SPE vs. BXMIX
SPE (Special Opportunities Fund Inc.) and BXMIX (Blackstone Alternative Multi-Strategy Fund) are both Multistrategy funds. Over the past 10 years, SPE returned 10.98%/yr vs 4.38%/yr for BXMIX. Their 0.36 correlation means their historical movements had little consistent relationship. SPE charges 1.11%/yr vs 2.33%/yr for BXMIX.
Performance
SPE vs. BXMIX - Performance Comparison
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Returns By Period
In the year-to-date period, SPE achieves a -3.76% return, which is significantly lower than BXMIX's 5.29% return. Over the past 10 years, SPE has outperformed BXMIX with an annualized return of 10.98%, while BXMIX has yielded a comparatively lower 4.38% annualized return.
SPE
- 1D
- 0.08%
- 1M
- -2.03%
- 6M
- -5.61%
- YTD
- -3.76%
- 1Y
- 1.19%
- 3Y*
- 16.61%
- 5Y*
- 8.36%
- 10Y*
- 10.98%
- ALL TIME*
- 9.02%
BXMIX
- 1D
- 0.79%
- 1M
- 0.26%
- 6M
- 4.43%
- YTD
- 5.29%
- 1Y
- 12.61%
- 3Y*
- 8.99%
- 5Y*
- 5.10%
- 10Y*
- 4.38%
- ALL TIME*
- 4.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $510.01K | $480.11K | $478.95K |
SPE vs. BXMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPE Special Opportunities Fund Inc. | -3.76% | 14.68% | 34.41% | 14.12% | -18.39% | 23.60% | 4.86% | 32.95% | -9.17% | 28.66% |
BXMIX Blackstone Alternative Multi-Strategy Fund | 5.29% | 10.45% | 7.45% | 7.92% | -4.62% | 5.27% | -1.10% | 6.78% | -1.51% | 7.20% |
Correlation
The correlation between SPE and BXMIX is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.36 |
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Return for Risk
SPE vs. BXMIX — Risk / Return Rank
SPE
BXMIX
SPE vs. BXMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) and Blackstone Alternative Multi-Strategy Fund (BXMIX). 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.
| SPE | BXMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.39 | ||
| Sortino ratioReturn per unit of downside risk | -7.28 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.94 | -0.93 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 10.17 | -10.22 |
| Martin ratioReturn relative to average drawdown | -0.11 | 38.86 | -38.97 |
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Drawdowns
SPE vs. BXMIX - Drawdown Comparison
The maximum SPE drawdown since its inception was -46.90%, which is greater than BXMIX's maximum drawdown of -19.28%. Use the drawdown chart below to compare losses from any high point for SPE and BXMIX.
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Drawdown Indicators
| SPE | BXMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.90% | -19.28% | -27.62% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -1.53% | -7.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -8.47% | -5.22% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | -8.56% | -15.62% |
Max Drawdown (10Y)Largest decline over 10 years | -46.90% | -19.28% | -27.62% |
Current DrawdownCurrent decline from peak | -6.99% | -0.17% | -6.82% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -2.48% | -2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 0.37% | +3.23% |
Volatility
SPE vs. BXMIX - Volatility Comparison
Special Opportunities Fund Inc. (SPE) has a higher volatility of 2.80% compared to Blackstone Alternative Multi-Strategy Fund (BXMIX) at 1.14%. This indicates that SPE's price experiences larger fluctuations and is considered to be riskier than BXMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPE | BXMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.14% | +1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 8.59% | 2.71% | +5.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 3.58% | +7.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 6.01% | +7.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 5.26% | +12.09% |
SPE vs. BXMIX - Expense Ratio Comparison
SPE has a 1.11% expense ratio, which is lower than BXMIX's 2.33% expense ratio.
Dividends
SPE vs. BXMIX - Dividend Comparison
SPE's dividend yield for the trailing twelve months is around 17.45%, more than BXMIX's 7.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BXMIX Blackstone Alternative Multi-Strategy Fund | 7.36% | 7.75% | 5.75% | 3.48% | 0.00% | 1.68% | 3.12% | 3.67% | 1.91% | 2.00% | 0.45% | 2.52% |
SPE Special Opportunities Fund Inc. | 17.45% | 13.73% | 7.83% | 8.77% | 11.58% | 11.64% | 8.01% | 6.35% | 14.10% | 16.53% | 5.93% | 9.02% |
Frequently Asked Questions
SPE and BXMIX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPE has higher volatility (2.80%) compared to BXMIX (1.14%). In terms of maximum drawdown, SPE dropped -46.90% vs BXMIX's -19.28%.
BXMIX currently has the higher Sharpe Ratio (4.35 vs -0.03), 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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