An SU(2) gauge theory with two fermions transforming under the adjoint representation of the gauge group may appear conformal or almost conformal in the infrared. We use lattice simulations to study the spectrum of this theory and present results on the masses of several gauge singlet states as a function of the physical quark mass determined through the axial Ward identity and find indications of a change from chiral symmetry breaking to a phase consistent with conformal behaviour at beta_L ~ 2. However, the measurement of the spectrum is not alone sufficient to decisively confirm the existence of conformal fixed point in this theory as we show by comparing to similar measurements with fundamental fermions. Based on the results we sketch a possible phase diagram of this lattice theory and discuss the applicability and importance of these results for the future measurement of the evolution of the coupling constant.
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