SPECX vs. BPTRX

Last updated Jun 24, 2026

SPECX (Alger Spectra Fund) and BPTRX (Baron Partners Fund) are both Large Cap Growth Equities funds. Over the past 10 years, SPECX returned 18.03%/yr vs 25.15%/yr for BPTRX. A 0.63 correlation means they provide meaningful diversification when combined. SPECX charges 1.39%/yr vs 1.36%/yr for BPTRX.

Performance

SPECX vs. BPTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Spectra Fund (SPECX) and Baron Partners Fund (BPTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPECX achieves a 10.78% return, which is significantly higher than BPTRX's 4.67% return. Over the past 10 years, SPECX has underperformed BPTRX with an annualized return of 18.03%, while BPTRX has yielded a comparatively higher 25.15% annualized return.

SPECX

• 1D: -1.89%
• 1M: 2.33%
• YTD: 10.78%
• 6M: 8.52%
• 1Y: 32.59%
• 3Y*: 32.89%
• 5Y*: 13.56%
• 10Y*: 18.03%

BPTRX

• 1D: -6.94%
• 1M: 6.39%
• YTD: 4.67%
• 6M: 1.59%
• 1Y: 37.57%
• 3Y*: 21.32%
• 5Y*: 12.61%
• 10Y*: 25.15%

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

SPECX vs. BPTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPECX Alger Spectra Fund	10.78%	29.16%	47.52%	41.34%	-39.37%	12.61%	43.66%	32.15%	-0.82%	31.11%
BPTRX Baron Partners Fund	4.67%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%

Correlation

The correlation between SPECX and BPTRX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Dec 21, 1995	0.63

The correlation between SPECX and BPTRX shifts across timeframes, from 0.45 (1 year) to 0.72 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SPECX vs. BPTRX — Risk / Return Rank

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

SPECX

SPECX Risk / Return Rank: 26
SPECX Sharpe Ratio Rank: 30
SPECX Sortino Ratio Rank: 27
SPECX Omega Ratio Rank: 27
SPECX Calmar Ratio Rank: 24
SPECX Martin Ratio Rank: 24

BPTRX

BPTRX Risk / Return Rank: 52
BPTRX Sharpe Ratio Rank: 28
BPTRX Sortino Ratio Rank: 53
BPTRX Omega Ratio Rank: 47
BPTRX Calmar Ratio Rank: 85
BPTRX Martin Ratio Rank: 49

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.

SPECX vs. BPTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Spectra Fund (SPECX) and Baron Partners Fund (BPTRX). 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.

	SPECX	BPTRX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.43	+0.04
Sortino ratio: Return per unit of downside risk	1.99	2.80	-0.81
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	1.71	3.81	-2.10
Martin ratio: Return relative to average drawdown	5.32	9.56	-4.24

SPECX vs. BPTRX - Sharpe Ratio Comparison

The current SPECX Sharpe Ratio is 1.46, which is comparable to the BPTRX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPECX and BPTRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPECX vs. BPTRX - Drawdown Comparison

The maximum SPECX drawdown since its inception was -72.19%, which is greater than BPTRX's maximum drawdown of -64.11%. Use the drawdown chart below to compare losses from any high point for SPECX and BPTRX.

Drawdown Indicators

	SPECX	BPTRX	Difference
Max Drawdown Largest peak-to-trough decline	-72.19%	-64.11%	-8.08%
Max Drawdown (1Y) Largest decline over 1 year	-20.03%	-11.15%	-8.88%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	-33.34%	+5.43%
Max Drawdown (5Y) Largest decline over 5 years	-54.82%	-49.87%	-4.95%
Max Drawdown (10Y) Largest decline over 10 years	-54.82%	-51.26%	-3.56%
Current Drawdown Current decline from peak	-3.12%	-11.15%	+8.03%
Average Drawdown Average peak-to-trough decline	-24.01%	-13.77%	-10.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.43%	4.44%	+1.99%

Volatility

SPECX vs. BPTRX - Volatility Comparison

The current volatility for Alger Spectra Fund (SPECX) is 9.77%, while Baron Partners Fund (BPTRX) has a volatility of 13.63%. This indicates that SPECX experiences smaller price fluctuations and is considered to be less risky than BPTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPECX	BPTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.77%	13.63%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	17.53%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	23.50%	29.86%	-6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.90%	34.10%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.00%	32.94%	-4.94%

SPECX vs. BPTRX - Expense Ratio Comparison

SPECX has a 1.39% expense ratio, which is higher than BPTRX's 1.36% expense ratio.

Dividends

SPECX vs. BPTRX - Dividend Comparison

SPECX's dividend yield for the trailing twelve months is around 6.74%, more than BPTRX's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BPTRX Baron Partners Fund	3.21%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%
SPECX Alger Spectra Fund	6.74%	7.47%	6.49%	0.00%	2.70%	34.41%	9.19%	7.20%	12.09%	6.14%	0.00%	8.80%

Frequently Asked Questions

Can I hold both SPECX and BPTRX in my portfolio?

SPECX and BPTRX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPECX or BPTRX?

BPTRX has higher volatility (13.63%) compared to SPECX (9.77%). In terms of maximum drawdown, SPECX dropped -72.19% vs BPTRX's -64.11%.

Which has better risk-adjusted returns?

SPECX currently has the higher Sharpe Ratio (1.46 vs 1.43), 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.