CNEQ vs. MAIN
CNEQ (Alger Concentrated Equity ETF) is Large Cap Growth Equities fund actively managed by Alger, while MAIN (Main Street Capital Corporation) is a stock. Over the past year, CNEQ returned 40.95% vs -3.16% for MAIN. At a 0.32 correlation, their price movements are largely independent.
Performance
CNEQ vs. MAIN - Performance Comparison
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Returns By Period
In the year-to-date period, CNEQ achieves a 13.44% return, which is significantly higher than MAIN's -10.97% return.
CNEQ
- 1D
- 0.41%
- 1M
- -2.01%
- YTD
- 13.44%
- 6M
- 14.69%
- 1Y
- 40.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MAIN
- 1D
- 0.54%
- 1M
- 3.14%
- YTD
- -10.97%
- 6M
- -12.92%
- 1Y
- -3.16%
- 3Y*
- 18.74%
- 5Y*
- 12.76%
- 10Y*
- 13.19%
CNEQ vs. MAIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CNEQ Alger Concentrated Equity ETF | 13.44% | 33.61% | 29.82% |
MAIN Main Street Capital Corporation | -10.97% | 10.74% | 32.43% |
Correlation
The correlation between CNEQ and MAIN is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024 | 0.32 |
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Return for Risk
CNEQ vs. MAIN — Risk / Return Rank
CNEQ
MAIN
CNEQ vs. MAIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and Main Street Capital Corporation (MAIN). 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 | MAIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.99 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | -0.18 | +2.21 |
| Martin ratioReturn relative to average drawdown | 6.33 | -0.35 | +6.69 |
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Drawdowns
CNEQ vs. MAIN - Drawdown Comparison
The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum MAIN drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for CNEQ and MAIN.
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Drawdown Indicators
| CNEQ | MAIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.58% | -64.53% | +36.95% |
Max Drawdown (1Y)Largest decline over 1 year | -19.30% | -22.43% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | — | -22.43% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -27.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.53% | — |
Current DrawdownCurrent decline from peak | -6.11% | -18.28% | +12.17% |
Average DrawdownAverage peak-to-trough decline | -4.89% | -7.31% | +2.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 11.18% | -4.98% |
Volatility
CNEQ vs. MAIN - Volatility Comparison
Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 8.66% compared to Main Street Capital Corporation (MAIN) at 5.82%. This indicates that CNEQ's price experiences larger fluctuations and is considered to be riskier than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNEQ | MAIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.66% | 5.82% | +2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 18.32% | 20.12% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 24.84% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.77% | 21.57% | +5.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.77% | 27.30% | -0.53% |
Dividends
CNEQ vs. MAIN - Dividend Comparison
CNEQ's dividend yield for the trailing twelve months is around 0.46%, less than MAIN's 8.25% 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% |
MAIN Main Street Capital Corporation | 8.25% | 7.00% | 7.02% | 8.55% | 7.97% | 5.74% | 6.99% | 6.76% | 8.43% | 7.49% | 7.42% | 9.15% |
Frequently Asked Questions
CNEQ and MAIN have a correlation of 0.29, 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 MAIN (5.82%). In terms of maximum drawdown, CNEQ dropped -27.58% vs MAIN's -64.53%.
CNEQ currently has the higher Sharpe Ratio (1.69 vs -0.16), 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.
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