NVDA vs. CNEQ

Last updated Jun 13, 2026

NVDA (NVIDIA Corporation) is a stock, while CNEQ (Alger Concentrated Equity ETF) is Large Cap Growth Equities fund actively managed by Alger. Over the past year, NVDA returned 44.72% vs 40.95% for CNEQ. A 0.78 correlation means they provide meaningful diversification when combined.

Performance

NVDA vs. CNEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NVIDIA Corporation (NVDA) 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, NVDA achieves a 10.16% return, which is significantly lower than CNEQ's 13.44% return.

NVDA

• 1D: 0.16%
• 1M: -12.86%
• YTD: 10.16%
• 6M: 17.38%
• 1Y: 44.72%
• 3Y*: 71.13%
• 5Y*: 63.13%
• 10Y*: 67.95%

CNEQ

• 1D: 0.41%
• 1M: -2.01%
• YTD: 13.44%
• 6M: 14.69%
• 1Y: 40.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDA vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDA NVIDIA Corporation	10.16%	38.92%	56.36%
CNEQ Alger Concentrated Equity ETF	13.44%	33.61%	29.82%

Correlation

The correlation between NVDA and CNEQ is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Apr 5, 2024	0.78

The correlation between NVDA and CNEQ has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

Return for Risk

NVDA vs. CNEQ — Risk / Return Rank

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

NVDA

NVDA Risk / Return Rank: 75
NVDA Sharpe Ratio Rank: 78
NVDA Sortino Ratio Rank: 73
NVDA Omega Ratio Rank: 71
NVDA Calmar Ratio Rank: 77
NVDA Martin Ratio Rank: 77

CNEQ

CNEQ Risk / Return Rank: 50
CNEQ Sharpe Ratio Rank: 57
CNEQ Sortino Ratio Rank: 51
CNEQ Omega Ratio Rank: 53
CNEQ Calmar Ratio Rank: 46
CNEQ Martin Ratio Rank: 44

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.

NVDA vs. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NVIDIA Corporation (NVDA) 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.

	NVDA	CNEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.69	-0.49
Sortino ratio: Return per unit of downside risk	1.75	2.22	-0.46
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	2.07	2.04	+0.03
Martin ratio: Return relative to average drawdown	4.94	6.33	-1.39

NVDA vs. CNEQ - Sharpe Ratio Comparison

The current NVDA Sharpe Ratio is 1.20, which is comparable to the CNEQ Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of NVDA 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

NVDA vs. CNEQ - Drawdown Comparison

The maximum NVDA drawdown since its inception was -89.72%, which is greater than CNEQ's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for NVDA and CNEQ.

Drawdown Indicators

	NVDA	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-89.72%	-27.58%	-62.14%
Max Drawdown (1Y) Largest decline over 1 year	-20.21%	-19.30%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-36.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.34%	—	—
Current Drawdown Current decline from peak	-12.86%	-6.11%	-6.75%
Average Drawdown Average peak-to-trough decline	-36.18%	-4.89%	-31.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	6.20%	+2.26%

Volatility

NVDA vs. CNEQ - Volatility Comparison

NVIDIA Corporation (NVDA) has a higher volatility of 13.26% compared to Alger Concentrated Equity ETF (CNEQ) at 8.66%. This indicates that NVDA's price experiences larger fluctuations and is considered to be riskier than CNEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDA	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.26%	8.66%	+4.60%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	18.32%	+8.35%
Volatility (1Y) Calculated over the trailing 1-year period	35.00%	23.32%	+11.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.76%	26.77%	+24.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.84%	26.77%	+23.07%

Dividends

NVDA vs. CNEQ - Dividend Comparison

NVDA's dividend yield for the trailing twelve months is around 0.14%, less than CNEQ's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNEQ Alger Concentrated Equity ETF	0.46%	0.52%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NVDA NVIDIA Corporation	0.14%	0.02%	0.03%	0.03%	0.11%	0.05%	0.12%	0.27%	0.46%	0.29%	0.45%	1.20%

Frequently Asked Questions

Can I hold both NVDA and CNEQ in my portfolio?

NVDA and CNEQ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDA or CNEQ?

NVDA has higher volatility (13.26%) compared to CNEQ (8.66%). In terms of maximum drawdown, NVDA dropped -89.72% vs CNEQ's -27.58%.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (1.69 vs 1.20), 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.