HESM vs. CNEQ
HESM (Hess Midstream LP) is a stock, while CNEQ (Alger Concentrated Equity ETF) is Large Cap Growth Equities fund actively managed by Alger. Over the past year, HESM returned 5.62% vs 40.95% for CNEQ. At a 0.17 correlation, their price movements are largely independent.
Performance
HESM vs. CNEQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HESM achieves a 16.35% return, which is significantly higher than CNEQ's 13.44% return.
HESM
- 1D
- -0.36%
- 1M
- -1.89%
- YTD
- 16.35%
- 6M
- 15.25%
- 1Y
- 5.62%
- 3Y*
- 19.10%
- 5Y*
- 16.87%
- 10Y*
- —
CNEQ
- 1D
- 0.41%
- 1M
- -2.01%
- YTD
- 13.44%
- 6M
- 14.69%
- 1Y
- 40.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HESM vs. CNEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HESM Hess Midstream LP | 16.35% | 0.56% | 8.19% |
CNEQ Alger Concentrated Equity ETF | 13.44% | 33.61% | 29.82% |
Correlation
The correlation between HESM and CNEQ is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024 | 0.17 |
The correlation between HESM and CNEQ shifts across timeframes, from -0.00 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HESM vs. CNEQ — Risk / Return Rank
HESM
CNEQ
HESM vs. CNEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hess Midstream LP (HESM) and Alger Concentrated Equity ETF (CNEQ). 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.
| HESM | CNEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.29 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 2.04 | -1.81 |
| Martin ratioReturn relative to average drawdown | 0.47 | 6.33 | -5.86 |
Loading charts...
Drawdowns
HESM vs. CNEQ - Drawdown Comparison
The maximum HESM drawdown since its inception was -75.16%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for HESM and CNEQ.
Loading charts...
Drawdown Indicators
| HESM | CNEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.16% | -27.58% | -47.58% |
Max Drawdown (1Y)Largest decline over 1 year | -25.78% | -19.30% | -6.48% |
Max Drawdown (3Y)Largest decline over 3 years | -25.78% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -28.72% | — | — |
Current DrawdownCurrent decline from peak | -5.50% | -6.11% | +0.61% |
Average DrawdownAverage peak-to-trough decline | -11.77% | -4.89% | -6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.67% | 6.20% | +6.47% |
Volatility
HESM vs. CNEQ - Volatility Comparison
The current volatility for Hess Midstream LP (HESM) is 6.71%, while Alger Concentrated Equity ETF (CNEQ) has a volatility of 8.66%. This indicates that HESM experiences smaller price fluctuations and is considered to be less risky than CNEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HESM | CNEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 8.66% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 18.32% | -3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.01% | 23.32% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.34% | 26.77% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.79% | 26.77% | +12.02% |
Dividends
HESM vs. CNEQ - Dividend Comparison
HESM's dividend yield for the trailing twelve months is around 7.89%, more than CNEQ's 0.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
HESM Hess Midstream LP | 7.89% | 8.41% | 7.12% | 7.50% | 7.30% | 6.93% | 8.86% | 6.89% | 8.00% | 2.93% |
Frequently Asked Questions
HESM and CNEQ have a correlation of -0.00, 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 HESM (6.71%). In terms of maximum drawdown, HESM dropped -75.16% vs CNEQ's -27.58%.
CNEQ currently has the higher Sharpe Ratio (1.69 vs 0.25), 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.
Find the right allocation for HESM and CNEQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer