SPECX vs. VTMGX

Last updated Jun 24, 2026

SPECX (Alger Spectra Fund) and VTMGX (Vanguard Developed Markets Index Fund Admiral Shares) are both mutual funds - SPECX is a Large Cap Growth Equities fund managed by Alger, while VTMGX is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index. Over the past 10 years, SPECX returned 18.03%/yr vs 10.99%/yr for VTMGX. A 0.66 correlation means they provide meaningful diversification when combined. SPECX charges 1.39%/yr vs 0.07%/yr for VTMGX.

Performance

SPECX vs. VTMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Spectra Fund (SPECX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). 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 lower than VTMGX's 16.54% return. Over the past 10 years, SPECX has outperformed VTMGX with an annualized return of 18.03%, while VTMGX has yielded a comparatively lower 10.99% 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%

VTMGX

• 1D: 0.04%
• 1M: 3.10%
• YTD: 16.54%
• 6M: 16.37%
• 1Y: 34.33%
• 3Y*: 20.61%
• 5Y*: 10.34%
• 10Y*: 10.99%

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

SPECX vs. VTMGX - 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%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	16.54%	35.17%	3.03%	17.65%	-15.33%	11.39%	10.25%	22.04%	-14.48%	26.39%

Correlation

The correlation between SPECX and VTMGX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 17, 1999	0.66

The correlation between SPECX and VTMGX shifts across timeframes, from 0.56 (1 year) to 0.67 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SPECX vs. VTMGX — 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

VTMGX

VTMGX Risk / Return Rank: 65
VTMGX Sharpe Ratio Rank: 69
VTMGX Sortino Ratio Rank: 60
VTMGX Omega Ratio Rank: 64
VTMGX Calmar Ratio Rank: 69
VTMGX Martin Ratio Rank: 63

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. VTMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Spectra Fund (SPECX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). 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	VTMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.22	-0.76
Sortino ratio: Return per unit of downside risk	1.99	2.98	-0.99
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.15
Calmar ratio: Return relative to maximum drawdown	1.71	3.03	-1.32
Martin ratio: Return relative to average drawdown	5.32	11.62	-6.31

SPECX vs. VTMGX - Sharpe Ratio Comparison

The current SPECX Sharpe Ratio is 1.46, which is lower than the VTMGX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of SPECX and VTMGX, 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. VTMGX - Drawdown Comparison

The maximum SPECX drawdown since its inception was -72.19%, which is greater than VTMGX's maximum drawdown of -60.58%. Use the drawdown chart below to compare losses from any high point for SPECX and VTMGX.

Drawdown Indicators

	SPECX	VTMGX	Difference
Max Drawdown Largest peak-to-trough decline	-72.19%	-60.58%	-11.61%
Max Drawdown (1Y) Largest decline over 1 year	-20.03%	-11.67%	-8.36%
Max Drawdown (3Y) Largest decline over 3 years	-27.91%	-13.18%	-14.73%
Max Drawdown (5Y) Largest decline over 5 years	-54.82%	-29.71%	-25.11%
Max Drawdown (10Y) Largest decline over 10 years	-54.82%	-35.68%	-19.14%
Current Drawdown Current decline from peak	-3.12%	0.00%	-3.12%
Average Drawdown Average peak-to-trough decline	-24.01%	-14.63%	-9.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.43%	3.04%	+3.39%

Volatility

SPECX vs. VTMGX - Volatility Comparison

Alger Spectra Fund (SPECX) has a higher volatility of 9.77% compared to Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) at 6.17%. This indicates that SPECX's price experiences larger fluctuations and is considered to be riskier than VTMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPECX	VTMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.77%	6.17%	+3.60%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	13.63%	+4.86%
Volatility (1Y) Calculated over the trailing 1-year period	23.50%	15.96%	+7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.90%	16.04%	+16.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.00%	16.56%	+11.44%

SPECX vs. VTMGX - Expense Ratio Comparison

SPECX has a 1.39% expense ratio, which is higher than VTMGX's 0.07% expense ratio.

Dividends

SPECX vs. VTMGX - Dividend Comparison

SPECX's dividend yield for the trailing twelve months is around 6.74%, more than VTMGX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	2.49%	3.20%	3.34%	3.14%	2.88%	3.14%	2.02%	3.03%	3.33%	2.77%	3.06%	2.91%

Frequently Asked Questions

Can I hold both SPECX and VTMGX in my portfolio?

SPECX and VTMGX have a correlation of 0.56, 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 VTMGX?

SPECX has higher volatility (9.77%) compared to VTMGX (6.17%). In terms of maximum drawdown, SPECX dropped -72.19% vs VTMGX's -60.58%.

Which has better risk-adjusted returns?

VTMGX currently has the higher Sharpe Ratio (2.22 vs 1.46), 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.