Tom Cruise wants to compare Alpha equity fund against the S&P 500. Alpha fund uses the idea of Risk Allocation by invest

[answerhappygod]

Tom Cruise wants to compare Alpha equity fund against the
S&P 500. Alpha fund uses the idea of Risk Allocation by
investing in the same firms as in the S&P 500 but with
different allocation. Alpha fund's sector allocation remains the
same as the market index (capitalisation weighted). However, the
allocation of each firm in each sector is based on equal risk
contribution (each firm in a sector will have the same Marginal
Contribution to Risk as others firm that sector). Tom has asked you
to explain if Alpha fund will have a lower or higher volatility
than the S&P500?