CNEQ vs. HESM
CNEQ (Alger Concentrated Equity ETF) is Large Cap Growth Equities fund actively managed by Alger, while HESM (Hess Midstream LP) is a stock. Over the past year, CNEQ returned 40.95% vs 5.62% for HESM. At a 0.17 correlation, their price movements are largely independent.
Performance
CNEQ vs. HESM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CNEQ achieves a 13.44% return, which is significantly lower than HESM's 16.35% return.
CNEQ
- 1D
- 0.41%
- 1M
- -2.01%
- YTD
- 13.44%
- 6M
- 14.69%
- 1Y
- 40.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HESM
- 1D
- -0.36%
- 1M
- -1.89%
- YTD
- 16.35%
- 6M
- 15.25%
- 1Y
- 5.62%
- 3Y*
- 19.10%
- 5Y*
- 16.87%
- 10Y*
- —
CNEQ vs. HESM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CNEQ Alger Concentrated Equity ETF | 13.44% | 33.61% | 29.82% |
HESM Hess Midstream LP | 16.35% | 0.56% | 8.19% |
Correlation
The correlation between CNEQ and HESM is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024 | 0.17 |
The correlation between CNEQ and HESM shifts across timeframes, from -0.00 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CNEQ vs. HESM — Risk / Return Rank
CNEQ
HESM
CNEQ vs. HESM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and Hess Midstream LP (HESM). 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.
| CNEQ | HESM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.07 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 0.23 | +1.81 |
| Martin ratioReturn relative to average drawdown | 6.33 | 0.47 | +5.86 |
Loading charts...
Drawdowns
CNEQ vs. HESM - Drawdown Comparison
The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum HESM drawdown of -75.16%. Use the drawdown chart below to compare losses from any high point for CNEQ and HESM.
Loading charts...
Drawdown Indicators
| CNEQ | HESM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.58% | -75.16% | +47.58% |
Max Drawdown (1Y)Largest decline over 1 year | -19.30% | -25.78% | +6.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -25.78% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.72% | — |
Current DrawdownCurrent decline from peak | -6.11% | -5.50% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -4.89% | -11.77% | +6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 12.67% | -6.47% |
Volatility
CNEQ vs. HESM - Volatility Comparison
Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 8.66% compared to Hess Midstream LP (HESM) at 6.71%. This indicates that CNEQ's price experiences larger fluctuations and is considered to be riskier than HESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CNEQ | HESM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.66% | 6.71% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 18.32% | 14.72% | +3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 24.01% | -0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.77% | 27.34% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.77% | 38.79% | -12.02% |
Dividends
CNEQ vs. HESM - Dividend Comparison
CNEQ's dividend yield for the trailing twelve months is around 0.46%, less than HESM's 7.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CNEQ Alger Concentrated Equity ETF | 0.46% | 0.52% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HESM Hess Midstream LP | 7.89% | 8.41% | 7.12% | 7.50% | 7.30% | 6.93% | 8.86% | 6.89% | 8.00% | 2.93% |
Frequently Asked Questions
CNEQ and HESM have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNEQ has higher volatility (8.66%) compared to HESM (6.71%). In terms of maximum drawdown, CNEQ dropped -27.58% vs HESM's -75.16%.
CNEQ currently has the higher Sharpe Ratio (1.69 vs 0.25), 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.
Find the right allocation for CNEQ and HESM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer