SPE vs. TNMIX
SPE (Special Opportunities Fund Inc.) and TNMIX (1290 Multi-Alternative Strategies Fund) are both Multistrategy funds. Over the past 10 years, SPE returned 10.98%/yr vs 3.97%/yr for TNMIX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. SPE charges 1.11%/yr vs 0.85%/yr for TNMIX.
Performance
SPE vs. TNMIX - 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 TNMIX's 8.72% return. Over the past 10 years, SPE has outperformed TNMIX with an annualized return of 10.98%, while TNMIX has yielded a comparatively lower 3.97% 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%
TNMIX
- 1D
- 0.80%
- 1M
- 0.71%
- 6M
- 4.32%
- YTD
- 8.72%
- 1Y
- 17.02%
- 3Y*
- 10.56%
- 5Y*
- 4.29%
- 10Y*
- 3.97%
- ALL TIME*
- 4.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $510.01K | $480.11K | $478.95K | |
| $0.00 | $0.00 | $0.00 |
SPE vs. TNMIX - 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% |
TNMIX 1290 Multi-Alternative Strategies Fund | 8.72% | 13.48% | 9.21% | 5.46% | -11.18% | 3.24% | 4.52% | 8.62% | -3.99% | 3.91% |
Correlation
The correlation between SPE and TNMIX is 0.53, 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. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.51 |
The correlation between SPE and TNMIX has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.
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Return for Risk
SPE vs. TNMIX — Risk / Return Rank
SPE
TNMIX
SPE vs. TNMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) and 1290 Multi-Alternative Strategies Fund (TNMIX). 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 | TNMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.40 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 4.48 | -4.52 |
| Martin ratioReturn relative to average drawdown | -0.11 | 12.16 | -12.27 |
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Drawdowns
SPE vs. TNMIX - Drawdown Comparison
The maximum SPE drawdown since its inception was -46.90%, which is greater than TNMIX's maximum drawdown of -17.21%. Use the drawdown chart below to compare losses from any high point for SPE and TNMIX.
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Drawdown Indicators
| SPE | TNMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.90% | -17.21% | -29.69% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -3.63% | -5.70% |
Max Drawdown (3Y)Largest decline over 3 years | -13.69% | -7.17% | -6.52% |
Max Drawdown (5Y)Largest decline over 5 years | -24.18% | -16.00% | -8.18% |
Max Drawdown (10Y)Largest decline over 10 years | -46.90% | -17.21% | -29.69% |
Current DrawdownCurrent decline from peak | -6.99% | -2.32% | -4.67% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -3.77% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 1.34% | +2.26% |
Volatility
SPE vs. TNMIX - Volatility Comparison
Special Opportunities Fund Inc. (SPE) has a higher volatility of 2.80% compared to 1290 Multi-Alternative Strategies Fund (TNMIX) at 1.87%. This indicates that SPE's price experiences larger fluctuations and is considered to be riskier than TNMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPE | TNMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.80% | 1.87% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 8.59% | 6.57% | +2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.28% | 8.01% | +3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 7.68% | +5.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 7.17% | +10.18% |
SPE vs. TNMIX - Expense Ratio Comparison
SPE has a 1.11% expense ratio, which is higher than TNMIX's 0.85% expense ratio.
Dividends
SPE vs. TNMIX - Dividend Comparison
SPE's dividend yield for the trailing twelve months is around 17.45%, more than TNMIX's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TNMIX 1290 Multi-Alternative Strategies Fund | 2.00% | 2.18% | 1.57% | 3.38% | 2.86% | 10.67% | 0.78% | 3.06% | 1.24% | 0.37% | 0.62% | 0.00% |
Frequently Asked Questions
SPE and TNMIX have a correlation of 0.53, 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 TNMIX (1.87%). In terms of maximum drawdown, SPE dropped -46.90% vs TNMIX's -17.21%.
TNMIX currently has the higher Sharpe Ratio (2.03 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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