LSOFX vs. SPEDX

Last updated Jun 4, 2026

LSOFX (LS Opportunity Fund - Institutional Class) and SPEDX (Alger Dynamic Opportunities Fund) are both Long-Short funds. Over the past 10 years, LSOFX returned 6.77%/yr vs 9.08%/yr for SPEDX. A 0.61 correlation means they provide meaningful diversification when combined. LSOFX charges 1.95%/yr vs 0.91%/yr for SPEDX.

Performance

LSOFX vs. SPEDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LS Opportunity Fund - Institutional Class (LSOFX) and Alger Dynamic Opportunities Fund (SPEDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LSOFX achieves a 1.39% return, which is significantly lower than SPEDX's 7.08% return. Over the past 10 years, LSOFX has underperformed SPEDX with an annualized return of 6.77%, while SPEDX has yielded a comparatively higher 9.08% annualized return.

LSOFX

• 1D: -0.33%
• 1M: -1.35%
• YTD: 1.39%
• 6M: 1.82%
• 1Y: 4.09%
• 3Y*: 7.44%
• 5Y*: 4.43%
• 10Y*: 6.77%

SPEDX

• 1D: 0.47%
• 1M: 4.58%
• YTD: 7.08%
• 6M: 6.70%
• 1Y: 10.62%
• 3Y*: 12.21%
• 5Y*: 4.32%
• 10Y*: 9.08%

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

LSOFX vs. SPEDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSOFX LS Opportunity Fund - Institutional Class	1.39%	3.85%	8.28%	11.00%	-3.12%	12.42%	4.35%	18.31%	-3.57%	9.59%
SPEDX Alger Dynamic Opportunities Fund	7.08%	6.22%	23.03%	4.24%	-13.90%	3.96%	47.30%	12.79%	-2.32%	9.46%

Correlation

The correlation between LSOFX and SPEDX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 1, 2010	0.61

Over the past year, the correlation between LSOFX and SPEDX has dropped to 0.37 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

LSOFX vs. SPEDX — Risk / Return Rank

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

LSOFX

LSOFX Risk / Return Rank: 7
LSOFX Sharpe Ratio Rank: 7
LSOFX Sortino Ratio Rank: 7
LSOFX Omega Ratio Rank: 6
LSOFX Calmar Ratio Rank: 8
LSOFX Martin Ratio Rank: 8

SPEDX

SPEDX Risk / Return Rank: 12
SPEDX Sharpe Ratio Rank: 13
SPEDX Sortino Ratio Rank: 13
SPEDX Omega Ratio Rank: 12
SPEDX Calmar Ratio Rank: 12
SPEDX Martin Ratio Rank: 11

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.

LSOFX vs. SPEDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LS Opportunity Fund - Institutional Class (LSOFX) 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.

	LSOFX	SPEDX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.98	-0.42
Sortino ratio: Return per unit of downside risk	0.88	1.44	-0.56
Omega ratio: Gain probability vs. loss probability	1.10	1.17	-0.07
Calmar ratio: Return relative to maximum drawdown	0.82	1.17	-0.35
Martin ratio: Return relative to average drawdown	2.29	3.26	-0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LSOFX vs. SPEDX - Sharpe Ratio Comparison

The current LSOFX Sharpe Ratio is 0.56, which is lower than the SPEDX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of LSOFX and SPEDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LSOFX	SPEDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.98	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.37	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.71	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.55	+0.09

Drawdowns

LSOFX vs. SPEDX - Drawdown Comparison

The maximum LSOFX drawdown since its inception was -22.05%, smaller than the maximum SPEDX drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for LSOFX and SPEDX.

Drawdown Indicators

	LSOFX	SPEDX	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-29.02%	+6.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-9.18%	+3.82%
Max Drawdown (3Y) Largest decline over 3 years	-10.43%	-13.23%	+2.80%
Max Drawdown (5Y) Largest decline over 5 years	-13.00%	-29.02%	+16.02%
Max Drawdown (10Y) Largest decline over 10 years	-22.05%	-29.02%	+6.97%
Current Drawdown Current decline from peak	-2.09%	0.00%	-2.09%
Average Drawdown Average peak-to-trough decline	-3.33%	-6.95%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	3.28%	-1.37%

Volatility

LSOFX vs. SPEDX - Volatility Comparison

The current volatility for LS Opportunity Fund - Institutional Class (LSOFX) is 2.12%, while Alger Dynamic Opportunities Fund (SPEDX) has a volatility of 3.93%. This indicates that LSOFX 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.

Volatility by Period

	LSOFX	SPEDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	3.93%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	5.80%	8.21%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	10.94%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.82%	11.83%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.25%	12.85%	-2.60%

LSOFX vs. SPEDX - Expense Ratio Comparison

LSOFX has a 1.95% expense ratio, which is higher than SPEDX's 0.91% expense ratio.

Dividends

LSOFX vs. SPEDX - Dividend Comparison

LSOFX's dividend yield for the trailing twelve months is around 4.74%, more than SPEDX's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSOFX LS Opportunity Fund - Institutional Class	4.74%	4.81%	0.98%	0.00%	5.27%	4.35%	1.28%	2.35%	2.71%	3.91%	0.00%	6.74%
SPEDX Alger Dynamic Opportunities Fund	0.08%	0.09%	0.00%	0.00%	0.00%	5.69%	4.94%	3.75%	1.92%	0.00%	0.32%	0.00%

Frequently Asked Questions

Can I hold both LSOFX and SPEDX in my portfolio?

LSOFX and SPEDX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSOFX or SPEDX?

SPEDX has higher volatility (3.93%) compared to LSOFX (2.12%). In terms of maximum drawdown, LSOFX dropped -22.05% vs SPEDX's -29.02%.

Which has better risk-adjusted returns?

SPEDX currently has the higher Sharpe Ratio (0.98 vs 0.56), 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.