CNEQ vs. MGNR

Last updated Jun 5, 2026

CNEQ (Alger Concentrated Equity ETF) and MGNR (American Beacon GLG Natural Resources ETF) are both exchange-traded funds - CNEQ is a Large Cap Growth Equities fund actively managed by Alger, while MGNR is a Energy Equities fund actively managed by American Beacon. Both are actively managed. Over the past year, CNEQ returned 48.27% vs 74.30% for MGNR. A 0.50 correlation means they provide meaningful diversification when combined. CNEQ charges 0.55%/yr vs 0.75%/yr for MGNR.

Performance

CNEQ vs. MGNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Concentrated Equity ETF (CNEQ) and American Beacon GLG Natural Resources ETF (MGNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNEQ achieves a 19.60% return, which is significantly lower than MGNR's 25.87% return.

CNEQ

• 1D: -0.10%
• 1M: 10.87%
• YTD: 19.60%
• 6M: 17.96%
• 1Y: 48.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MGNR

• 1D: -0.02%
• 1M: 2.81%
• YTD: 25.87%
• 6M: 27.66%
• 1Y: 74.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNEQ vs. MGNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNEQ Alger Concentrated Equity ETF	19.60%	33.61%	28.84%
MGNR American Beacon GLG Natural Resources ETF	25.87%	50.57%	2.06%

Correlation

The correlation between CNEQ and MGNR is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Apr 8, 2024	0.50

The correlation between CNEQ and MGNR has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.

Return for Risk

CNEQ vs. MGNR — 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: 61
CNEQ Calmar Ratio Rank: 52
CNEQ Martin Ratio Rank: 48

MGNR

MGNR Risk / Return Rank: 90
MGNR Sharpe Ratio Rank: 92
MGNR Sortino Ratio Rank: 85
MGNR Omega Ratio Rank: 87
MGNR Calmar Ratio Rank: 92
MGNR Martin Ratio Rank: 93

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. MGNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and American Beacon GLG Natural Resources ETF (MGNR). 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	MGNR	Difference
Sharpe ratio: Return per unit of total volatility	2.16	3.25	-1.09
Sortino ratio: Return per unit of downside risk	2.77	3.78	-1.01
Omega ratio: Gain probability vs. loss probability	1.36	1.53	-0.17
Calmar ratio: Return relative to maximum drawdown	2.51	6.03	-3.52
Martin ratio: Return relative to average drawdown	7.91	24.40	-16.49
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. MGNR - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 2.16, which is lower than the MGNR Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of CNEQ and MGNR, 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	MGNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	3.25	-1.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.76	-0.26

Drawdowns

CNEQ vs. MGNR - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, which is greater than MGNR's maximum drawdown of -22.06%. Use the drawdown chart below to compare losses from any high point for CNEQ and MGNR.

Drawdown Indicators

	CNEQ	MGNR	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-22.06%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-12.38%	-6.92%
Current Drawdown Current decline from peak	-1.01%	-1.77%	+0.76%
Average Drawdown Average peak-to-trough decline	-4.89%	-3.86%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.12%	3.05%	+3.07%

Volatility

CNEQ vs. MGNR - Volatility Comparison

Alger Concentrated Equity ETF (CNEQ) and American Beacon GLG Natural Resources ETF (MGNR) have volatilities of 6.57% and 6.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEQ	MGNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	6.57%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	17.65%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	23.01%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.59%	25.01%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.59%	25.01%	+1.58%

CNEQ vs. MGNR - Expense Ratio Comparison

CNEQ has a 0.55% expense ratio, which is lower than MGNR's 0.75% expense ratio.

Dividends

CNEQ vs. MGNR - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.44%, less than MGNR's 1.07% yield.

Position	TTM	2025	2024
CNEQ Alger Concentrated Equity ETF	0.44%	0.52%	0.16%
MGNR American Beacon GLG Natural Resources ETF	1.07%	1.17%	0.79%

Frequently Asked Questions

Can I hold both CNEQ and MGNR in my portfolio?

CNEQ and MGNR have a correlation of 0.46, 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 MGNR?

MGNR has higher volatility (6.57%) compared to CNEQ (6.57%). In terms of maximum drawdown, CNEQ dropped -27.58% vs MGNR's -22.06%.

Which ETF is better, CNEQ or MGNR?

On 1-year performance, MGNR leads with 74.30% vs 48.27% for CNEQ. On fees, CNEQ is cheaper at 0.55% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNEQ or MGNR?

Over the 1-year period, MGNR has performed better with a 74.30% return vs 48.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNEQ or MGNR?

CNEQ is cheaper with a 0.55% expense ratio, compared with 0.75% for MGNR.

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

MGNR has the higher dividend yield at 1.07%, compared with 0.44% for CNEQ.

What is the main difference between CNEQ and MGNR?

CNEQ is categorized as Large Cap Growth Equities, while MGNR is Energy Equities. They also come from different issuers: Alger and American Beacon. Their fees differ too: 0.55% for CNEQ and 0.75% for MGNR.

Which has better risk-adjusted returns?

MGNR currently has the higher Sharpe Ratio (3.25 vs 2.16), 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.