- ISIN
- US8034315684
- CUSIP
- 803431568
- Issuer
- Saratoga
- Inception Date
- Jun 28, 2002
- Category
- Mid Cap Blend Equities
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
SPMAX Performance Chart
Saratoga Mid Capitalization Portfolio (SPMAX) is up 12.4% since the beginning of the year. SPMAX is currently trading at $10 per share. Investors who bought $1,000 worth of SPMAX shares 5 years ago would now be looking at an investment worth $1,520.
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Returns By Period
Saratoga Mid Capitalization Portfolio (SPMAX) has returned 12.35% so far this year and 17.76% over the past 12 months. Over the last ten years, SPMAX has returned 9.30% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Saratoga Mid Capitalization Portfolio
- 1D
- 1.85%
- 1M
- -4.56%
- 6M
- 5.98%
- YTD
- 12.35%
- 1Y
- 17.76%
- 3Y*
- 16.38%
- 5Y*
- 8.73%
- 10Y*
- 9.30%
- ALL TIME*
- 8.55%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
SPMAX Monthly Returns History
Based on dividend-adjusted daily data since Jul 1, 2002, SPMAX's average daily return is +0.04%, while the average monthly return is +0.82%. At this rate, an investment would double in approximately 7.1 years.
Historically, 60% of months were positive and 40% were negative. The best month was Nov 2020 with a return of +15.9%, while the worst month was Mar 2020 at -21.7%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 5 months.
On a daily basis, SPMAX closed higher 52% of trading days. The best single day was Mar 24, 2020 with a return of +11.8%, while the worst single day was Mar 16, 2020 at -14.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.02% | 3.85% | -7.41% | 12.54% | 1.22% | 6.29% | -8.96% | 12.35% | |||||
| 2025 | 5.60% | -6.23% | -3.95% | -2.99% | 5.40% | 5.49% | 2.86% | 2.45% | 0.41% | 2.05% | 0.56% | -1.46% | 9.76% |
| 2024 | -0.71% | 8.04% | 3.72% | -5.82% | 1.35% | -0.84% | 4.80% | 1.13% | 2.94% | 0.62% | 9.98% | -7.77% | 17.27% |
| 2023 | 5.56% | -2.01% | -2.25% | 1.20% | -3.36% | 6.03% | 1.06% | -1.34% | -4.26% | -3.33% | 10.14% | 8.39% | 15.52% |
| 2022 | -4.97% | 1.74% | -0.90% | -5.74% | 3.00% | -8.82% | 6.79% | -2.60% | -9.00% | 7.07% | 7.61% | -4.76% | -11.91% |
| 2021 | -1.97% | 6.50% | 5.33% | 5.46% | 1.16% | -0.61% | -0.46% | 1.55% | -3.88% | 4.12% | -3.65% | 5.49% | 19.87% |
Benchmark Metrics
Saratoga Mid Capitalization Portfolio has an annualized alpha of 0.01%, beta of 1.02, and R2 of 0.86 versus S&P 500 Index. Calculated based on daily prices since July 01, 2002.
- This fund participated in 106.37% of S&P 500 Index downside but only 105.62% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.02 and R2 of 0.86, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 0.01%
- Beta
- 1.02
- R²
- 0.86
- Upside Capture
- 105.62%
- Downside Capture
- 106.37%
Expense Ratio
SPMAX has a high expense ratio of 2.06%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SPMAX ranks 22 for risk / return — above 22% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) 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.
| SPMAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 2.00 | -0.68 |
| Martin ratioReturn relative to average drawdown | 4.08 | 8.49 | -4.41 |
Dividends
Dividend History
Saratoga Mid Capitalization Portfolio provided a 29.27% dividend yield over the last twelve months, with an annual payout of $3.06 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $3.06 | $3.06 | $2.12 | $0.14 | $0.21 | $1.87 | $1.07 | $0.00 | $1.17 | $0.96 | $0.90 | $0.58 |
Dividend yield | 29.27% | 32.89% | 18.90% | 1.28% | 2.11% | 16.31% | 9.56% | 0.01% | 13.58% | 8.25% | 8.08% | 5.04% |
Monthly Dividends
The table displays the monthly dividend distributions for Saratoga Mid Capitalization 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 | $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 | $3.06 | $3.06 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.12 | $2.12 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.14 | $0.14 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.21 | $0.21 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.87 | $1.87 |
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 Mid Capitalization 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 Mid Capitalization Portfolio was 52.68%, occurring on Mar 9, 2009. Recovery took 480 trading sessions.
The current Saratoga Mid Capitalization Portfolio drawdown is 10.06%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-52.68%Mar 2009 | 1y 7mo | 1y 10mo | 3y 6moJul 2007 - Feb 2011 | Financial crisis2007–2009 |
-42.83%Mar 2020 | 1mo 1d | 7mo 28d | 8mo 29dFeb 2020 - Nov 2020 | COVID crash2020 |
-27.95%Oct 2011 | 5mo 4d | 1y 3mo | 1y 8moMay 2011 - Jan 2013 | — |
-27.90%Feb 2016 | 7mo 22d | 1y 9mo | 2y 5moJun 2015 - Nov 2017 | — |
-25.79%Oct 2002 | 3mo 3d | 8mo 6d | 11mo 9dJul 2002 - Jun 2003 | Dot-com crash2000–2002 |
Drawdown Indicators
| SPMAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.68% | -56.78% | +4.10% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -9.10% | -3.29% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -18.90% | -4.52% |
Max Drawdown (5Y)Largest decline over 5 years | -23.42% | -25.43% | +2.01% |
Max Drawdown (10Y)Largest decline over 10 years | -42.83% | -33.92% | -8.91% |
Current DrawdownCurrent decline from peak | -10.06% | -1.58% | -8.48% |
Average DrawdownAverage peak-to-trough decline | -8.58% | -10.70% | +2.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 2.14% | +1.86% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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