SPECX vs. AMCGX

Last updated Jun 4, 2026

SPECX (Alger Spectra Fund) and AMCGX (Alger Mid Cap Growth Fund) are both mutual funds - SPECX is a Large Cap Growth Equities fund managed by Alger, while AMCGX is a Mid Cap Growth Equities fund managed by Alger. Over the past 10 years, SPECX returned 17.81%/yr vs 7.76%/yr for AMCGX. Their correlation of 0.91 suggests significant overlap in exposure. SPECX charges 1.39%/yr vs 1.93%/yr for AMCGX.

Performance

SPECX vs. AMCGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Spectra Fund (SPECX) and Alger Mid Cap Growth Fund (AMCGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPECX achieves a 13.50% return, which is significantly higher than AMCGX's 5.17% return. Over the past 10 years, SPECX has outperformed AMCGX with an annualized return of 17.81%, while AMCGX has yielded a comparatively lower 7.76% annualized return.

SPECX

• 1D: -0.74%
• 1M: 8.72%
• YTD: 13.50%
• 6M: 13.17%
• 1Y: 38.92%
• 3Y*: 34.88%
• 5Y*: 15.81%
• 10Y*: 17.81%

AMCGX

• 1D: -0.42%
• 1M: 5.92%
• YTD: 5.17%
• 6M: 4.70%
• 1Y: 19.07%
• 3Y*: 16.88%
• 5Y*: -3.87%
• 10Y*: 7.76%

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

SPECX vs. AMCGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPECX Alger Spectra Fund	13.50%	29.16%	47.52%	41.34%	-39.37%	12.61%	43.66%	32.15%	-0.82%	31.11%
AMCGX Alger Mid Cap Growth Fund	5.17%	16.63%	20.10%	22.85%	-35.19%	-29.98%	63.90%	29.63%	-8.03%	27.39%

Correlation

The correlation between SPECX and AMCGX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 21, 1996	0.91

The correlation between SPECX and AMCGX shifts across timeframes, from 0.77 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPECX vs. AMCGX — Risk / Return Rank

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

SPECX

SPECX Risk / Return Rank: 32
SPECX Sharpe Ratio Rank: 40
SPECX Sortino Ratio Rank: 34
SPECX Omega Ratio Rank: 33
SPECX Calmar Ratio Rank: 28
SPECX Martin Ratio Rank: 26

AMCGX

AMCGX Risk / Return Rank: 14
AMCGX Sharpe Ratio Rank: 15
AMCGX Sortino Ratio Rank: 15
AMCGX Omega Ratio Rank: 13
AMCGX Calmar Ratio Rank: 14
AMCGX Martin Ratio Rank: 14

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.

SPECX vs. AMCGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Spectra Fund (SPECX) and Alger Mid Cap Growth Fund (AMCGX). 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.

	SPECX	AMCGX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.07	+0.76
Sortino ratio: Return per unit of downside risk	2.41	1.59	+0.83
Omega ratio: Gain probability vs. loss probability	1.30	1.18	+0.12
Calmar ratio: Return relative to maximum drawdown	2.00	1.26	+0.74
Martin ratio: Return relative to average drawdown	6.34	4.03	+2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPECX vs. AMCGX - Sharpe Ratio Comparison

The current SPECX Sharpe Ratio is 1.84, which is higher than the AMCGX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of SPECX and AMCGX, 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

	SPECX	AMCGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.07	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	-0.13	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.29	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.04	+0.46

Drawdowns

SPECX vs. AMCGX - Drawdown Comparison

The maximum SPECX drawdown since its inception was -72.19%, roughly equal to the maximum AMCGX drawdown of -74.93%. Use the drawdown chart below to compare losses from any high point for SPECX and AMCGX.

Drawdown Indicators

	SPECX	AMCGX	Difference
Max Drawdown Largest peak-to-trough decline	-72.19%	-74.93%	+2.74%
Max Drawdown (1Y) Largest decline over 1 year	-20.03%	-16.20%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	-26.65%	-1.26%
Max Drawdown (5Y) Largest decline over 5 years	-54.82%	-64.50%	+9.68%
Max Drawdown (10Y) Largest decline over 10 years	-54.82%	-64.50%	+9.68%
Current Drawdown Current decline from peak	-0.74%	-33.07%	+32.33%
Average Drawdown Average peak-to-trough decline	-24.04%	-22.87%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.31%	5.04%	+1.27%

Volatility

SPECX vs. AMCGX - Volatility Comparison

Alger Spectra Fund (SPECX) and Alger Mid Cap Growth Fund (AMCGX) have volatilities of 5.63% and 5.44%, 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

	SPECX	AMCGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	5.44%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	14.71%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	21.82%	19.01%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.67%	30.49%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.86%	26.81%	+1.05%

SPECX vs. AMCGX - Expense Ratio Comparison

SPECX has a 1.39% expense ratio, which is lower than AMCGX's 1.93% expense ratio.

Dividends

SPECX vs. AMCGX - Dividend Comparison

SPECX's dividend yield for the trailing twelve months is around 6.58%, while AMCGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMCGX Alger Mid Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	13.34%	13.72%	10.98%	7.59%	0.00%	0.00%	0.00%
SPECX Alger Spectra Fund	6.58%	7.47%	6.49%	0.00%	2.70%	34.41%	9.19%	7.20%	12.09%	6.14%	0.00%	8.80%

Frequently Asked Questions

Can I hold both SPECX and AMCGX in my portfolio?

SPECX and AMCGX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPECX or AMCGX?

SPECX has higher volatility (5.63%) compared to AMCGX (5.44%). In terms of maximum drawdown, SPECX dropped -72.19% vs AMCGX's -74.93%.

Which has better risk-adjusted returns?

SPECX currently has the higher Sharpe Ratio (1.84 vs 1.07), 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.