SPECX vs. LPLA

Last updated Jun 4, 2026

SPECX (Alger Spectra Fund) is Large Cap Growth Equities fund managed by Alger, while LPLA (LPL Financial Holdings Inc.) is a stock. Over the past 10 years, SPECX returned 17.81%/yr vs 28.12%/yr for LPLA. At a 0.46 correlation, their price movements are largely independent.

Performance

SPECX vs. LPLA - Performance Comparison

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

Returns By Period

In the year-to-date period, SPECX achieves a 13.50% return, which is significantly higher than LPLA's -20.70% return. Over the past 10 years, SPECX has underperformed LPLA with an annualized return of 17.81%, while LPLA has yielded a comparatively higher 28.12% annualized return.

SPECX

• 1D: -0.74%
• 1M: 8.72%
• YTD: 13.50%
• 6M: 13.17%
• 1Y: 38.92%
• 3Y*: 34.88%
• 5Y*: 15.81%
• 10Y*: 17.81%

LPLA

• 1D: 3.72%
• 1M: -11.81%
• YTD: -20.70%
• 6M: -21.59%
• 1Y: -26.50%
• 3Y*: 12.19%
• 5Y*: 15.50%
• 10Y*: 28.12%

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

SPECX vs. LPLA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPECX Alger Spectra Fund	13.50%	29.16%	47.52%	41.34%	-39.37%	12.61%	43.66%	32.15%	-0.82%	31.11%
LPLA LPL Financial Holdings Inc.	-20.70%	9.76%	44.12%	5.88%	35.69%	54.63%	14.58%	52.95%	8.53%	66.03%

Correlation

The correlation between SPECX and LPLA is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 19, 2010	0.46

The correlation between SPECX and LPLA shifts across timeframes, from 0.31 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPECX vs. LPLA — Risk / Return Rank

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

SPECX

SPECX Risk / Return Rank: 32
SPECX Sharpe Ratio Rank: 40
SPECX Sortino Ratio Rank: 34
SPECX Omega Ratio Rank: 33
SPECX Calmar Ratio Rank: 28
SPECX Martin Ratio Rank: 26

LPLA

LPLA Risk / Return Rank: 10
LPLA Sharpe Ratio Rank: 10
LPLA Sortino Ratio Rank: 13
LPLA Omega Ratio Rank: 13
LPLA Calmar Ratio Rank: 10
LPLA Martin Ratio Rank: 2

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. LPLA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Spectra Fund (SPECX) and LPL Financial Holdings Inc. (LPLA). 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	LPLA	Difference
Sharpe ratio: Return per unit of total volatility	1.84	-0.74	+2.58
Sortino ratio: Return per unit of downside risk	2.41	-0.87	+3.28
Omega ratio: Gain probability vs. loss probability	1.30	0.89	+0.42
Calmar ratio: Return relative to maximum drawdown	2.00	-0.80	+2.80
Martin ratio: Return relative to average drawdown	6.34	-1.71	+8.04
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. LPLA - Sharpe Ratio Comparison

The current SPECX Sharpe Ratio is 1.84, which is higher than the LPLA Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of SPECX and LPLA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPECX	LPLA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	-0.74	+2.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.43	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.74	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.47	+0.03

Drawdowns

SPECX vs. LPLA - Drawdown Comparison

The maximum SPECX drawdown since its inception was -72.19%, roughly equal to the maximum LPLA drawdown of -69.32%. Use the drawdown chart below to compare losses from any high point for SPECX and LPLA.

Drawdown Indicators

	SPECX	LPLA	Difference
Max Drawdown Largest peak-to-trough decline	-72.19%	-69.32%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-20.03%	-33.12%	+13.09%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	-33.18%	+5.27%
Max Drawdown (5Y) Largest decline over 5 years	-54.82%	-33.18%	-21.64%
Max Drawdown (10Y) Largest decline over 10 years	-54.82%	-60.34%	+5.52%
Current Drawdown Current decline from peak	-0.74%	-28.90%	+28.16%
Average Drawdown Average peak-to-trough decline	-24.04%	-13.90%	-10.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.31%	15.55%	-9.24%

Volatility

SPECX vs. LPLA - Volatility Comparison

The current volatility for Alger Spectra Fund (SPECX) is 5.63%, while LPL Financial Holdings Inc. (LPLA) has a volatility of 11.06%. This indicates that SPECX experiences smaller price fluctuations and is considered to be less risky than LPLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPECX	LPLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	11.06%	-5.43%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	27.66%	-11.02%
Volatility (1Y) Calculated over the trailing 1-year period	21.82%	35.98%	-14.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.67%	36.01%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.86%	38.11%	-10.25%

Dividends

SPECX vs. LPLA - Dividend Comparison

SPECX's dividend yield for the trailing twelve months is around 6.58%, more than LPLA's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LPLA LPL Financial Holdings Inc.	0.42%	0.34%	0.37%	0.53%	0.46%	0.62%	0.96%	1.08%	1.64%	1.75%	2.84%	2.34%
SPECX Alger Spectra Fund	6.58%	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 LPLA in my portfolio?

SPECX and LPLA have a correlation of 0.31, 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 LPLA?

LPLA has higher volatility (11.06%) compared to SPECX (5.63%). In terms of maximum drawdown, SPECX dropped -72.19% vs LPLA's -69.32%.

Which has better risk-adjusted returns?

SPECX currently has the higher Sharpe Ratio (1.84 vs -0.74), 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.