SPEDX vs. WAYEX
SPEDX (Alger Dynamic Opportunities Fund) and WAYEX (Waycross Long/Short Equity Fund) are both Long-Short funds. Over the past 10 years, SPEDX returned 9.55%/yr vs 10.06%/yr for WAYEX. A 0.70 correlation means they provide meaningful diversification when combined. SPEDX charges 0.91%/yr vs 2.27%/yr for WAYEX.
Performance
SPEDX vs. WAYEX - Performance Comparison
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Returns By Period
Over the past 10 years, SPEDX has underperformed WAYEX with an annualized return of 9.55%, while WAYEX has yielded a comparatively higher 10.06% annualized return.
SPEDX
- 1D
- -0.29%
- 1M
- 3.42%
- YTD
- 9.20%
- 6M
- 7.79%
- 1Y
- 12.65%
- 3Y*
- 13.19%
- 5Y*
- 4.09%
- 10Y*
- 9.55%
WAYEX
- 1D
- -0.50%
- 1M
- -0.50%
- YTD
- -0.00%
- 6M
- -0.55%
- 1Y
- 10.38%
- 3Y*
- 14.38%
- 5Y*
- 8.41%
- 10Y*
- 10.06%
SPEDX vs. WAYEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPEDX Alger Dynamic Opportunities Fund | 9.20% | 6.22% | 23.03% | 4.24% | -13.90% | 3.96% | 47.30% | 12.79% | -2.32% | 9.46% |
WAYEX Waycross Long/Short Equity Fund | -0.00% | 13.16% | 22.40% | 18.99% | -11.66% | 11.43% | 22.27% | 21.17% | -8.80% | 13.05% |
Correlation
The correlation between SPEDX and WAYEX is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 11, 2015 | 0.70 |
The correlation between SPEDX and WAYEX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.
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Return for Risk
SPEDX vs. WAYEX — Risk / Return Rank
SPEDX
WAYEX
SPEDX vs. WAYEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Dynamic Opportunities Fund (SPEDX) and Waycross Long/Short Equity Fund (WAYEX). 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 | WAYEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.25 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.37 | +0.07 |
| Martin ratioReturn relative to average drawdown | 3.99 | 5.11 | -1.13 |
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Drawdowns
SPEDX vs. WAYEX - Drawdown Comparison
The maximum SPEDX drawdown since its inception was -29.02%, which is greater than WAYEX's maximum drawdown of -20.77%. Use the drawdown chart below to compare losses from any high point for SPEDX and WAYEX.
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Drawdown Indicators
| SPEDX | WAYEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.02% | -20.77% | -8.25% |
Max Drawdown (1Y)Largest decline over 1 year | -9.18% | -8.05% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -13.23% | -10.83% | -2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -29.02% | -17.31% | -11.71% |
Max Drawdown (10Y)Largest decline over 10 years | -29.02% | -20.77% | -8.25% |
Current DrawdownCurrent decline from peak | -0.29% | -1.64% | +1.35% |
Average DrawdownAverage peak-to-trough decline | -6.93% | -4.12% | -2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 2.15% | +1.16% |
Volatility
SPEDX vs. WAYEX - Volatility Comparison
Alger Dynamic Opportunities Fund (SPEDX) has a higher volatility of 5.39% compared to Waycross Long/Short Equity Fund (WAYEX) at 2.97%. This indicates that SPEDX's price experiences larger fluctuations and is considered to be riskier than WAYEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPEDX | WAYEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 2.97% | +2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 6.19% | +3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.97% | 7.93% | +4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.00% | 10.44% | +1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.93% | 11.60% | +1.33% |
SPEDX vs. WAYEX - Expense Ratio Comparison
SPEDX has a 0.91% expense ratio, which is lower than WAYEX's 2.27% expense ratio.
Dividends
SPEDX vs. WAYEX - Dividend Comparison
SPEDX's dividend yield for the trailing twelve months is around 0.08%, less than WAYEX's 5.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
WAYEX Waycross Long/Short Equity Fund | 5.29% | 5.29% | 12.41% | 2.86% | 0.00% | 5.33% | 1.17% | 1.05% | 0.00% | 1.01% | 0.00% |
Frequently Asked Questions
SPEDX and WAYEX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEDX has higher volatility (5.39%) compared to WAYEX (2.97%). In terms of maximum drawdown, SPEDX dropped -29.02% vs WAYEX's -20.77%.
WAYEX currently has the higher Sharpe Ratio (1.39 vs 1.11), 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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