INVN vs. ALAI

Last updated Jun 4, 2026

INVN (Alger Russell Innovation ETF) and ALAI (Alger AI Enablers & Adopters ETF) are both exchange-traded funds - INVN is a Mid Cap Blend Equities fund tracking the Alger Russell Innovation Index, while ALAI is a Technology Equities fund actively managed by Alger. INVN is passively managed, while ALAI is actively managed. Over the past year, INVN returned 17.20% vs 63.92% for ALAI. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.55% expense ratio.

Performance

INVN vs. ALAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Russell Innovation ETF (INVN) and Alger AI Enablers & Adopters ETF (ALAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INVN achieves a 2.05% return, which is significantly lower than ALAI's 27.17% return.

INVN

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

ALAI

• 1D: -1.25%
• 1M: 13.53%
• YTD: 27.17%
• 6M: 26.74%
• 1Y: 63.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INVN vs. ALAI - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	2.05%	8.20%
ALAI Alger AI Enablers & Adopters ETF	27.17%	36.58%

Correlation

The correlation between INVN and ALAI is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025	0.47

Return for Risk

INVN vs. ALAI — Risk / Return Rank

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

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

ALAI

ALAI Risk / Return Rank: 70
ALAI Sharpe Ratio Rank: 81
ALAI Sortino Ratio Rank: 71
ALAI Omega Ratio Rank: 70
ALAI Calmar Ratio Rank: 66
ALAI Martin Ratio Rank: 60

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.

INVN vs. ALAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) and Alger AI Enablers & Adopters ETF (ALAI). 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.

	INVN	ALAI	Difference
Sharpe ratio Return per unit of total volatility	0.81	2.67	-1.86
Sortino ratio Return per unit of downside risk	1.25	3.27	-2.02
Omega ratio Gain probability vs. loss probability	1.15	1.42	-0.27
Calmar ratio Return relative to maximum drawdown	0.85	3.30	-2.45
Martin ratio Return relative to average drawdown	2.22	10.58	-8.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INVN vs. ALAI - Sharpe Ratio Comparison

The current INVN Sharpe Ratio is 0.81, which is lower than the ALAI Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of INVN and ALAI, 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

	INVN	ALAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	2.67	-1.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.71	-1.40

Drawdowns

INVN vs. ALAI - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, smaller than the maximum ALAI drawdown of -29.36%. Use the drawdown chart below to compare losses from any high point for INVN and ALAI.

Drawdown Indicators

	INVN	ALAI	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-29.36%	+3.35%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-19.48%	-0.91%
Current Drawdown Current decline from peak	-3.72%	-1.69%	-2.03%
Average Drawdown Average peak-to-trough decline	-7.67%	-5.14%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.78%	6.06%	+1.72%

Volatility

INVN vs. ALAI - Volatility Comparison

Alger Russell Innovation ETF (INVN) has a higher volatility of 8.23% compared to Alger AI Enablers & Adopters ETF (ALAI) at 6.97%. This indicates that INVN's price experiences larger fluctuations and is considered to be riskier than ALAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INVN	ALAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	6.97%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	17.41%	18.57%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	21.34%	24.06%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.84%	28.41%	-4.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.84%	28.41%	-4.57%

INVN vs. ALAI - Expense Ratio Comparison

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

Dividends

INVN vs. ALAI - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.28%, less than ALAI's 1.18% yield.

Position	TTM	2025	2024
ALAI Alger AI Enablers & Adopters ETF	1.18%	1.50%	0.66%
INVN Alger Russell Innovation ETF	0.28%	0.29%	0.00%

Frequently Asked Questions

Can I hold both INVN and ALAI in my portfolio?

INVN and ALAI have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVN or ALAI?

INVN has higher volatility (8.23%) compared to ALAI (6.97%). In terms of maximum drawdown, INVN dropped -26.01% vs ALAI's -29.36%.

Which ETF is better, INVN or ALAI?

On 1-year performance, ALAI leads with 63.92% vs 17.20% for INVN. Both ETFs have the same 0.55% expense ratio. On volatility, ALAI has been the lower-risk option at 6.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVN or ALAI?

Over the 1-year period, ALAI has performed better with a 63.92% return vs 17.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVN or ALAI?

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

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

ALAI has the higher dividend yield at 1.18%, compared with 0.28% for INVN.

What is the main difference between INVN and ALAI?

INVN is categorized as Mid Cap Blend Equities, while ALAI is Technology Equities.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (2.67 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.