Expense Ratio: Higher expense ratios directly reduce returns, impacting the fund's net asset value (NAV) and thus, its price.

Market Conditions: Broad market trends, particularly in sectors WSPADX invests in, influence its price. Bull markets often lead to price increases, while bear markets cause declines.

Interest Rates: Rising interest rates can make bonds less attractive, potentially decreasing demand for bond funds like WSPADX and lowering its price.

Credit Risk: Changes in the creditworthiness of the bonds held by the fund affect its value. Downgrades can lead to price drops.

Inflation: Unexpected increases in inflation can erode the real value of fixed-income investments, potentially causing the price of WSPADX to fall.

Fund Manager Skill: The fund manager's ability to select securities and manage risk significantly impacts the fund's performance and, consequently, its price.

Fund Size: Extremely large fund sizes can make it difficult for the fund to generate alpha. And extremely small fund sizes may be closed down.