SPEDX vs. GTAPX

Last updated Jun 23, 2026

SPEDX (Alger Dynamic Opportunities Fund) and GTAPX (Quantitative U.S. Long/Short Equity Portfolio) are both Long-Short funds. Over the past 10 years, SPEDX returned 9.38%/yr vs 5.74%/yr for GTAPX. A 0.51 correlation means they provide meaningful diversification when combined. SPEDX charges 0.91%/yr vs 1.25%/yr for GTAPX.

Performance

SPEDX vs. GTAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Dynamic Opportunities Fund (SPEDX) and Quantitative U.S. Long/Short Equity Portfolio (GTAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEDX achieves a 9.52% return, which is significantly higher than GTAPX's 4.19% return. Over the past 10 years, SPEDX has outperformed GTAPX with an annualized return of 9.38%, while GTAPX has yielded a comparatively lower 5.74% annualized return.

SPEDX

• 1D: 0.71%
• 1M: 3.72%
• YTD: 9.52%
• 6M: 8.20%
• 1Y: 13.51%
• 3Y*: 13.25%
• 5Y*: 4.60%
• 10Y*: 9.38%

GTAPX

• 1D: -0.67%
• 1M: -0.82%
• YTD: 4.19%
• 6M: 3.55%
• 1Y: 13.63%
• 3Y*: 10.84%
• 5Y*: 9.23%
• 10Y*: 5.74%

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

SPEDX vs. GTAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPEDX Alger Dynamic Opportunities Fund	9.52%	6.22%	23.03%	4.24%	-13.90%	3.96%	47.30%	12.79%	-2.32%	9.46%
GTAPX Quantitative U.S. Long/Short Equity Portfolio	4.19%	12.79%	13.28%	4.42%	3.16%	17.72%	-5.16%	3.26%	-8.65%	8.74%

Correlation

The correlation between SPEDX and GTAPX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 5, 2009	0.51

Over the past year, the correlation between SPEDX and GTAPX has dropped to 0.21 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

Return for Risk

SPEDX vs. GTAPX — Risk / Return Rank

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

SPEDX

SPEDX Risk / Return Rank: 17
SPEDX Sharpe Ratio Rank: 17
SPEDX Sortino Ratio Rank: 17
SPEDX Omega Ratio Rank: 16
SPEDX Calmar Ratio Rank: 18
SPEDX Martin Ratio Rank: 15

GTAPX

GTAPX Risk / Return Rank: 65
GTAPX Sharpe Ratio Rank: 52
GTAPX Sortino Ratio Rank: 58
GTAPX Omega Ratio Rank: 46
GTAPX Calmar Ratio Rank: 91
GTAPX Martin Ratio Rank: 78

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.

SPEDX vs. GTAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Dynamic Opportunities Fund (SPEDX) and Quantitative U.S. Long/Short Equity Portfolio (GTAPX). 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	GTAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.96	-0.87
Sortino ratio: Return per unit of downside risk	1.61	2.91	-1.30
Omega ratio: Gain probability vs. loss probability	1.20	1.34	-0.14
Calmar ratio: Return relative to maximum drawdown	1.43	4.46	-3.03
Martin ratio: Return relative to average drawdown	3.94	13.68	-9.74

SPEDX vs. GTAPX - Sharpe Ratio Comparison

The current SPEDX Sharpe Ratio is 1.09, which is lower than the GTAPX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SPEDX and GTAPX, 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

SPEDX vs. GTAPX - Drawdown Comparison

The maximum SPEDX drawdown since its inception was -29.02%, roughly equal to the maximum GTAPX drawdown of -30.40%. Use the drawdown chart below to compare losses from any high point for SPEDX and GTAPX.

Drawdown Indicators

	SPEDX	GTAPX	Difference
Max Drawdown Largest peak-to-trough decline	-29.02%	-30.40%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-3.01%	-6.17%
Max Drawdown (3Y) Largest decline over 3 years	-13.23%	-12.21%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-12.21%	-16.81%
Max Drawdown (10Y) Largest decline over 10 years	-29.02%	-30.40%	+1.38%
Current Drawdown Current decline from peak	0.00%	-1.84%	+1.84%
Average Drawdown Average peak-to-trough decline	-6.93%	-7.02%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	0.97%	+2.34%

Volatility

SPEDX vs. GTAPX - Volatility Comparison

Alger Dynamic Opportunities Fund (SPEDX) has a higher volatility of 5.42% compared to Quantitative U.S. Long/Short Equity Portfolio (GTAPX) at 2.13%. This indicates that SPEDX's price experiences larger fluctuations and is considered to be riskier than GTAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPEDX	GTAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	2.13%	+3.29%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	5.21%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	6.84%	+5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.01%	10.87%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	10.23%	+2.70%

SPEDX vs. GTAPX - Expense Ratio Comparison

SPEDX has a 0.91% expense ratio, which is lower than GTAPX's 1.25% expense ratio.

Dividends

SPEDX vs. GTAPX - Dividend Comparison

SPEDX's dividend yield for the trailing twelve months is around 0.08%, less than GTAPX's 15.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GTAPX Quantitative U.S. Long/Short Equity Portfolio	15.92%	16.63%	11.79%	11.23%	0.00%	0.00%	0.00%	0.96%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SPEDX and GTAPX in my portfolio?

SPEDX and GTAPX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPEDX or GTAPX?

SPEDX has higher volatility (5.42%) compared to GTAPX (2.13%). In terms of maximum drawdown, SPEDX dropped -29.02% vs GTAPX's -30.40%.

Which has better risk-adjusted returns?

GTAPX currently has the higher Sharpe Ratio (1.96 vs 1.09), 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.