Saratoga Municipal Bond Portfolio (SMBPX)

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The chart shows the growth of an initial investment of $10,000 in Saratoga Municipal Bond Portfolio, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Saratoga Municipal Bond Portfolio (SMBPX) has returned 0.00% so far this year and 3.27% over the past 12 months. Over the last ten years, SMBPX has returned -0.09% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Jan 3, 1995, SMBPX's average daily return is +0.01%, while the average monthly return is +0.20%. At this rate, your investment would double in approximately 28.9 years.

Historically, 58% of months were positive and 42% were negative. The best month was Nov 2023 with a return of +3.3%, while the worst month was Jul 2003 at -4.0%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 12 months.

On a daily basis, SMBPX closed higher 31% of trading days. The best single day was Apr 10, 2025 with a return of +1.4%, while the worst single day was Apr 8, 1996 at -1.8%.

Saratoga Municipal Bond Portfolio has an annualized alpha of 2.35%, beta of 0.00, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 04, 1995.

• This fund captured 6.17% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -3.30%) — a profile typical of hedging or uncorrelated assets.
• Beta of 0.00 may look defensive, but with R² of 0.00 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R² of 0.00 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

SMBPX has a high expense ratio of 3.16%, indicating above-average management fees.

SMBPX ranks 47 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.

The table below present risk-adjusted performance metrics for Saratoga Municipal Bond Portfolio (SMBPX) and compare them to a chosen benchmark (S&P 500 Index).

Saratoga Municipal Bond Portfolio provided a 2.69% dividend yield over the last twelve months, with an annual payout of $0.24 per share.

The table displays the monthly dividend distributions for Saratoga Municipal Bond Portfolio. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

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.

The table below displays the maximum drawdowns of the Saratoga Municipal Bond Portfolio. 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 Municipal Bond Portfolio was 9.99%, occurring on Oct 19, 2023. The portfolio has not yet recovered.

The current Saratoga Municipal Bond Portfolio drawdown is 2.99%.

The chart below shows the rolling one-month volatility.