FBDIX vs. SHPAX

Last updated Jun 4, 2026

FBDIX (Franklin Biotechnology Discovery Fund) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, FBDIX returned 9.81%/yr vs 6.14%/yr for SHPAX. A 0.75 correlation means they provide meaningful diversification when combined. FBDIX charges 1.06%/yr vs 2.90%/yr for SHPAX.

Performance

FBDIX vs. SHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Biotechnology Discovery Fund (FBDIX) and Saratoga Health & Biotechnology Fund (SHPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBDIX achieves a 0.59% return, which is significantly higher than SHPAX's -2.63% return. Over the past 10 years, FBDIX has outperformed SHPAX with an annualized return of 9.81%, while SHPAX has yielded a comparatively lower 6.14% annualized return.

FBDIX

• 1D: -4.72%
• 1M: -5.53%
• YTD: 0.59%
• 6M: 1.88%
• 1Y: 59.54%
• 3Y*: 26.59%
• 5Y*: 8.23%
• 10Y*: 9.81%

SHPAX

• 1D: -1.71%
• 1M: -0.53%
• YTD: -2.63%
• 6M: -2.69%
• 1Y: 13.38%
• 3Y*: 6.68%
• 5Y*: 4.92%
• 10Y*: 6.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FBDIX vs. SHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBDIX Franklin Biotechnology Discovery Fund	0.59%	52.68%	15.37%	18.40%	-12.65%	-27.58%	29.85%	49.11%	-15.77%	18.83%
SHPAX Saratoga Health & Biotechnology Fund	-2.63%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	27.67%	-5.30%	11.78%

Correlation

The correlation between FBDIX and SHPAX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 4, 2000	0.75

The correlation between FBDIX and SHPAX shifts across timeframes, from 0.57 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FBDIX vs. SHPAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBDIX

FBDIX Risk / Return Rank: 82
FBDIX Sharpe Ratio Rank: 83
FBDIX Sortino Ratio Rank: 73
FBDIX Omega Ratio Rank: 61
FBDIX Calmar Ratio Rank: 97
FBDIX Martin Ratio Rank: 95

SHPAX

SHPAX Risk / Return Rank: 13
SHPAX Sharpe Ratio Rank: 12
SHPAX Sortino Ratio Rank: 12
SHPAX Omega Ratio Rank: 11
SHPAX Calmar Ratio Rank: 17
SHPAX Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FBDIX vs. SHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Biotechnology Discovery Fund (FBDIX) and Saratoga Health & Biotechnology Fund (SHPAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FBDIX	SHPAX	Difference
Sharpe ratio Return per unit of total volatility	2.69	0.95	+1.75
Sortino ratio Return per unit of downside risk	3.54	1.43	+2.10
Omega ratio Gain probability vs. loss probability	1.44	1.17	+0.27
Calmar ratio Return relative to maximum drawdown	6.76	1.51	+5.25
Martin ratio Return relative to average drawdown	23.11	3.66	+19.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBDIX vs. SHPAX - Sharpe Ratio Comparison

The current FBDIX Sharpe Ratio is 2.69, which is higher than the SHPAX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of FBDIX and SHPAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBDIX	SHPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	0.95	+1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.35	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.37	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.29	+0.11

Drawdowns

FBDIX vs. SHPAX - Drawdown Comparison

The maximum FBDIX drawdown since its inception was -71.44%, roughly equal to the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for FBDIX and SHPAX.

Drawdown Indicators

	FBDIX	SHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-71.44%	-69.50%	-1.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-8.45%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-16.32%	-7.90%
Max Drawdown (5Y) Largest decline over 5 years	-46.83%	-16.32%	-30.51%
Max Drawdown (10Y) Largest decline over 10 years	-53.67%	-28.05%	-25.62%
Current Drawdown Current decline from peak	-9.18%	-8.40%	-0.78%
Average Drawdown Average peak-to-trough decline	-28.74%	-27.93%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	3.49%	-0.81%

Volatility

FBDIX vs. SHPAX - Volatility Comparison

Franklin Biotechnology Discovery Fund (FBDIX) has a higher volatility of 8.88% compared to Saratoga Health & Biotechnology Fund (SHPAX) at 3.62%. This indicates that FBDIX's price experiences larger fluctuations and is considered to be riskier than SHPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBDIX	SHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	3.62%	+5.26%
Volatility (6M) Calculated over the trailing 6-month period	17.92%	10.04%	+7.88%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	14.13%	+8.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.75%	14.27%	+11.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.33%	16.58%	+9.75%

FBDIX vs. SHPAX - Expense Ratio Comparison

FBDIX has a 1.06% expense ratio, which is lower than SHPAX's 2.90% expense ratio.

Dividends

FBDIX vs. SHPAX - Dividend Comparison

FBDIX's dividend yield for the trailing twelve months is around 10.75%, more than SHPAX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBDIX Franklin Biotechnology Discovery Fund	10.75%	10.81%	19.53%	0.00%	0.13%	0.98%	14.50%	18.77%	3.72%	2.39%	4.57%	8.42%
SHPAX Saratoga Health & Biotechnology Fund	3.76%	3.66%	1.35%	5.38%	6.34%	3.76%	13.82%	13.24%	22.00%	17.98%	12.52%	10.70%

Frequently Asked Questions

Can I hold both FBDIX and SHPAX in my portfolio?

FBDIX and SHPAX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBDIX or SHPAX?

FBDIX has higher volatility (8.88%) compared to SHPAX (3.62%). In terms of maximum drawdown, FBDIX dropped -71.44% vs SHPAX's -69.50%.

Which has better risk-adjusted returns?

FBDIX currently has the higher Sharpe Ratio (2.69 vs 0.95), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.