CNEQ vs. ILCB

Last updated Aug 4, 2026

CNEQ (Alger Concentrated Equity ETF) and ILCB (iShares Morningstar U.S. Equity ETF) are both Large Cap Growth Equities funds. CNEQ is actively managed, while ILCB is passively managed. Over the past year, CNEQ returned 29.37% vs 23.00% for ILCB. Their correlation of 0.84 means they have usually moved in the same direction. CNEQ charges 0.56%/yr vs 0.03%/yr for ILCB.

Performance

CNEQ vs. ILCB - Performance Comparison

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

Returns By Period

In the year-to-date period, CNEQ achieves a 14.63% return, which is significantly higher than ILCB's 11.73% return.

CNEQ

• 1D: 2.55%
• 1M: -0.71%
• 6M: 15.95%
• YTD: 14.63%
• 1Y: 29.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 34.36%

ILCB

• 1D: 1.54%
• 1M: 1.56%
• 6M: 9.71%
• YTD: 11.73%
• 1Y: 23.00%
• 3Y*: 20.96%
• 5Y*: 12.54%
• 10Y*: 14.42%
• ALL TIME*: 11.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CNEQ Alger Concentrated Equity ETF	$6.99M	$6.30M	$7.86M
ILCB iShares Morningstar U.S. Equity ETF	$1.31M	$1.30M	$1.40M

CNEQ vs. ILCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNEQ Alger Concentrated Equity ETF	14.63%	33.61%	29.82%
ILCB iShares Morningstar U.S. Equity ETF	11.73%	17.70%	15.40%

Correlation

The correlation between CNEQ and ILCB is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	0.84

The correlation between CNEQ and ILCB has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

CNEQ vs. ILCB - Sectors Allocation Comparison

Sectors	CNEQ	ILCB
Technology	47.2%	38.4%
Communication Services	17.9%	9.8%
Industrials	14.5%	8.9%
Consumer Cyclical	10.9%	9.4%
Healthcare	4.7%	9.0%
Utilities	3.2%	2.2%
Financial Services	1.7%	11.4%
Basic Materials	-	1.8%
Consumer Defensive	-	4.4%
Energy	-	3.1%
Real Estate	-	1.7%

Return for Risk

CNEQ vs. ILCB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CNEQ

CNEQ Risk / Return Rank: 43
CNEQ Sharpe Ratio Rank: 46
CNEQ Sortino Ratio Rank: 45
CNEQ Omega Ratio Rank: 43
CNEQ Calmar Ratio Rank: 42
CNEQ Martin Ratio Rank: 41

ILCB

ILCB Risk / Return Rank: 75
ILCB Sharpe Ratio Rank: 75
ILCB Sortino Ratio Rank: 74
ILCB Omega Ratio Rank: 74
ILCB Calmar Ratio Rank: 70
ILCB Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CNEQ vs. ILCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and iShares Morningstar U.S. Equity ETF (ILCB). 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	ILCB	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.78	-0.62
Sortino ratio: Return per unit of downside risk	1.68	2.47	-0.79
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio: Return relative to maximum drawdown	1.53	2.54	-1.01
Martin ratio: Return relative to average drawdown	4.47	10.74	-6.26

CNEQ vs. ILCB - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 1.16, which is lower than the ILCB Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of CNEQ and ILCB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CNEQ vs. ILCB - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum ILCB drawdown of -51.53%. Use the drawdown chart below to compare losses from any high point for CNEQ and ILCB.

Drawdown Indicators

	CNEQ	ILCB	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-51.53%	+23.95%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-9.09%	-10.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.30%	—
Current Drawdown Current decline from peak	-5.79%	-0.12%	-5.67%
Average Drawdown Average peak-to-trough decline	-4.92%	-6.20%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	2.15%	+4.43%

Volatility

CNEQ vs. ILCB - Volatility Comparison

Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 9.31% compared to iShares Morningstar U.S. Equity ETF (ILCB) at 3.90%. This indicates that CNEQ's price experiences larger fluctuations and is considered to be riskier than ILCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEQ	ILCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	3.90%	+5.41%
Volatility (6M) Calculated over the trailing 6-month period	20.43%	10.31%	+10.12%
Volatility (1Y) Calculated over the trailing 1-year period	25.44%	12.99%	+12.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.16%	17.25%	+9.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.16%	18.20%	+8.96%

CNEQ vs. ILCB - Expense Ratio Comparison

CNEQ has a 0.56% expense ratio, which is higher than ILCB's 0.03% expense ratio.

Dividends

CNEQ vs. ILCB - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.46%, less than ILCB's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
ILCB iShares Morningstar U.S. Equity ETF	0.97%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%

Frequently Asked Questions

Can I hold both CNEQ and ILCB in my portfolio?

CNEQ and ILCB have a correlation of 0.84, 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 ILCB?

CNEQ has higher volatility (9.31%) compared to ILCB (3.90%). In terms of maximum drawdown, CNEQ dropped -27.58% vs ILCB's -51.53%.

Which ETF is better, CNEQ or ILCB?

On 1-year performance, CNEQ leads with 29.37% vs 23.00% for ILCB. On fees, ILCB is cheaper at 0.03% per year. On volatility, ILCB has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNEQ or ILCB?

Over the 1-year period, CNEQ has performed better with a 29.37% return vs 23.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNEQ or ILCB?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.56% for CNEQ.

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

ILCB has the higher dividend yield at 0.97%, compared with 0.46% for CNEQ.

What is the main difference between CNEQ and ILCB?

They also come from different issuers: Alger and iShares. Their fees differ too: 0.56% for CNEQ and 0.03% for ILCB.

Which has better risk-adjusted returns?

ILCB currently has the higher Sharpe Ratio (1.78 vs 1.16), 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.