HLFNX vs. SFPAX
HLFNX (Hennessy Large Cap Financial Fund) and SFPAX (Saratoga Financial Service Fund) are both Financials Equities funds from BlackRock. Over the past 10 years, HLFNX returned 11.96%/yr vs 9.04%/yr for SFPAX. Their correlation of 0.90 suggests significant overlap in exposure. HLFNX charges 1.68%/yr vs 3.81%/yr for SFPAX.
Performance
HLFNX vs. SFPAX - Performance Comparison
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Returns By Period
Over the past 10 years, HLFNX has outperformed SFPAX with an annualized return of 11.96%, while SFPAX has yielded a comparatively lower 9.04% annualized return.
HLFNX
- 1D
- 1.77%
- 1M
- 2.94%
- 6M
- -0.64%
- YTD
- 2.11%
- 1Y
- 7.60%
- 3Y*
- 23.40%
- 5Y*
- 4.93%
- 10Y*
- 11.96%
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 0.82%
- 3Y*
- 15.10%
- 5Y*
- 6.22%
- 10Y*
- 9.04%
HLFNX vs. SFPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HLFNX Hennessy Large Cap Financial Fund | 2.11% | 22.07% | 28.45% | 4.58% | -24.88% | 18.96% | 16.55% | 29.75% | -11.78% | 19.42% |
SFPAX Saratoga Financial Service Fund | 0.00% | 7.00% | 26.05% | 10.58% | -14.36% | 31.17% | -5.81% | 29.63% | -19.23% | 19.28% |
Correlation
The correlation between HLFNX and SFPAX is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.90 |
Over the past year, the correlation between HLFNX and SFPAX has dropped to 0.51 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.
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Return for Risk
HLFNX vs. SFPAX — Risk / Return Rank
HLFNX
SFPAX
HLFNX vs. SFPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hennessy Large Cap Financial Fund (HLFNX) and Saratoga Financial Service Fund (SFPAX). 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.
| HLFNX | SFPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.98 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | -0.21 | +0.61 |
| Martin ratioReturn relative to average drawdown | 0.98 | -0.42 | +1.40 |
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Drawdowns
HLFNX vs. SFPAX - Drawdown Comparison
The maximum HLFNX drawdown since its inception was -71.74%, roughly equal to the maximum SFPAX drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for HLFNX and SFPAX.
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Drawdown Indicators
| HLFNX | SFPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.74% | -71.98% | +0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -18.44% | -4.86% | -13.58% |
Max Drawdown (3Y)Largest decline over 3 years | -24.02% | -17.92% | -6.10% |
Max Drawdown (5Y)Largest decline over 5 years | -44.03% | -27.51% | -16.52% |
Max Drawdown (10Y)Largest decline over 10 years | -44.03% | -45.64% | +1.61% |
Current DrawdownCurrent decline from peak | -2.25% | -2.65% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -21.23% | -20.91% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.56% | 2.32% | +5.24% |
Volatility
HLFNX vs. SFPAX - Volatility Comparison
Hennessy Large Cap Financial Fund (HLFNX) has a higher volatility of 5.09% compared to Saratoga Financial Service Fund (SFPAX) at 0.00%. This indicates that HLFNX's price experiences larger fluctuations and is considered to be riskier than SFPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HLFNX | SFPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 0.00% | +5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 14.83% | 1.96% | +12.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.81% | 9.20% | +10.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.94% | 18.73% | +5.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.14% | 22.51% | +1.63% |
HLFNX vs. SFPAX - Expense Ratio Comparison
HLFNX has a 1.68% expense ratio, which is lower than SFPAX's 3.81% expense ratio.
Dividends
HLFNX vs. SFPAX - Dividend Comparison
HLFNX's dividend yield for the trailing twelve months is around 7.76%, while SFPAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLFNX Hennessy Large Cap Financial Fund | 7.76% | 7.92% | 0.56% | 1.72% | 7.39% | 5.16% | 0.00% | 0.00% | 3.15% | 4.60% | 0.54% | 10.23% |
SFPAX Saratoga Financial Service Fund | 0.00% | 0.00% | 5.91% | 5.05% | 5.71% | 5.03% | 4.18% | 7.10% | 22.58% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HLFNX and SFPAX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HLFNX has higher volatility (5.09%) compared to SFPAX (0.00%). In terms of maximum drawdown, HLFNX dropped -71.74% vs SFPAX's -71.98%.
HLFNX currently has the higher Sharpe Ratio (0.37 vs -0.11), 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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