SPEGX vs. SPY

Last updated Jun 24, 2026

SPEGX (Alger Responsible Investing Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - SPEGX is a Large Cap Growth Equities fund managed by Alger, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SPEGX returned 15.50%/yr vs 15.53%/yr for SPY. Their correlation of 0.91 suggests significant overlap in exposure. SPEGX charges 1.27%/yr vs 0.09%/yr for SPY.

Performance

SPEGX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Responsible Investing Fund (SPEGX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEGX achieves a 9.69% return, which is significantly higher than SPY's 8.15% return. Both investments have delivered pretty close results over the past 10 years, with SPEGX having a 15.50% annualized return and SPY not far ahead at 15.53%.

SPEGX

• 1D: -0.49%
• 1M: 0.77%
• YTD: 9.69%
• 6M: 8.15%
• 1Y: 30.04%
• 3Y*: 24.77%
• 5Y*: 13.17%
• 10Y*: 15.50%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

SPEGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEGX Alger Responsible Investing Fund	9.69%	22.09%	31.46%	36.73%	-30.82%	24.12%	35.83%	33.90%	-1.63%	10.44%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPEGX and SPY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 7, 2000	0.91

The correlation between SPEGX and SPY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

SPEGX vs. SPY — Risk / Return Rank

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

SPEGX

SPEGX Risk / Return Rank: 38
SPEGX Sharpe Ratio Rank: 42
SPEGX Sortino Ratio Rank: 37
SPEGX Omega Ratio Rank: 37
SPEGX Calmar Ratio Rank: 38
SPEGX Martin Ratio Rank: 36

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

SPEGX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Responsible Investing Fund (SPEGX) and State Street SPDR S&P 500 ETF (SPY). 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.

	SPEGX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.90	-0.13
Sortino ratio: Return per unit of downside risk	2.36	2.58	-0.22
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.21	2.67	-0.46
Martin ratio: Return relative to average drawdown	7.55	11.92	-4.37

SPEGX vs. SPY - Sharpe Ratio Comparison

The current SPEGX Sharpe Ratio is 1.77, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPEGX and SPY, 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

SPEGX vs. SPY - Drawdown Comparison

The maximum SPEGX drawdown since its inception was -67.29%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPEGX and SPY.

Drawdown Indicators

	SPEGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-67.29%	-55.19%	-12.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-8.88%	-5.36%
Max Drawdown (3Y) Largest decline over 3 years	-24.92%	-18.76%	-6.16%
Max Drawdown (5Y) Largest decline over 5 years	-36.33%	-24.50%	-11.83%
Max Drawdown (10Y) Largest decline over 10 years	-36.33%	-33.72%	-2.61%
Current Drawdown Current decline from peak	-3.04%	-3.17%	+0.13%
Average Drawdown Average peak-to-trough decline	-24.47%	-9.04%	-15.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	1.98%	+2.18%

Volatility

SPEGX vs. SPY - Volatility Comparison

Alger Responsible Investing Fund (SPEGX) has a higher volatility of 6.56% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that SPEGX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	4.87%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	14.07%	9.85%	+4.22%
Volatility (1Y) Calculated over the trailing 1-year period	17.83%	12.50%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.96%	17.15%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.80%	17.95%	+3.85%

SPEGX vs. SPY - Expense Ratio Comparison

SPEGX has a 1.27% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPEGX vs. SPY - Dividend Comparison

SPEGX's dividend yield for the trailing twelve months is around 7.80%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPEGX Alger Responsible Investing Fund	7.80%	8.55%	8.89%	2.92%	0.81%	8.42%	7.23%	7.54%	7.04%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPEGX and SPY in my portfolio?

With a correlation of 0.91, SPEGX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPEGX or SPY?

SPEGX has higher volatility (6.56%) compared to SPY (4.87%). In terms of maximum drawdown, SPEGX dropped -67.29% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.77), 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.