INVN vs. OPTZ

Last updated Jun 5, 2026

INVN (Alger Russell Innovation ETF) and OPTZ (Optimize Strategy Index ETF) are both Mid Cap Blend Equities funds - INVN tracks the Alger Russell Innovation Index while OPTZ tracks the Optimize Strategy Index. Both are passively managed. Over the past year, INVN returned 17.61% vs 61.03% for OPTZ. A 0.65 correlation means they provide meaningful diversification when combined. INVN charges 0.55%/yr vs 0.25%/yr for OPTZ.

Performance

INVN vs. OPTZ - Performance Comparison

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

Returns By Period

In the year-to-date period, INVN achieves a 3.03% return, which is significantly lower than OPTZ's 31.19% return.

INVN

• 1D: 0.96%
• 1M: 8.00%
• YTD: 3.03%
• 6M: 2.97%
• 1Y: 17.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OPTZ

• 1D: -0.24%
• 1M: 10.07%
• YTD: 31.19%
• 6M: 31.66%
• 1Y: 61.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INVN vs. OPTZ - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	3.03%	8.20%
OPTZ Optimize Strategy Index ETF	31.19%	21.69%

Correlation

The correlation between INVN and OPTZ is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 8, 2025	0.65

The correlation between INVN and OPTZ has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.

Return for Risk

INVN vs. OPTZ — Risk / Return Rank

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

INVN

INVN Risk / Return Rank: 23
INVN Sharpe Ratio Rank: 24
INVN Sortino Ratio Rank: 24
INVN Omega Ratio Rank: 24
INVN Calmar Ratio Rank: 21
INVN Martin Ratio Rank: 20

OPTZ

OPTZ Risk / Return Rank: 92
OPTZ Sharpe Ratio Rank: 93
OPTZ Sortino Ratio Rank: 92
OPTZ Omega Ratio Rank: 90
OPTZ Calmar Ratio Rank: 91
OPTZ Martin Ratio Rank: 94

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. OPTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) and Optimize Strategy Index ETF (OPTZ). 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	OPTZ	Difference
Sharpe ratio: Return per unit of total volatility	0.83	3.40	-2.57
Sortino ratio: Return per unit of downside risk	1.28	4.47	-3.20
Omega ratio: Gain probability vs. loss probability	1.16	1.57	-0.41
Calmar ratio: Return relative to maximum drawdown	0.87	5.77	-4.90
Martin ratio: Return relative to average drawdown	2.27	26.24	-23.97
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. OPTZ - Sharpe Ratio Comparison

The current INVN Sharpe Ratio is 0.83, which is lower than the OPTZ Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of INVN and OPTZ, 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	OPTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	3.40	-2.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.70	-1.36

Drawdowns

INVN vs. OPTZ - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, roughly equal to the maximum OPTZ drawdown of -25.75%. Use the drawdown chart below to compare losses from any high point for INVN and OPTZ.

Drawdown Indicators

	INVN	OPTZ	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-25.75%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-10.63%	-9.76%
Current Drawdown Current decline from peak	-2.79%	-0.24%	-2.55%
Average Drawdown Average peak-to-trough decline	-7.65%	-3.38%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.78%	2.33%	+5.45%

Volatility

INVN vs. OPTZ - Volatility Comparison

Alger Russell Innovation ETF (INVN) has a higher volatility of 8.25% compared to Optimize Strategy Index ETF (OPTZ) at 5.99%. This indicates that INVN's price experiences larger fluctuations and is considered to be riskier than OPTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INVN	OPTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.25%	5.99%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	17.42%	13.52%	+3.90%
Volatility (1Y) Calculated over the trailing 1-year period	21.32%	18.05%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.82%	20.64%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	20.64%	+3.18%

INVN vs. OPTZ - Expense Ratio Comparison

INVN has a 0.55% expense ratio, which is higher than OPTZ's 0.25% expense ratio.

Dividends

INVN vs. OPTZ - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.28%, less than OPTZ's 0.44% yield.

Position	TTM	2025	2024
INVN Alger Russell Innovation ETF	0.28%	0.29%	0.00%
OPTZ Optimize Strategy Index ETF	0.44%	0.58%	0.32%

Frequently Asked Questions

Can I hold both INVN and OPTZ in my portfolio?

INVN and OPTZ have a correlation of 0.57, 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 OPTZ?

INVN has higher volatility (8.25%) compared to OPTZ (5.99%). In terms of maximum drawdown, INVN dropped -26.01% vs OPTZ's -25.75%.

Which ETF is better, INVN or OPTZ?

On 1-year performance, OPTZ leads with 61.03% vs 17.61% for INVN. On fees, OPTZ is cheaper at 0.25% per year. On volatility, OPTZ has been the lower-risk option at 5.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVN or OPTZ?

Over the 1-year period, OPTZ has performed better with a 61.03% return vs 17.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVN or OPTZ?

OPTZ is cheaper with a 0.25% expense ratio, compared with 0.55% for INVN.

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

OPTZ has the higher dividend yield at 0.44%, compared with 0.28% for INVN.

What is the main difference between INVN and OPTZ?

INVN tracks Alger Russell Innovation Index, while OPTZ tracks Optimize Strategy Index. They also come from different issuers: Alger and Optimize. Their fees differ too: 0.55% for INVN and 0.25% for OPTZ.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (3.40 vs 0.83), 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.