MBSX vs. ALAI

Last updated Aug 2, 2026

MBSX (Regan Fixed Rate MBS ETF) and ALAI (Alger AI Enablers & Adopters ETF) are both exchange-traded funds - MBSX is a Mortgage Backed Securities fund actively managed by Regan, while ALAI is a Artificial Intelligence fund actively managed by Alger. Both are actively managed. Over the past year, MBSX returned 8.25% vs 36.47% for ALAI. Their -0.13 correlation means they have often moved in opposite directions in the past. MBSX charges 0.40%/yr vs 0.55%/yr for ALAI.

Performance

MBSX vs. ALAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Regan Fixed Rate MBS ETF (MBSX) 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, MBSX achieves a 4.51% return, which is significantly lower than ALAI's 19.08% return.

MBSX

• 1D: 0.63%
• 1M: -0.02%
• 6M: 3.66%
• YTD: 4.51%
• 1Y: 8.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.56%

ALAI

• 1D: 1.40%
• 1M: -1.31%
• 6M: 19.94%
• YTD: 19.08%
• 1Y: 36.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 40.60%

*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)
ALAI Alger AI Enablers & Adopters ETF	$3.04M	$4.96M	$4.06M
MBSX Regan Fixed Rate MBS ETF	$151.94K	$112.61K	$105.72K

MBSX vs. ALAI - Yearly Performance Comparison

	2026 (YTD)	2025
MBSX Regan Fixed Rate MBS ETF	4.51%	8.47%
ALAI Alger AI Enablers & Adopters ETF	19.08%	54.54%

Correlation

The correlation between MBSX and ALAI is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.15
Correlation (All Time) Calculated using the full available price history since May 1, 2025	-0.13

Return for Risk

MBSX vs. ALAI — Risk / Return Rank

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

MBSX

MBSX Risk / Return Rank: 18
MBSX Sharpe Ratio Rank: 15
MBSX Sortino Ratio Rank: 19
MBSX Omega Ratio Rank: 24
MBSX Calmar Ratio Rank: 17
MBSX Martin Ratio Rank: 17

ALAI

ALAI Risk / Return Rank: 45
ALAI Sharpe Ratio Rank: 47
ALAI Sortino Ratio Rank: 46
ALAI Omega Ratio Rank: 43
ALAI Calmar Ratio Rank: 45
ALAI Martin Ratio Rank: 44

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.

MBSX vs. ALAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Regan Fixed Rate MBS ETF (MBSX) 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.

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.

	MBSX	ALAI	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.15	-0.99
Sortino ratio: Return per unit of downside risk	0.63	1.69	-1.06
Omega ratio: Gain probability vs. loss probability	1.11	1.20	-0.09
Calmar ratio: Return relative to maximum drawdown	0.33	1.63	-1.30
Martin ratio: Return relative to average drawdown	0.83	4.82	-3.99

MBSX vs. ALAI - Sharpe Ratio Comparison

The current MBSX Sharpe Ratio is 0.17, which is lower than the ALAI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of MBSX 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.

Drawdowns

MBSX vs. ALAI - Drawdown Comparison

The maximum MBSX drawdown since its inception was -27.57%, smaller than the maximum ALAI drawdown of -29.36%. Use the drawdown chart below to compare losses from any high point for MBSX and ALAI.

Drawdown Indicators

	MBSX	ALAI	Difference
Max Drawdown Largest peak-to-trough decline	-27.57%	-29.36%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-27.57%	-19.48%	-8.09%
Current Drawdown Current decline from peak	-21.83%	-8.02%	-13.81%
Average Drawdown Average peak-to-trough decline	-8.13%	-5.18%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.00%	6.59%	+4.41%

Volatility

MBSX vs. ALAI - Volatility Comparison

Regan Fixed Rate MBS ETF (MBSX) and Alger AI Enablers & Adopters ETF (ALAI) have volatilities of 11.03% and 10.55%, 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

	MBSX	ALAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	10.55%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	53.05%	22.46%	+30.59%
Volatility (1Y) Calculated over the trailing 1-year period	55.27%	27.66%	+27.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.31%	29.12%	+24.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.31%	29.12%	+24.19%

MBSX vs. ALAI - Expense Ratio Comparison

MBSX has a 0.40% expense ratio, which is lower than ALAI's 0.55% expense ratio.

Dividends

MBSX vs. ALAI - Dividend Comparison

MBSX's dividend yield for the trailing twelve months is around 3.59%, more than ALAI's 1.26% yield.

Position	TTM	2025	2024
ALAI Alger AI Enablers & Adopters ETF	1.26%	1.50%	0.66%
MBSX Regan Fixed Rate MBS ETF	3.59%	2.77%	0.00%

Frequently Asked Questions

Can I hold both MBSX and ALAI in my portfolio?

MBSX and ALAI have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBSX or ALAI?

MBSX has higher volatility (11.03%) compared to ALAI (10.55%). In terms of maximum drawdown, MBSX dropped -27.57% vs ALAI's -29.36%.

Which ETF is better, MBSX or ALAI?

On 1-year performance, ALAI leads with 36.47% vs 8.25% for MBSX. On fees, MBSX is cheaper at 0.40% per year. On volatility, ALAI has been the lower-risk option at 10.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBSX or ALAI?

Over the 1-year period, ALAI has performed better with a 36.47% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBSX or ALAI?

MBSX is cheaper with a 0.40% expense ratio, compared with 0.55% for ALAI.

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

MBSX has the higher dividend yield at 3.59%, compared with 1.26% for ALAI.

What is the main difference between MBSX and ALAI?

MBSX is categorized as Mortgage Backed Securities, while ALAI is Artificial Intelligence. They also come from different issuers: Regan and Alger. Their fees differ too: 0.40% for MBSX and 0.55% for ALAI.

Which has better risk-adjusted returns?

ALAI currently has the higher Sharpe Ratio (1.15 vs 0.17), 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.