SPE vs. FSLTX
SPE (Special Opportunities Fund Inc.) and FSLTX (Strategic Advisers Alternatives Fund) are both Multistrategy funds. Over the past 3 years, SPE returned 18.96%/yr vs 8.68%/yr for FSLTX. At a 0.12 correlation, their price movements are largely independent. SPE charges 1.11%/yr vs 1.56%/yr for FSLTX.
Performance
SPE vs. FSLTX - Performance Comparison
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Returns By Period
In the year-to-date period, SPE achieves a -2.79% return, which is significantly lower than FSLTX's 5.58% return.
SPE
- 1D
- -2.05%
- 1M
- -2.09%
- YTD
- -2.79%
- 6M
- -2.84%
- 1Y
- 4.24%
- 3Y*
- 18.96%
- 5Y*
- 9.04%
- 10Y*
- 11.61%
FSLTX
- 1D
- -0.10%
- 1M
- 0.58%
- YTD
- 5.58%
- 6M
- 5.61%
- 1Y
- 10.16%
- 3Y*
- 8.68%
- 5Y*
- —
- 10Y*
- —
SPE vs. FSLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPE Special Opportunities Fund Inc. | -2.79% | 14.68% | 34.41% | 10.37% |
FSLTX Strategic Advisers Alternatives Fund | 5.58% | 7.69% | 10.10% | 1.68% |
Correlation
The correlation between SPE and FSLTX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023 | 0.12 |
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Return for Risk
SPE vs. FSLTX — Risk / Return Rank
SPE
FSLTX
SPE vs. FSLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) and Strategic Advisers Alternatives Fund (FSLTX). 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 | FSLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.16 | ||
| Sortino ratioReturn per unit of downside risk | -8.40 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 2.61 | -1.53 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 12.09 | -11.63 |
| Martin ratioReturn relative to average drawdown | 1.41 | 55.93 | -54.52 |
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Drawdowns
SPE vs. FSLTX - Drawdown Comparison
The maximum SPE drawdown since its inception was -46.90%, which is greater than FSLTX's maximum drawdown of -3.78%. Use the drawdown chart below to compare losses from any high point for SPE and FSLTX.
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Drawdown Indicators
| SPE | FSLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.90% | -3.78% | -43.12% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -1.00% | -8.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -3.78% | -9.91% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -46.90% | — | — |
Current DrawdownCurrent decline from peak | -6.05% | -0.10% | -5.95% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -0.59% | -4.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 0.26% | +2.76% |
Volatility
SPE vs. FSLTX - Volatility Comparison
Special Opportunities Fund Inc. (SPE) has a higher volatility of 3.70% compared to Strategic Advisers Alternatives Fund (FSLTX) at 0.46%. This indicates that SPE's price experiences larger fluctuations and is considered to be riskier than FSLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPE | FSLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.70% | 0.46% | +3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 8.84% | 1.55% | +7.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.08% | 2.18% | +8.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.61% | 4.85% | +8.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 4.85% | +12.53% |
SPE vs. FSLTX - Expense Ratio Comparison
SPE has a 1.11% expense ratio, which is lower than FSLTX's 1.56% expense ratio.
Dividends
SPE vs. FSLTX - Dividend Comparison
SPE's dividend yield for the trailing twelve months is around 17.14%, more than FSLTX's 5.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSLTX Strategic Advisers Alternatives Fund | 5.21% | 5.50% | 7.52% | 3.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPE Special Opportunities Fund Inc. | 17.14% | 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 FSLTX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPE has higher volatility (3.70%) compared to FSLTX (0.46%). In terms of maximum drawdown, SPE dropped -46.90% vs FSLTX's -3.78%.
FSLTX currently has the higher Sharpe Ratio (5.54 vs 0.39), 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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