- ISIN
- US8034313036
- CUSIP
- 803431303
- Issuer
- Saratoga
- Inception Date
- Sep 1, 1994
- Category
- Ultrashort Bond
- Min. Investment
- $250
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
SMBPX Performance Chart
Saratoga Municipal Bond Portfolio (SMBPX) is up 0.0% since the beginning of the year. SMBPX is currently trading at $9 per share. Investors who bought $1,000 worth of SMBPX shares 5 years ago would now be looking at an investment worth $1,009.
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Returns By Period
Saratoga Municipal Bond Portfolio (SMBPX) has returned 0.00% so far this year and 3.99% over the past 12 months. Over the last ten years, SMBPX has returned -0.15% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
Saratoga Municipal Bond Portfolio
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- -0.23%
- 1Y
- 3.99%
- 3Y*
- 1.73%
- 5Y*
- 0.17%
- 10Y*
- -0.15%
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
SMBPX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 1995, SMBPX's average daily return is +0.01%, while the average monthly return is +0.19%. At this rate, an investment would double in approximately 30.4 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 30% 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%.
| 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 | 0.34% | 0.80% | -1.47% | -0.57% | 0.12% | 0.69% | -0.23% | 0.80% | 1.70% | 1.01% | 0.00% | -0.27% | 2.92% |
| 2024 | -0.23% | -0.11% | -0.11% | -0.91% | -0.46% | 1.03% | 0.80% | 0.56% | 0.67% | -1.34% | 1.13% | -1.12% | -0.11% |
| 2023 | 0.46% | -0.34% | 0.46% | -0.68% | -0.57% | 0.35% | 0.12% | -0.58% | -1.50% | -0.59% | 3.31% | 1.49% | 1.84% |
| 2022 | -0.67% | -0.23% | -0.68% | -0.45% | 0.11% | -0.11% | 0.23% | -0.57% | -0.57% | -0.12% | 0.58% | -0.11% | -2.57% |
| 2021 | 0.01% | -0.21% | 0.12% | 0.01% | -0.10% | -0.22% | -0.00% | -0.22% | -0.22% | -0.22% | -0.22% | -0.11% | -1.39% |
Benchmark Metrics
Saratoga Municipal Bond Portfolio has an annualized alpha of 2.34%, 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 6.07% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -3.32%) - 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.
- Alpha
- 2.34%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 6.07%
- Downside Capture
- -3.32%
Expense Ratio
SMBPX has a high expense ratio of 3.16%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SMBPX ranks 91 for risk / return — in the top 91% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Saratoga Municipal Bond Portfolio (SMBPX) and compare them to S&P 500 Index.
| SMBPX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.91 | 2.39 | +0.53 |
Sortino ratioReturn per unit of downside risk | 5.57 | 3.25 | +2.31 |
Omega ratioGain probability vs. loss probability | 2.09 | 1.43 | +0.65 |
Calmar ratioReturn relative to maximum drawdown | 6.08 | 3.11 | +2.97 |
Martin ratioReturn relative to average drawdown | 14.33 | 14.38 | -0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Saratoga Municipal Bond Portfolio provided a 2.69% dividend yield over the last twelve months, with an annual payout of $0.24 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.24 | $0.24 | $0.10 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.03 | $0.02 | $0.38 | $0.14 |
Dividend yield | 2.69% | 2.69% | 1.16% | 0.00% | 0.00% | 0.04% | 0.10% | 0.10% | 0.36% | 0.23% | 4.23% | 1.50% |
Monthly Dividends
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.
| 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 | $0.24 | $0.24 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.10 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
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 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%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -9.99%Oct 2023 | 7y 3mo | — | 9y 10moJul 2016 - now |
2000 pullback2000 | -8.33%Jan 2000 | 11mo 24d | 7mo | 1y 6moFeb 1999 - Aug 2000 |
Financial crisis2007–2009 | -7.55%Oct 2008 | 8mo 10d | 9mo 15d | 1y 5moFeb 2008 - Aug 2009 |
2004 pullback2004 | -5.88%May 2004 | 2mo 2d | 4mo 12d | 6mo 14dMar 2004 - Sep 2004 |
2003 pullback2003 | -5.72%Aug 2003 | 1mo 29d | 4mo 28d | 6mo 27dJun 2003 - Jan 2004 |
Drawdown Indicators
| SMBPX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.99% | -56.78% | +46.79% |
Max Drawdown (1Y)Largest decline over 1 year | -0.69% | -9.10% | +8.41% |
Max Drawdown (3Y)Largest decline over 3 years | -4.48% | -18.90% | +14.42% |
Max Drawdown (5Y)Largest decline over 5 years | -6.52% | -25.43% | +18.91% |
Max Drawdown (10Y)Largest decline over 10 years | -9.99% | -33.92% | +23.93% |
Current DrawdownCurrent decline from peak | -2.99% | 0.00% | -2.99% |
Average DrawdownAverage peak-to-trough decline | -2.47% | -10.72% | +8.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 1.97% | -1.69% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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