- ISIN
- US8034317417
- CUSIP
- 803431741
- Issuer
- Saratoga
- Inception Date
- Jul 14, 1999
- Category
- Health & Biotech Equities
- Min. Investment
- $250
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
SHPAX Performance Chart
Saratoga Health & Biotechnology Fund (SHPAX) is down 0.7% since the beginning of the year. SHPAX is currently trading at $21 per share. Investors who bought $1,000 worth of SHPAX shares 5 years ago would now be looking at an investment worth $1,258.
Loading charts...
Returns By Period
Saratoga Health & Biotechnology Fund (SHPAX) has returned -0.71% so far this year and 15.99% over the past 12 months. Over the last ten years, SHPAX has returned 6.52% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Saratoga Health & Biotechnology Fund
- 1D
- -0.94%
- 1M
- -1.58%
- YTD
- -0.71%
- 6M
- -1.86%
- 1Y
- 15.99%
- 3Y*
- 6.73%
- 5Y*
- 4.70%
- 10Y*
- 6.52%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
SHPAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 2000, SHPAX's average daily return is +0.03%, while the average monthly return is +0.72%. At this rate, an investment would double in approximately 8.1 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 51% 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% | -5.31% | -2.10% | 0.52% | 0.24% | -0.71% | ||||||
| 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 2.14%, beta of 0.77, and R2 of 0.49 versus S&P 500 Index. Calculated based on daily prices since January 03, 2000.
- This fund participated in 76.21% of S&P 500 Index downside but only 75.31% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.49 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
- 2.14%
- Beta
- 0.77
- R²
- 0.49
- Upside Capture
- 75.31%
- Downside Capture
- 76.21%
Expense Ratio
SHPAX has a high expense ratio of 2.90%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SHPAX ranks 18 for risk / return — in the bottom 18% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SHPAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.37 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 2.78 | -1.11 |
| Martin ratioReturn relative to average drawdown | 4.18 | 12.44 | -8.26 |
Dividends
Dividend History
Saratoga Health & Biotechnology Fund provided a 3.69% 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 | 3.69% | 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 | $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.
Loading charts...
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 6.59%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -69.50%Mar 2009 | 9y 4d | 5y 2mo | 14y 2moMar 2000 - May 2014 |
COVID crash2020 | -28.05%Mar 2020 | 1mo 9d | 9mo 13d | 10mo 22dFeb 2020 - Dec 2020 |
Rate-hike selloffLate 2018 | -18.60%Dec 2018 | 10mo 29d | 11mo 22d | 1y 10moJan 2018 - Dec 2019 |
2025 selloff2025 | -16.32%Apr 2025 | 7mo 7d | 7mo 7d | 1y 2moSep 2024 - Nov 2025 |
2016 correction2016 | -16.07%Feb 2016 | 6mo 6d | 5mo 5d | 11mo 11dAug 2015 - Jul 2016 |
Drawdown Indicators
| SHPAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.50% | -56.78% | -12.72% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -9.10% | -0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -16.32% | -18.90% | +2.58% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | -25.43% | +9.11% |
Max Drawdown (10Y)Largest decline over 10 years | -28.05% | -33.92% | +5.87% |
Current DrawdownCurrent decline from peak | -6.59% | -1.80% | -4.79% |
Average DrawdownAverage peak-to-trough decline | -27.88% | -10.71% | -17.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 2.03% | +1.70% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with SHPAX
Add Saratoga Health & Biotechnology Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with SHPAX