CNEQ vs. INVN

Last updated Jun 4, 2026

CNEQ (Alger Concentrated Equity ETF) and INVN (Alger Russell Innovation ETF) are both exchange-traded funds - CNEQ is a Large Cap Growth Equities fund actively managed by Alger, while INVN is a Mid Cap Blend Equities fund tracking the Alger Russell Innovation Index. CNEQ is actively managed, while INVN is passively managed. Over the past year, CNEQ returned 49.78% vs 17.20% for INVN. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.

Performance

CNEQ vs. INVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Concentrated Equity ETF (CNEQ) and Alger Russell Innovation ETF (INVN). 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 INVN's 2.05% return.

CNEQ

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

INVN

• 1D: -1.66%
• 1M: 7.08%
• YTD: 2.05%
• 6M: 2.45%
• 1Y: 17.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNEQ vs. INVN - Yearly Performance Comparison

	2026 (YTD)	2025
CNEQ Alger Concentrated Equity ETF	19.72%	30.89%
INVN Alger Russell Innovation ETF	2.05%	8.20%

Correlation

The correlation between CNEQ and INVN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025	0.44

The correlation between CNEQ and INVN shifts across timeframes, from 0.33 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNEQ vs. INVN — 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

INVN

INVN Risk / Return Rank: 22
INVN Sharpe Ratio Rank: 24
INVN Sortino Ratio Rank: 24
INVN Omega Ratio Rank: 24
INVN Calmar Ratio Rank: 20
INVN Martin Ratio Rank: 20

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. INVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and Alger Russell Innovation ETF (INVN). 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	INVN	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.81	+1.41
Sortino ratio: Return per unit of downside risk	2.84	1.25	+1.59
Omega ratio: Gain probability vs. loss probability	1.37	1.15	+0.22
Calmar ratio: Return relative to maximum drawdown	2.59	0.85	+1.74
Martin ratio: Return relative to average drawdown	8.16	2.22	+5.94
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. INVN - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 2.22, which is higher than the INVN Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of CNEQ and INVN, 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	INVN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	0.81	+1.41
Sharpe Ratio (All Time) Calculated using the full available price history	1.51	0.31	+1.20

Drawdowns

CNEQ vs. INVN - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, which is greater than INVN's maximum drawdown of -26.01%. Use the drawdown chart below to compare losses from any high point for CNEQ and INVN.

Drawdown Indicators

	CNEQ	INVN	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-26.01%	-1.57%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-20.39%	+1.09%
Current Drawdown Current decline from peak	-0.91%	-3.72%	+2.81%
Average Drawdown Average peak-to-trough decline	-4.89%	-7.67%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	7.78%	-1.66%

Volatility

CNEQ vs. INVN - Volatility Comparison

The current volatility for Alger Concentrated Equity ETF (CNEQ) is 6.55%, while Alger Russell Innovation ETF (INVN) has a volatility of 8.23%. This indicates that CNEQ experiences smaller price fluctuations and is considered to be less risky than INVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEQ	INVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	8.23%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	17.41%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	21.34%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.62%	23.84%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.62%	23.84%	+2.78%

CNEQ vs. INVN - Expense Ratio Comparison

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

Dividends

CNEQ vs. INVN - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.44%, more than INVN's 0.28% yield.

Position	TTM	2025	2024
CNEQ Alger Concentrated Equity ETF	0.44%	0.52%	0.16%
INVN Alger Russell Innovation ETF	0.28%	0.29%	0.00%

Frequently Asked Questions

Can I hold both CNEQ and INVN in my portfolio?

CNEQ and INVN have a correlation of 0.33, 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 INVN?

INVN has higher volatility (8.23%) compared to CNEQ (6.55%). In terms of maximum drawdown, CNEQ dropped -27.58% vs INVN's -26.01%.

Which ETF is better, CNEQ or INVN?

On 1-year performance, CNEQ leads with 49.78% vs 17.20% for INVN. 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 INVN?

Over the 1-year period, CNEQ has performed better with a 49.78% return vs 17.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNEQ or INVN?

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

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

CNEQ has the higher dividend yield at 0.44%, compared with 0.28% for INVN.

What is the main difference between CNEQ and INVN?

CNEQ is categorized as Large Cap Growth Equities, while INVN is Mid Cap Blend Equities.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (2.22 vs 0.81), 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.