GGHCX vs. SHPAX
GGHCX (Invesco Health Care Fund) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, GGHCX returned 7.06%/yr vs 6.90%/yr for SHPAX. Their correlation of 0.83 means they have usually moved in the same direction. GGHCX charges 1.04%/yr vs 2.90%/yr for SHPAX.
Performance
GGHCX vs. SHPAX - Performance Comparison
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Returns By Period
In the year-to-date period, GGHCX achieves a 3.51% return, which is significantly lower than SHPAX's 8.70% return. Both investments have delivered pretty close results over the past 10 years, with GGHCX having a 7.06% annualized return and SHPAX not far behind at 6.90%.
GGHCX
- 1D
- -0.64%
- 1M
- -2.65%
- 6M
- 4.48%
- YTD
- 3.51%
- 1Y
- 18.53%
- 3Y*
- 8.09%
- 5Y*
- 2.71%
- 10Y*
- 7.06%
- ALL TIME*
- 9.98%
SHPAX
- 1D
- -0.43%
- 1M
- 0.61%
- 6M
- 6.99%
- YTD
- 8.70%
- 1Y
- 28.95%
- 3Y*
- 9.65%
- 5Y*
- 5.82%
- 10Y*
- 6.90%
- ALL TIME*
- 6.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
GGHCX vs. SHPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GGHCX Invesco Health Care Fund | 3.51% | 15.48% | 3.96% | 3.05% | -13.53% | 12.05% | 14.52% | 32.01% | 0.27% | 15.51% |
SHPAX Saratoga Health & Biotechnology Fund | 8.70% | 17.43% | 0.26% | -0.36% | 1.93% | 16.71% | 3.52% | 27.67% | -5.30% | 11.78% |
Correlation
The correlation between GGHCX and SHPAX is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000 | 0.83 |
The correlation between GGHCX and SHPAX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.
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Return for Risk
GGHCX vs. SHPAX — Risk / Return Rank
GGHCX
SHPAX
GGHCX vs. SHPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Health Care Fund (GGHCX) 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.
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.
| GGHCX | SHPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.31 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.85 | -1.54 |
| Martin ratioReturn relative to average drawdown | 2.86 | 7.30 | -4.44 |
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Drawdowns
GGHCX vs. SHPAX - Drawdown Comparison
The maximum GGHCX drawdown since its inception was -40.23%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for GGHCX and SHPAX.
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Drawdown Indicators
| GGHCX | SHPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.23% | -69.50% | +29.27% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -9.33% | -4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -16.86% | -16.32% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -25.37% | -16.32% | -9.05% |
Max Drawdown (10Y)Largest decline over 10 years | -29.34% | -28.05% | -1.29% |
Current DrawdownCurrent decline from peak | -2.93% | -1.20% | -1.73% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -27.78% | +18.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 3.65% | +2.50% |
Volatility
GGHCX vs. SHPAX - Volatility Comparison
The current volatility for Invesco Health Care Fund (GGHCX) is 5.14%, while Saratoga Health & Biotechnology Fund (SHPAX) has a volatility of 5.55%. This indicates that GGHCX experiences smaller price fluctuations and is considered to be less risky than SHPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GGHCX | SHPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 5.55% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 11.43% | 11.34% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.28% | 14.93% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.71% | 14.53% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.44% | 16.65% | +0.79% |
GGHCX vs. SHPAX - Expense Ratio Comparison
GGHCX has a 1.04% expense ratio, which is lower than SHPAX's 2.90% expense ratio.
Dividends
GGHCX vs. SHPAX - Dividend Comparison
GGHCX's dividend yield for the trailing twelve months is around 5.49%, more than SHPAX's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGHCX Invesco Health Care Fund | 5.49% | 5.69% | 5.17% | 0.00% | 0.00% | 24.69% | 6.44% | 3.51% | 8.81% | 6.88% | 2.24% | 15.07% |
SHPAX Saratoga Health & Biotechnology Fund | 3.37% | 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
GGHCX and SHPAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHPAX has higher volatility (5.55%) compared to GGHCX (5.14%). In terms of maximum drawdown, GGHCX dropped -40.23% vs SHPAX's -69.50%.
SHPAX currently has the higher Sharpe Ratio (1.78 vs 1.24), 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.
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