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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Saratoga Health & Biotechnology Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Saratoga Health & Biotechnology Fund (SHPAX) has returned -1.13% so far this year and 12.17% over the past 12 months. Over the last ten years, SHPAX has returned 6.84% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
Saratoga Health & Biotechnology Fund
- 1D
- 0.96%
- 1M
- -6.99%
- YTD
- -1.13%
- 6M
- 10.24%
- 1Y
- 12.17%
- 3Y*
- 6.93%
- 5Y*
- 5.73%
- 10Y*
- 6.84%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jan 3, 2000, SHPAX's average daily return is +0.03%, while the average monthly return is +0.73%. At this rate, your investment would double in approximately 7.9 years.
Historically, 57% of months were positive and 43% were negative. The best month was Feb 2000 with a return of +66.0%, while the worst month was Mar 2000 at -35.8%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 7 months.
On a daily basis, SHPAX closed higher 52% of trading days. The best single day was Oct 13, 2008 with a return of +11.3%, while the worst single day was Apr 14, 2000 at -11.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.60% | 4.63% | -6.99% | -1.13% | |||||||||
| 2025 | 5.64% | -0.35% | -1.67% | -1.13% | -1.40% | 1.69% | -4.15% | 3.30% | 3.67% | 4.50% | 9.38% | -2.45% | 17.43% |
| 2024 | 2.27% | 0.98% | 2.30% | -4.79% | 3.20% | 1.47% | 5.00% | 3.67% | -3.45% | -3.43% | 1.28% | -7.40% | 0.26% |
| 2023 | -1.54% | -5.20% | 1.65% | 2.78% | -5.30% | 4.15% | 0.57% | -0.67% | -2.17% | -2.96% | 5.23% | 3.82% | -0.36% |
| 2022 | -5.35% | -0.81% | 6.15% | -3.78% | 1.19% | -3.74% | 2.96% | -3.97% | -3.88% | 12.69% | 4.29% | -2.32% | 1.93% |
| 2021 | 1.02% | -1.22% | 4.67% | 4.31% | -0.44% | 2.77% | 2.55% | 1.69% | -5.72% | 4.40% | -6.46% | 9.05% | 16.71% |
Benchmark Metrics
Saratoga Health & Biotechnology Fund has an annualized alpha of 2.60%, beta of 0.77, and R² of 0.50 versus S&P 500 Index. Calculated based on daily prices since January 04, 2000.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (77.78%) than losses (76.53%) — typical of diversified or defensive assets.
- R² of 0.50 means the benchmark explains less than half of this fund's behavior — treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 2.60%
- Beta
- 0.77
- R²
- 0.50
- Upside Capture
- 77.78%
- Downside Capture
- 76.53%
Expense Ratio
SHPAX has a high expense ratio of 2.90%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SHPAX ranks 39 for risk / return — below 39% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and compare them to a chosen benchmark (S&P 500 Index).
| SHPAX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.78 | 0.90 | -0.12 |
Sortino ratioReturn per unit of downside risk | 1.18 | 1.39 | -0.21 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.21 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.40 | +0.16 |
Martin ratioReturn relative to average drawdown | 4.30 | 6.61 | -2.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore SHPAX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Saratoga Health & Biotechnology Fund provided a 3.70% dividend yield over the last twelve months, with an annual payout of $0.78 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.78 | $0.78 | $0.25 | $1.02 | $1.28 | $0.79 | $2.58 | $2.72 | $4.07 | $4.23 | $3.11 | $3.05 |
Dividend yield | 3.70% | 3.66% | 1.35% | 5.38% | 6.34% | 3.76% | 13.82% | 13.24% | 22.00% | 17.98% | 12.52% | 10.70% |
Monthly Dividends
The table displays the monthly dividend distributions for Saratoga Health & Biotechnology Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.78 | $0.78 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $0.25 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.02 | $1.02 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.28 | $1.28 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.79 | $0.79 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Saratoga Health & Biotechnology Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Saratoga Health & Biotechnology Fund was 69.50%, occurring on Mar 9, 2009. Recovery took 1315 trading sessions.
The current Saratoga Health & Biotechnology Fund drawdown is 6.99%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -69.5% | Mar 7, 2000 | 2264 | Mar 9, 2009 | 1315 | May 29, 2014 | 3579 |
| -28.05% | Feb 13, 2020 | 27 | Mar 23, 2020 | 197 | Dec 31, 2020 | 224 |
| -18.6% | Jan 29, 2018 | 229 | Dec 24, 2018 | 243 | Dec 11, 2019 | 472 |
| -16.32% | Sep 3, 2024 | 150 | Apr 8, 2025 | 150 | Nov 11, 2025 | 300 |
| -16.07% | Aug 6, 2015 | 128 | Feb 8, 2016 | 107 | Jul 12, 2016 | 235 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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