BTPIX vs. SPEDX
BTPIX (Salient Tactical Plus Fund) and SPEDX (Alger Dynamic Opportunities Fund) are both Long-Short funds. Over the past 10 years, BTPIX returned 3.56%/yr vs 8.36%/yr for SPEDX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. BTPIX charges 1.08%/yr vs 0.91%/yr for SPEDX.
Performance
BTPIX vs. SPEDX - Performance Comparison
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Returns By Period
In the year-to-date period, BTPIX achieves a 2.50% return, which is significantly higher than SPEDX's 2.30% return. Over the past 10 years, BTPIX has underperformed SPEDX with an annualized return of 3.56%, while SPEDX has yielded a comparatively higher 8.36% annualized return.
BTPIX
- 1D
- 0.00%
- 1M
- -1.42%
- 6M
- -0.36%
- YTD
- 2.50%
- 1Y
- 7.13%
- 3Y*
- 1.04%
- 5Y*
- 1.49%
- 10Y*
- 3.56%
- ALL TIME*
- 3.93%
SPEDX
- 1D
- 2.39%
- 1M
- -3.98%
- 6M
- 4.32%
- YTD
- 2.30%
- 1Y
- 2.95%
- 3Y*
- 11.83%
- 5Y*
- 2.87%
- 10Y*
- 8.36%
- ALL TIME*
- 6.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BTPIX vs. SPEDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTPIX Salient Tactical Plus Fund | 2.50% | -2.44% | 3.17% | 4.22% | -1.65% | 6.48% | 7.46% | 7.54% | 2.94% | 0.26% |
SPEDX Alger Dynamic Opportunities Fund | 2.30% | 6.22% | 23.03% | 4.24% | -13.90% | 3.96% | 47.30% | 12.79% | -2.32% | 9.46% |
Correlation
The correlation between BTPIX and SPEDX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.52 |
The correlation between BTPIX and SPEDX shifts across timeframes, from 0.41 (5 years) to 0.69 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTPIX vs. SPEDX — Risk / Return Rank
BTPIX
SPEDX
BTPIX vs. SPEDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Salient Tactical Plus Fund (BTPIX) and Alger Dynamic Opportunities Fund (SPEDX). 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.
| BTPIX | SPEDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.04 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 0.23 | +0.70 |
| Martin ratioReturn relative to average drawdown | 2.54 | 0.58 | +1.95 |
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Drawdowns
BTPIX vs. SPEDX - Drawdown Comparison
The maximum BTPIX drawdown since its inception was -13.30%, smaller than the maximum SPEDX drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for BTPIX and SPEDX.
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Drawdown Indicators
| BTPIX | SPEDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.30% | -29.02% | +15.72% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -9.18% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -8.90% | -13.23% | +4.33% |
Max Drawdown (5Y)Largest decline over 5 years | -8.90% | -29.02% | +20.12% |
Max Drawdown (10Y)Largest decline over 10 years | -11.04% | -29.02% | +17.98% |
Current DrawdownCurrent decline from peak | -4.15% | -6.78% | +2.63% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -6.91% | +3.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 3.63% | -1.13% |
Volatility
BTPIX vs. SPEDX - Volatility Comparison
The current volatility for Salient Tactical Plus Fund (BTPIX) is 1.75%, while Alger Dynamic Opportunities Fund (SPEDX) has a volatility of 4.56%. This indicates that BTPIX experiences smaller price fluctuations and is considered to be less risky than SPEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTPIX | SPEDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 4.56% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 6.74% | 10.33% | -3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.78% | 12.78% | -3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.34% | 12.17% | -5.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.56% | 12.99% | -4.43% |
BTPIX vs. SPEDX - Expense Ratio Comparison
BTPIX has a 1.08% expense ratio, which is higher than SPEDX's 0.91% expense ratio.
Dividends
BTPIX vs. SPEDX - Dividend Comparison
BTPIX's dividend yield for the trailing twelve months is around 2.74%, more than SPEDX's 0.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BTPIX Salient Tactical Plus Fund | 2.74% | 2.81% | 3.80% | 4.93% | 7.72% | 0.00% | 6.10% | 6.16% | 3.08% | 0.00% | 4.14% |
SPEDX Alger Dynamic Opportunities Fund | 0.09% | 0.09% | 0.00% | 0.00% | 0.00% | 5.69% | 4.94% | 3.75% | 1.92% | 0.00% | 0.32% |
Frequently Asked Questions
BTPIX and SPEDX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEDX has higher volatility (4.56%) compared to BTPIX (1.75%). In terms of maximum drawdown, BTPIX dropped -13.30% vs SPEDX's -29.02%.
BTPIX currently has the higher Sharpe Ratio (0.65 vs 0.17), 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.
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