TOPT vs. CNEQ

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Top 20 U.S. Stocks ETF (TOPT) and Alger Concentrated Equity ETF (CNEQ).

TOPT and CNEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TOPT is a passively managed fund by iShares that tracks the performance of the S&P 500 Top 20 Select Index. It was launched on Nov 23, 2024. CNEQ is an actively managed fund by Alger. It was launched on Apr 4, 2024.

Performance

TOPT vs. CNEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) and Alger Concentrated Equity ETF (CNEQ). The values are adjusted to include any dividend payments, if applicable.

TOPT vs. CNEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	-8.27%	20.35%	5.03%
CNEQ Alger Concentrated Equity ETF	-9.48%	33.61%	8.56%

Returns By Period

In the year-to-date period, TOPT achieves a -8.27% return, which is significantly higher than CNEQ's -9.48% return.

TOPT

• 1D: 3.55%
• 1M: -4.51%
• YTD: -8.27%
• 6M: -5.85%
• 1Y: 20.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CNEQ

• 1D: 4.85%
• 1M: -5.24%
• YTD: -9.48%
• 6M: -11.02%
• 1Y: 37.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOPT vs. CNEQ - Expense Ratio Comparison

TOPT has a 0.20% expense ratio, which is lower than CNEQ's 0.55% expense ratio.

CNEQ

Alger Concentrated Equity ETF

TOPT

iShares Top 20 U.S. Stocks ETF

Return for Risk

TOPT vs. CNEQ — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 65
TOPT Sharpe Ratio Rank: 60
TOPT Sortino Ratio Rank: 66
TOPT Omega Ratio Rank: 66
TOPT Calmar Ratio Rank: 67
TOPT Martin Ratio Rank: 64

CNEQ

CNEQ Risk / Return Rank: 72
CNEQ Sharpe Ratio Rank: 75
CNEQ Sortino Ratio Rank: 77
CNEQ Omega Ratio Rank: 73
CNEQ Calmar Ratio Rank: 75
CNEQ Martin Ratio Rank: 63

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.

TOPT vs. CNEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) 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.

	TOPT	CNEQ	Difference
Sharpe ratio Return per unit of total volatility	1.00	1.31	-0.31
Sortino ratio Return per unit of downside risk	1.59	1.91	-0.32
Omega ratio Gain probability vs. loss probability	1.23	1.26	-0.04
Calmar ratio Return relative to maximum drawdown	1.60	1.90	-0.30
Martin ratio Return relative to average drawdown	5.87	6.03	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOPT vs. CNEQ - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 1.00, which is comparable to the CNEQ Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of TOPT and CNEQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TOPT	CNEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.31	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.93	-0.40

Correlation

The correlation between TOPT and CNEQ is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TOPT vs. CNEQ - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.42%, less than CNEQ's 0.58% yield.

	TTM	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	0.42%	0.38%	0.08%
CNEQ Alger Concentrated Equity ETF	0.58%	0.52%	0.16%

Drawdowns

TOPT vs. CNEQ - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum CNEQ drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for TOPT and CNEQ.

Drawdown Indicators

	TOPT	CNEQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-27.58%	+6.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-19.30%	+6.17%
Current Drawdown Current decline from peak	-10.05%	-15.39%	+5.34%
Average Drawdown Average peak-to-trough decline	-3.66%	-5.08%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	6.08%	-2.49%

Volatility

TOPT vs. CNEQ - Volatility Comparison

The current volatility for iShares Top 20 U.S. Stocks ETF (TOPT) is 5.86%, while Alger Concentrated Equity ETF (CNEQ) has a volatility of 9.61%. This indicates that TOPT 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

	TOPT	CNEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	9.61%	-3.75%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	17.92%	-7.33%
Volatility (1Y) Calculated over the trailing 1-year period	20.69%	28.62%	-7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	27.00%	-6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.47%	27.00%	-6.53%