SPE vs. MSTVX
SPE (Special Opportunities Fund Inc.) and MSTVX (Morningstar Alternatives Fund) are both Multistrategy funds. Over the past 5 years, SPE returned 8.36%/yr vs 4.01%/yr for MSTVX. Their 0.37 correlation means their historical movements had little consistent relationship. SPE charges 1.11%/yr vs 1.15%/yr for MSTVX.
Performance
SPE vs. MSTVX - 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 MSTVX's 1.98% 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%
MSTVX
- 1D
- 0.19%
- 1M
- 0.09%
- 6M
- 1.31%
- YTD
- 1.98%
- 1Y
- 4.86%
- 3Y*
- 6.45%
- 5Y*
- 4.01%
- 10Y*
- —
- ALL TIME*
- 4.19%
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. MSTVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPE Special Opportunities Fund Inc. | -3.76% | 14.68% | 34.41% | 14.12% | -18.39% | 23.60% | 4.86% | 32.95% | -2.28% |
MSTVX Morningstar Alternatives Fund | 1.98% | 6.42% | 6.37% | 6.86% | -2.69% | 4.20% | 3.81% | 5.82% | -0.05% |
Correlation
The correlation between SPE and MSTVX is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.37 |
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Return for Risk
SPE vs. MSTVX — Risk / Return Rank
SPE
MSTVX
SPE vs. MSTVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) and Morningstar Alternatives Fund (MSTVX). 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 | MSTVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -4.12 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.54 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 3.28 | -3.32 |
| Martin ratioReturn relative to average drawdown | -0.11 | 8.08 | -8.19 |
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Drawdowns
SPE vs. MSTVX - Drawdown Comparison
The maximum SPE drawdown since its inception was -46.90%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for SPE and MSTVX.
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Drawdown Indicators
| SPE | MSTVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.90% | -8.02% | -38.88% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -1.84% | -7.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -3.31% | -10.38% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | -5.89% | -18.29% |
Max Drawdown (10Y)Largest decline over 10 years | -46.90% | — | — |
Current DrawdownCurrent decline from peak | -6.99% | -0.28% | -6.71% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -1.17% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 0.68% | +2.92% |
Volatility
SPE vs. MSTVX - Volatility Comparison
Special Opportunities Fund Inc. (SPE) has a higher volatility of 2.80% compared to Morningstar Alternatives Fund (MSTVX) at 0.57%. This indicates that SPE's price experiences larger fluctuations and is considered to be riskier than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPE | MSTVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 0.57% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 8.59% | 1.77% | +6.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 2.29% | +8.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 3.16% | +10.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 3.13% | +14.22% |
SPE vs. MSTVX - Expense Ratio Comparison
SPE has a 1.11% expense ratio, which is lower than MSTVX's 1.15% expense ratio.
Dividends
SPE vs. MSTVX - Dividend Comparison
SPE's dividend yield for the trailing twelve months is around 17.45%, more than MSTVX's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSTVX Morningstar Alternatives Fund | 3.34% | 3.41% | 3.07% | 3.86% | 3.92% | 4.99% | 2.91% | 1.74% | 0.25% | 0.00% | 0.00% | 0.00% |
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 MSTVX have a correlation of 0.27, 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 MSTVX (0.57%). In terms of maximum drawdown, SPE dropped -46.90% vs MSTVX's -8.02%.
MSTVX currently has the higher Sharpe Ratio (2.64 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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