BFOCX vs. SPECX

Last updated Apr 1, 2026

Compare and contrast key facts about Berkshire Focus Fund (BFOCX) and Alger Spectra Fund (SPECX).

BFOCX is managed by Berkshire. It was launched on Jun 30, 1997. SPECX is managed by Alger. It was launched on Jul 28, 1969.

Performance

BFOCX vs. SPECX - Performance Comparison

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

BFOCX vs. SPECX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BFOCX Berkshire Focus Fund	-7.50%	28.67%	59.16%	50.20%	-65.06%	-1.79%	90.81%	40.56%	10.04%	44.10%
SPECX Alger Spectra Fund	-15.14%	29.16%	47.52%	41.34%	-39.37%	12.61%	43.66%	32.15%	-0.82%	31.11%

Returns By Period

In the year-to-date period, BFOCX achieves a -7.50% return, which is significantly higher than SPECX's -15.14% return. Over the past 10 years, BFOCX has outperformed SPECX with an annualized return of 16.09%, while SPECX has yielded a comparatively lower 14.53% annualized return.

BFOCX

• 1D: -5.71%
• 1M: -5.71%
• YTD: -7.50%
• 6M: -11.79%
• 1Y: 48.53%
• 3Y*: 32.48%
• 5Y*: 0.99%
• 10Y*: 16.09%

SPECX

• 1D: -1.46%
• 1M: -9.64%
• YTD: -15.14%
• 6M: -16.34%
• 1Y: 25.34%
• 3Y*: 26.11%
• 5Y*: 9.62%
• 10Y*: 14.53%

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

BFOCX vs. SPECX - Expense Ratio Comparison

BFOCX has a 1.94% expense ratio, which is higher than SPECX's 1.39% expense ratio.

BFOCX

Berkshire Focus Fund

SPECX

Alger Spectra Fund

Return for Risk

BFOCX vs. SPECX — Risk / Return Rank

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

BFOCX

BFOCX Risk / Return Rank: 70
BFOCX Sharpe Ratio Rank: 65
BFOCX Sortino Ratio Rank: 68
BFOCX Omega Ratio Rank: 61
BFOCX Calmar Ratio Rank: 88
BFOCX Martin Ratio Rank: 69

SPECX

SPECX Risk / Return Rank: 42
SPECX Sharpe Ratio Rank: 44
SPECX Sortino Ratio Rank: 50
SPECX Omega Ratio Rank: 43
SPECX Calmar Ratio Rank: 41
SPECX Martin Ratio Rank: 33

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.

BFOCX vs. SPECX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Berkshire Focus Fund (BFOCX) and Alger Spectra Fund (SPECX). 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.

	BFOCX	SPECX	Difference
Sharpe ratio Return per unit of total volatility	1.13	0.88	+0.25
Sortino ratio Return per unit of downside risk	1.67	1.39	+0.28
Omega ratio Gain probability vs. loss probability	1.23	1.19	+0.04
Calmar ratio Return relative to maximum drawdown	2.31	1.06	+1.25
Martin ratio Return relative to average drawdown	6.55	3.51	+3.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BFOCX vs. SPECX - Sharpe Ratio Comparison

The current BFOCX Sharpe Ratio is 1.13, which is comparable to the SPECX Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of BFOCX and SPECX, 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

	BFOCX	SPECX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	0.88	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.30	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.53	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.46	-0.44

Correlation

The correlation between BFOCX and SPECX is 0.85, 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

BFOCX vs. SPECX - Dividend Comparison

BFOCX has not paid dividends to shareholders, while SPECX's dividend yield for the trailing twelve months is around 8.80%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFOCX Berkshire Focus Fund	0.00%	0.00%	0.00%	0.00%	0.00%	19.54%	21.20%	14.20%	5.70%	21.73%	0.14%	9.52%
SPECX Alger Spectra Fund	8.80%	7.47%	6.49%	0.00%	2.70%	34.41%	9.19%	7.20%	12.09%	6.14%	0.00%	8.80%

Drawdowns

BFOCX vs. SPECX - Drawdown Comparison

The maximum BFOCX drawdown since its inception was -97.42%, which is greater than SPECX's maximum drawdown of -72.19%. Use the drawdown chart below to compare losses from any high point for BFOCX and SPECX.

Drawdown Indicators

	BFOCX	SPECX	Difference
Max Drawdown Largest peak-to-trough decline	-97.42%	-72.19%	-25.23%
Max Drawdown (1Y) Largest decline over 1 year	-17.75%	-20.03%	+2.28%
Max Drawdown (5Y) Largest decline over 5 years	-97.42%	-54.82%	-42.60%
Max Drawdown (10Y) Largest decline over 10 years	-97.42%	-54.82%	-42.60%
Current Drawdown Current decline from peak	-95.53%	-20.03%	-75.50%
Average Drawdown Average peak-to-trough decline	-61.72%	-24.16%	-37.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.27%	6.06%	+0.21%

Volatility

BFOCX vs. SPECX - Volatility Comparison

Berkshire Focus Fund (BFOCX) has a higher volatility of 15.41% compared to Alger Spectra Fund (SPECX) at 7.79%. This indicates that BFOCX's price experiences larger fluctuations and is considered to be riskier than SPECX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFOCX	SPECX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.41%	7.79%	+7.62%
Volatility (6M) Calculated over the trailing 6-month period	28.97%	17.03%	+11.94%
Volatility (1Y) Calculated over the trailing 1-year period	41.73%	27.87%	+13.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1,099.58%	32.64%	+1,066.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	777.66%	27.72%	+749.94%