In this paper, we present a comparative study of transparent and opaque electrode InAlAs/InGaAs metal-semiconductor-metal photodiodes (MSMPDs) for operation at 1.31 and 1.55 micrometers . The transparent materials are indium-tin-oxide (ITO) and cadmium-tin-oxide (CTO) and the opaque material is Ti-Au. The rf magnetron sputtered films of ITO and CTO, deposited at a substrate temperature of 300 degrees C, exhibited as-deposited resistivities of 5.6(DOT)10-3 (Omega) (DOT)cm and 1.0(DOT)10-3 (Omega) (DOT)cm, respectively. The resistivity of the ITO and CTO films dropped to 1.1(DOT)10-3 (Omega) (DOT)cm and 5.2(DOT)10-4 (Omega) (DOT)cm, respectively, after a 4 minute 400 degree C anneal in an N2 ambient. The interdigitated ITO and CTO electrodes were made by etching in a methane:hydrogen (1 to 3) plasma. The responsivity of 1 micrometers finger by 1 micrometers spacing (1 by 1 micrometers ), 50 X 50 micrometers 2 active area, MSMPDs was 0.40 A/W for the Ti-Au, 0.66 A/W for the CTO, and 0.69 A/W for the ITO MSMPDs. The Ti-Au, CTO and ITO MSMPDs had 3- dB cut-off frequencies of 14.0 GHz, 7.5 GHz, and 5.0 GHz, respectively, from time-domain measurements performed at 1.3 micrometers and 11.26 GHz, 4.00 GHz, and 2.61 GHz, respectively, from frequency-domain measurements performed at 1.55 micrometers . Discrepencies between the 3-dB cut-off frequency obtained from the time-domain and the frequency-domain measurements are attributed to the time-domain measurement system's inability to accurately resolve low frequency behavior (below 2 GHz) and space charge effects.