At base stat 271 attack, Alakazam would be the highest damage Psychic attacker assuming same level and IV.
Since the difference between Alakazam and Latios's base attack (268) is just 3, high attack IV Latios can out damage low attack IV Alakazam and the difference between the two is 2.8% at most. There is no dispute on whose candy is easier to farm, though.
As for defensive stat, being glass cannon type without triple resistance means Alakazam is not going to do the tanking job.
by Kumuru