SPEDX vs. ALMAX
SPEDX (Alger Dynamic Opportunities Fund) and ALMAX (Alger Weatherbie Specialized Growth Fund) are both mutual funds - SPEDX is a Long-Short fund managed by Alger, while ALMAX is a Small Cap Growth Equities fund managed by Alger. Over the past 10 years, SPEDX returned 8.92%/yr vs 8.73%/yr for ALMAX. Their correlation of 0.83 suggests significant overlap in exposure. SPEDX charges 0.91%/yr vs 1.20%/yr for ALMAX.
Performance
SPEDX vs. ALMAX - Performance Comparison
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Returns By Period
In the year-to-date period, SPEDX achieves a 6.13% return, which is significantly lower than ALMAX's 7.39% return. Both investments have delivered pretty close results over the past 10 years, with SPEDX having a 8.92% annualized return and ALMAX not far behind at 8.73%.
SPEDX
- 1D
- -0.25%
- 1M
- 0.77%
- 6M
- 4.16%
- YTD
- 6.13%
- 1Y
- 10.15%
- 3Y*
- 12.82%
- 5Y*
- 3.54%
- 10Y*
- 8.92%
ALMAX
- 1D
- -1.06%
- 1M
- 0.20%
- 6M
- 0.74%
- YTD
- 7.39%
- 1Y
- 12.81%
- 3Y*
- 7.68%
- 5Y*
- -3.84%
- 10Y*
- 8.73%
SPEDX vs. ALMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPEDX Alger Dynamic Opportunities Fund | 6.13% | 6.22% | 23.03% | 4.24% | -13.90% | 3.96% | 47.30% | 12.79% | -2.32% | 9.46% |
ALMAX Alger Weatherbie Specialized Growth Fund | 7.39% | 0.50% | 13.78% | 11.22% | -38.11% | 5.83% | 56.85% | 39.17% | -4.10% | 21.83% |
Correlation
The correlation between SPEDX and ALMAX is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2009 | 0.83 |
Over the past year, the correlation between SPEDX and ALMAX has dropped to 0.62 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.
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Return for Risk
SPEDX vs. ALMAX — Risk / Return Rank
SPEDX
ALMAX
SPEDX vs. ALMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Dynamic Opportunities Fund (SPEDX) and Alger Weatherbie Specialized Growth Fund (ALMAX). 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.
| SPEDX | ALMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.10 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.54 | +0.54 |
| Martin ratioReturn relative to average drawdown | 2.96 | 1.63 | +1.33 |
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Drawdowns
SPEDX vs. ALMAX - Drawdown Comparison
The maximum SPEDX drawdown since its inception was -29.02%, smaller than the maximum ALMAX drawdown of -60.51%. Use the drawdown chart below to compare losses from any high point for SPEDX and ALMAX.
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Drawdown Indicators
| SPEDX | ALMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.02% | -60.51% | +31.49% |
Max Drawdown (1Y)Largest decline over 1 year | -9.18% | -20.91% | +11.73% |
Max Drawdown (3Y)Largest decline over 3 years | -13.23% | -29.61% | +16.38% |
Max Drawdown (5Y)Largest decline over 5 years | -29.02% | -53.89% | +24.87% |
Max Drawdown (10Y)Largest decline over 10 years | -29.02% | -53.89% | +24.87% |
Current DrawdownCurrent decline from peak | -3.29% | -30.27% | +26.98% |
Average DrawdownAverage peak-to-trough decline | -6.91% | -17.38% | +10.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.33% | 6.89% | -3.56% |
Volatility
SPEDX vs. ALMAX - Volatility Comparison
The current volatility for Alger Dynamic Opportunities Fund (SPEDX) is 5.89%, while Alger Weatherbie Specialized Growth Fund (ALMAX) has a volatility of 8.21%. This indicates that SPEDX experiences smaller price fluctuations and is considered to be less risky than ALMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEDX | ALMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.89% | 8.21% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 9.86% | 18.52% | -8.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.39% | 23.05% | -10.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.12% | 29.40% | -17.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.94% | 27.28% | -14.34% |
SPEDX vs. ALMAX - Expense Ratio Comparison
SPEDX has a 0.91% expense ratio, which is lower than ALMAX's 1.20% expense ratio.
Dividends
SPEDX vs. ALMAX - Dividend Comparison
SPEDX's dividend yield for the trailing twelve months is around 0.08%, while ALMAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALMAX Alger Weatherbie Specialized Growth Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 24.48% | 4.64% | 4.00% | 9.86% | 0.00% | 12.44% | 55.85% |
SPEDX Alger Dynamic Opportunities Fund | 0.08% | 0.09% | 0.00% | 0.00% | 0.00% | 5.69% | 4.94% | 3.75% | 1.92% | 0.00% | 0.32% | 0.00% |
Frequently Asked Questions
SPEDX and ALMAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALMAX has higher volatility (8.21%) compared to SPEDX (5.89%). In terms of maximum drawdown, SPEDX dropped -29.02% vs ALMAX's -60.51%.
SPEDX currently has the higher Sharpe Ratio (0.80 vs 0.49), 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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