More that all speed tests can be affected by other factors. Speed tests can't necessarily control things like caching. Theoretically a network device could do all the requests for data and dump them down to the client in one go in which case the speed test would have nothing for a while and then suddenly a massive spike.
EDIT: The speed test is actually testing every component in the chain and therefore it shows where individual components could be doing something to the traffic. You would have to remove all of those components to get a "pure" test.
Edited by ian72 (Wed 08-Jul-15 16:37:40)