALAI - Volatility Comparison

The current volatility for Alger Concentrated Equity ETF (CNEQ) is 6.55%, while Alger AI Enablers & Adopters ETF (ALAI) has a volatility of 6.97%. This indicates that CNEQ experiences smaller price fluctuations and is considered to be less risky than ALAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEQ	ALAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	6.97%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	18.57%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	24.06%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.62%	28.41%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.62%	28.41%	-1.79%

CNEQ vs. ALAI - Expense Ratio Comparison

Both CNEQ and ALAI have an expense ratio of 0.55%.

Dividends

CNEQ vs. ALAI - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.44%, less than ALAI's 1.18% yield.

Position	TTM	2025	2024
ALAI Alger AI Enablers & Adopters ETF	1.18%	1.50%	0.66%
CNEQ Alger Concentrated Equity ETF	0.44%	0.52%	0.16%

Frequently Asked Questions

Can I hold both CNEQ and ALAI in my portfolio?

With a correlation of 0.94, CNEQ and ALAI 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 ALAI?

ALAI has higher volatility (6.97%) compared to CNEQ (6.55%). In terms of maximum drawdown, CNEQ dropped -27.58% vs ALAI's -29.36%.

Which ETF is better, CNEQ or ALAI?

On 1-year performance, ALAI leads with 63.92% vs 49.78% for CNEQ. Both ETFs have the same 0.55% expense ratio. On volatility, CNEQ has been the lower-risk option at 6.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNEQ or ALAI?

Over the 1-year period, ALAI has performed better with a 63.92% return vs 49.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNEQ or ALAI?

CNEQ and ALAI have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, CNEQ or ALAI?

ALAI has the higher dividend yield at 1.18%, compared with 0.44% for CNEQ.

What is the main difference between CNEQ and ALAI?

CNEQ is categorized as Large Cap Growth Equities, while ALAI is Technology Equities.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (2.67 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.