NETL vs. CNEQ

Last updated Jun 25, 2026

NETL (NETLease Corporate Real Estate ETF) and CNEQ (Alger Concentrated Equity ETF) are both exchange-traded funds - NETL is a REIT fund tracking the Fundamental Income Net Lease Real Estate Index, while CNEQ is a Large Cap Growth Equities fund actively managed by Alger. NETL is passively managed, while CNEQ is actively managed. Over the past year, NETL returned 12.86% vs 39.65% for CNEQ. At a correlation of -0.02, they often move in opposite directions. NETL charges 0.60%/yr vs 0.55%/yr for CNEQ.

Performance

NETL vs. CNEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NETLease Corporate Real Estate ETF (NETL) and Alger Concentrated Equity ETF (CNEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NETL achieves a 14.61% return, which is significantly lower than CNEQ's 16.03% return.

NETL

• 1D: 0.72%
• 1M: 0.70%
• YTD: 14.61%
• 6M: 14.73%
• 1Y: 12.86%
• 3Y*: 9.82%
• 5Y*: 2.20%
• 10Y*: —

CNEQ

• 1D: -0.32%
• 1M: -0.32%
• YTD: 16.03%
• 6M: 13.52%
• 1Y: 39.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NETL vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NETL NETLease Corporate Real Estate ETF	14.61%	6.05%	6.05%
CNEQ Alger Concentrated Equity ETF	16.03%	33.61%	29.82%

Correlation

The correlation between NETL and CNEQ is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	-0.02

Return for Risk

NETL vs. CNEQ — Risk / Return Rank

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

NETL

NETL Risk / Return Rank: 29
NETL Sharpe Ratio Rank: 28
NETL Sortino Ratio Rank: 26
NETL Omega Ratio Rank: 25
NETL Calmar Ratio Rank: 31
NETL Martin Ratio Rank: 33

CNEQ

CNEQ Risk / Return Rank: 49
CNEQ Sharpe Ratio Rank: 54
CNEQ Sortino Ratio Rank: 50
CNEQ Omega Ratio Rank: 51
CNEQ Calmar Ratio Rank: 46
CNEQ Martin Ratio Rank: 43

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.

NETL vs. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NETLease Corporate Real Estate ETF (NETL) 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.

	NETL	CNEQ	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.66	-0.74
Sortino ratio: Return per unit of downside risk	1.33	2.22	-0.89
Omega ratio: Gain probability vs. loss probability	1.16	1.29	-0.13
Calmar ratio: Return relative to maximum drawdown	1.41	2.06	-0.65
Martin ratio: Return relative to average drawdown	4.43	6.40	-1.97

NETL vs. CNEQ - Sharpe Ratio Comparison

The current NETL Sharpe Ratio is 0.92, which is lower than the CNEQ Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of NETL and CNEQ, 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

NETL vs. CNEQ - Drawdown Comparison

The maximum NETL drawdown since its inception was -51.48%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for NETL and CNEQ.

Drawdown Indicators

	NETL	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-51.48%	-27.58%	-23.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-19.30%	+10.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.74%	—	—
Current Drawdown Current decline from peak	-1.23%	-4.64%	+3.41%
Average Drawdown Average peak-to-trough decline	-11.57%	-4.86%	-6.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	6.21%	-3.29%

Volatility

NETL vs. CNEQ - Volatility Comparison

The current volatility for NETLease Corporate Real Estate ETF (NETL) is 5.28%, while Alger Concentrated Equity ETF (CNEQ) has a volatility of 9.80%. This indicates that NETL 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.

Volatility by Period

	NETL	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	9.80%	-4.52%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	18.63%	-8.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	24.07%	-10.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	26.97%	-8.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.87%	26.97%	-1.10%

NETL vs. CNEQ - Expense Ratio Comparison

NETL has a 0.60% expense ratio, which is higher than CNEQ's 0.55% expense ratio.

Dividends

NETL vs. CNEQ - Dividend Comparison

NETL's dividend yield for the trailing twelve months is around 4.65%, more than CNEQ's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CNEQ Alger Concentrated Equity ETF	0.45%	0.52%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
NETL NETLease Corporate Real Estate ETF	4.65%	5.12%	5.08%	4.57%	4.47%	4.03%	3.98%	2.52%

Frequently Asked Questions

Can I hold both NETL and CNEQ in my portfolio?

NETL and CNEQ have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NETL or CNEQ?

CNEQ has higher volatility (9.80%) compared to NETL (5.28%). In terms of maximum drawdown, NETL dropped -51.48% vs CNEQ's -27.58%.

Which ETF is better, NETL or CNEQ?

On 1-year performance, CNEQ leads with 39.65% vs 12.86% for NETL. On fees, CNEQ is cheaper at 0.55% per year. On volatility, NETL has been the lower-risk option at 5.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NETL or CNEQ?

Over the 1-year period, CNEQ has performed better with a 39.65% return vs 12.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NETL or CNEQ?

CNEQ is cheaper with a 0.55% expense ratio, compared with 0.60% for NETL.

Which ETF pays a higher dividend yield, NETL or CNEQ?

NETL has the higher dividend yield at 4.65%, compared with 0.45% for CNEQ.

What is the main difference between NETL and CNEQ?

NETL is categorized as REIT, while CNEQ is Large Cap Growth Equities. They also come from different issuers: Exchange Traded Concepts and Alger. Their fees differ too: 0.60% for NETL and 0.55% for CNEQ.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (1.66 vs 0.92), 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.