FRTY vs. ALAFX

Last updated Jun 3, 2026

FRTY (Alger Mid Cap 40 ETF) and ALAFX (Alger Focus Equity A Fund) are both funds - FRTY is a Mid Cap Growth Equities fund actively managed by Alger Group Holdings LLC, while ALAFX is a Large Cap Growth Equities fund actively managed by Alger. Both are actively managed. Over the past 5 years, FRTY returned 5.27%/yr vs 20.67%/yr for ALAFX. Their correlation of 0.80 suggests significant overlap in exposure. FRTY charges 0.60%/yr vs 0.95%/yr for ALAFX.

Performance

FRTY vs. ALAFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Mid Cap 40 ETF (FRTY) and Alger Focus Equity A Fund (ALAFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRTY achieves a 13.29% return, which is significantly lower than ALAFX's 17.77% return.

FRTY

• 1D: 1.21%
• 1M: 12.03%
• YTD: 13.29%
• 6M: 12.79%
• 1Y: 33.42%
• 3Y*: 24.27%
• 5Y*: 5.27%
• 10Y*: —

ALAFX

• 1D: 0.99%
• 1M: 10.45%
• YTD: 17.77%
• 6M: 17.16%
• 1Y: 52.91%
• 3Y*: 41.84%
• 5Y*: 20.67%
• 10Y*: 21.84%

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

FRTY vs. ALAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRTY Alger Mid Cap 40 ETF	13.29%	12.82%	38.86%	16.81%	-42.23%	2.07%
ALAFX Alger Focus Equity A Fund	17.77%	39.65%	51.72%	44.15%	-35.95%	14.72%

Correlation

The correlation between FRTY and ALAFX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 2, 2021	0.80

The correlation between FRTY and ALAFX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

FRTY vs. ALAFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FRTY

FRTY Risk / Return Rank: 34
FRTY Sharpe Ratio Rank: 36
FRTY Sortino Ratio Rank: 34
FRTY Omega Ratio Rank: 32
FRTY Calmar Ratio Rank: 35
FRTY Martin Ratio Rank: 31

ALAFX

ALAFX Risk / Return Rank: 61
ALAFX Sharpe Ratio Rank: 78
ALAFX Sortino Ratio Rank: 58
ALAFX Omega Ratio Rank: 54
ALAFX Calmar Ratio Rank: 64
ALAFX Martin Ratio Rank: 51

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.

FRTY vs. ALAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Mid Cap 40 ETF (FRTY) and Alger Focus Equity A Fund (ALAFX). 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.

	FRTY	ALAFX	Difference
Sharpe ratio Return per unit of total volatility	1.30	2.57	-1.28
Sortino ratio Return per unit of downside risk	1.81	3.22	-1.40
Omega ratio Gain probability vs. loss probability	1.22	1.41	-0.19
Calmar ratio Return relative to maximum drawdown	1.76	3.09	-1.33
Martin ratio Return relative to average drawdown	4.59	10.53	-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.

FRTY vs. ALAFX - Sharpe Ratio Comparison

The current FRTY Sharpe Ratio is 1.30, which is lower than the ALAFX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of FRTY and ALAFX, 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

	FRTY	ALAFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.57	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.79	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.90	-0.76

Drawdowns

FRTY vs. ALAFX - Drawdown Comparison

The maximum FRTY drawdown since its inception was -53.15%, which is greater than ALAFX's maximum drawdown of -43.65%. Use the drawdown chart below to compare losses from any high point for FRTY and ALAFX.

Drawdown Indicators

	FRTY	ALAFX	Difference
Max Drawdown Largest peak-to-trough decline	-53.15%	-43.65%	-9.50%
Max Drawdown (1Y) Largest decline over 1 year	-19.75%	-17.58%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-26.96%	-4.52%
Max Drawdown (5Y) Largest decline over 5 years	-53.15%	-43.65%	-9.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.65%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-27.99%	-7.69%	-20.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.59%	5.16%	+2.43%

Volatility

FRTY vs. ALAFX - Volatility Comparison

Alger Mid Cap 40 ETF (FRTY) has a higher volatility of 8.92% compared to Alger Focus Equity A Fund (ALAFX) at 4.92%. This indicates that FRTY's price experiences larger fluctuations and is considered to be riskier than ALAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRTY	ALAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	4.92%	+4.00%
Volatility (6M) Calculated over the trailing 6-month period	18.40%	16.02%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	25.86%	21.40%	+4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.19%	26.17%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.12%	23.99%	+3.13%

FRTY vs. ALAFX - Expense Ratio Comparison

FRTY has a 0.60% expense ratio, which is lower than ALAFX's 0.95% expense ratio.

Dividends

FRTY vs. ALAFX - Dividend Comparison

FRTY's dividend yield for the trailing twelve months is around 0.17%, less than ALAFX's 6.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ALAFX Alger Focus Equity A Fund	6.72%	7.91%	0.00%	0.10%	0.06%	14.09%	6.28%	1.98%	5.41%
FRTY Alger Mid Cap 40 ETF	0.17%	0.19%	0.10%	0.00%	0.00%	5.35%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRTY and ALAFX in my portfolio?

FRTY and ALAFX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRTY or ALAFX?

FRTY has higher volatility (8.92%) compared to ALAFX (4.92%). In terms of maximum drawdown, FRTY dropped -53.15% vs ALAFX's -43.65%.

Which has better risk-adjusted returns?

ALAFX currently has the higher Sharpe Ratio (2.57 vs 1.30), 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.