INVN vs. FRTY

Last updated Aug 2, 2026

INVN (Alger Russell Innovation ETF) and FRTY (Alger Mid Cap 40 ETF) are both exchange-traded funds - INVN is a Mid Cap Blend Equities fund tracking the Alger Russell Innovation Index, while FRTY is a Mid Cap Growth Equities fund actively managed by Alger. INVN is passively managed, while FRTY is actively managed. Over the past year, INVN returned 24.54% vs 12.22% for FRTY. Their 0.43 correlation means their historical movements had little consistent relationship. INVN charges 0.55%/yr vs 0.60%/yr for FRTY.

Performance

INVN vs. FRTY - Performance Comparison

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

Returns By Period

In the year-to-date period, INVN achieves a 9.96% return, which is significantly higher than FRTY's 5.48% return.

INVN

• 1D: -0.50%
• 1M: 7.03%
• 6M: 18.92%
• YTD: 9.96%
• 1Y: 24.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.69%

FRTY

• 1D: 0.52%
• 1M: -4.84%
• 6M: 5.40%
• YTD: 5.48%
• 1Y: 12.22%
• 3Y*: 19.02%
• 5Y*: 2.37%
• 10Y*: —
• ALL TIME*: 2.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRTY Alger Mid Cap 40 ETF	$353.31K	$584.27K	$524.74K
INVN Alger Russell Innovation ETF	$258.38K	$157.49K	$106.45K

INVN vs. FRTY - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	9.96%	6.56%
FRTY Alger Mid Cap 40 ETF	5.48%	7.47%

Correlation

The correlation between INVN and FRTY is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.43

The correlation between INVN and FRTY shifts across timeframes, from 0.30 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INVN vs. FRTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INVN

INVN Risk / Return Rank: 37
INVN Sharpe Ratio Rank: 39
INVN Sortino Ratio Rank: 41
INVN Omega Ratio Rank: 39
INVN Calmar Ratio Rank: 33
INVN Martin Ratio Rank: 31

FRTY

FRTY Risk / Return Rank: 18
FRTY Sharpe Ratio Rank: 18
FRTY Sortino Ratio Rank: 19
FRTY Omega Ratio Rank: 18
FRTY Calmar Ratio Rank: 18
FRTY Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INVN vs. FRTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) and Alger Mid Cap 40 ETF (FRTY). 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.

	INVN	FRTY	Difference
Sharpe ratio: Return per unit of total volatility	0.99	0.33	+0.67
Sortino ratio: Return per unit of downside risk	1.52	0.63	+0.88
Omega ratio: Gain probability vs. loss probability	1.18	1.08	+0.10
Calmar ratio: Return relative to maximum drawdown	1.14	0.46	+0.68
Martin ratio: Return relative to average drawdown	2.88	1.12	+1.77

INVN vs. FRTY - Sharpe Ratio Comparison

The current INVN Sharpe Ratio is 0.99, which is higher than the FRTY Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of INVN and FRTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INVN vs. FRTY - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, smaller than the maximum FRTY drawdown of -53.15%. Use the drawdown chart below to compare losses from any high point for INVN and FRTY.

Drawdown Indicators

	INVN	FRTY	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-53.15%	+27.14%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-19.75%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-31.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-53.15%	—
Current Drawdown Current decline from peak	-2.22%	-10.52%	+8.30%
Average Drawdown Average peak-to-trough decline	-7.36%	-27.30%	+19.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.06%	8.09%	-0.03%

Volatility

INVN vs. FRTY - Volatility Comparison

Alger Russell Innovation ETF (INVN) and Alger Mid Cap 40 ETF (FRTY) have volatilities of 9.21% and 9.32%, 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

	INVN	FRTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.21%	9.32%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	19.77%	21.49%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	23.55%	27.75%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.39%	27.66%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.39%	27.33%	-2.94%

INVN vs. FRTY - Expense Ratio Comparison

INVN has a 0.55% expense ratio, which is lower than FRTY's 0.60% expense ratio.

Dividends

INVN vs. FRTY - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.26%, more than FRTY's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021
FRTY Alger Mid Cap 40 ETF	0.18%	0.19%	0.10%	0.00%	0.00%	5.35%
INVN Alger Russell Innovation ETF	0.26%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INVN and FRTY in my portfolio?

INVN and FRTY have a correlation of 0.30, 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 FRTY?

FRTY has higher volatility (9.32%) compared to INVN (9.21%). In terms of maximum drawdown, INVN dropped -26.01% vs FRTY's -53.15%.

Which ETF is better, INVN or FRTY?

On 1-year performance, INVN leads with 24.54% vs 12.22% for FRTY. On fees, INVN is cheaper at 0.55% per year. On volatility, INVN has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVN or FRTY?

Over the 1-year period, INVN has performed better with a 24.54% return vs 12.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVN or FRTY?

INVN is cheaper with a 0.55% expense ratio, compared with 0.60% for FRTY.

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

INVN has the higher dividend yield at 0.26%, compared with 0.18% for FRTY.

What is the main difference between INVN and FRTY?

INVN is categorized as Mid Cap Blend Equities, while FRTY is Mid Cap Growth Equities. Their fees differ too: 0.55% for INVN and 0.60% for FRTY.

Which has better risk-adjusted returns?

INVN currently has the higher Sharpe Ratio (0.99 vs 0.33), 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.