SPECX vs. BPTRX

Last updated Apr 1, 2026

Compare and contrast key facts about Alger Spectra Fund (SPECX) and Baron Partners Fund (BPTRX).

SPECX is managed by Alger. It was launched on Jul 28, 1969. BPTRX is managed by Baron Capital Group, Inc.. It was launched on Apr 30, 2003.

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.

SPECX vs. BPTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPECX Alger Spectra Fund	-15.14%	29.16%	47.52%	41.34%	-39.37%	12.61%	43.66%	32.15%	-0.82%	31.11%
BPTRX Baron Partners Fund	-7.34%	24.54%	32.75%	43.09%	-42.53%	31.35%	148.81%	44.99%	-2.01%	31.54%

Returns By Period

In the year-to-date period, SPECX achieves a -15.14% return, which is significantly lower than BPTRX's -7.34% return. Over the past 10 years, SPECX has underperformed BPTRX with an annualized return of 14.53%, while BPTRX has yielded a comparatively higher 23.41% annualized return.

SPECX

• 1D: -1.46%
• 1M: -9.64%
• YTD: -15.14%
• 6M: -16.34%
• 1Y: 25.34%
• 3Y*: 26.11%
• 5Y*: 9.62%
• 10Y*: 14.53%

BPTRX

• 1D: -0.03%
• 1M: -7.11%
• YTD: -7.34%
• 6M: 10.27%
• 1Y: 39.75%
• 3Y*: 21.14%
• 5Y*: 10.69%
• 10Y*: 23.41%

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

SPECX vs. BPTRX - Expense Ratio Comparison

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

SPECX

Alger Spectra Fund

BPTRX

Baron Partners Fund

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: 42
SPECX Sharpe Ratio Rank: 44
SPECX Sortino Ratio Rank: 50
SPECX Omega Ratio Rank: 43
SPECX Calmar Ratio Rank: 41
SPECX Martin Ratio Rank: 33

BPTRX

BPTRX Risk / Return Rank: 81
BPTRX Sharpe Ratio Rank: 69
BPTRX Sortino Ratio Rank: 85
BPTRX Omega Ratio Rank: 76
BPTRX Calmar Ratio Rank: 89
BPTRX Martin Ratio Rank: 86

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.

	SPECX	BPTRX	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.18	-0.30
Sortino ratio Return per unit of downside risk	1.39	2.24	-0.84
Omega ratio Gain probability vs. loss probability	1.19	1.28	-0.10
Calmar ratio Return relative to maximum drawdown	1.06	2.45	-1.39
Martin ratio Return relative to average drawdown	3.51	8.95	-5.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPECX vs. BPTRX - Sharpe Ratio Comparison

The current SPECX Sharpe Ratio is 0.88, which is comparable to the BPTRX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of SPECX and BPTRX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPECX	BPTRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.18	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.32	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.72	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.54	-0.08

Correlation

The correlation between SPECX and BPTRX is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPECX vs. BPTRX - Dividend Comparison

SPECX's dividend yield for the trailing twelve months is around 8.80%, more than BPTRX's 3.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPECX Alger Spectra Fund	8.80%	7.47%	6.49%	0.00%	2.70%	34.41%	9.19%	7.20%	12.09%	6.14%	0.00%	8.80%
BPTRX Baron Partners Fund	3.63%	3.36%	0.76%	0.00%	3.19%	7.72%	3.67%	0.26%	0.00%	0.00%	0.00%	0.35%

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%	-14.79%	-5.24%
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	-20.03%	-10.53%	-9.50%
Average Drawdown Average peak-to-trough decline	-24.16%	-13.82%	-10.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.06%	4.04%	+2.02%

Volatility

SPECX vs. BPTRX - Volatility Comparison

Alger Spectra Fund (SPECX) has a higher volatility of 7.79% compared to Baron Partners Fund (BPTRX) at 4.13%. This indicates that SPECX's price experiences larger fluctuations and is considered to be riskier 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	7.79%	4.13%	+3.66%
Volatility (6M) Calculated over the trailing 6-month period	17.03%	22.12%	-5.09%
Volatility (1Y) Calculated over the trailing 1-year period	27.87%	33.36%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.64%	33.90%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.72%	32.72%	-5.00%