HSFNX vs. SFPAX
HSFNX (Hennessy Small Cap Financial Fund) and SFPAX (Saratoga Financial Service Fund) are both Financials Equities funds from BlackRock. Over the past 10 years, HSFNX returned 10.26%/yr vs 9.07%/yr for SFPAX. Their correlation of 0.80 suggests significant overlap in exposure. HSFNX charges 1.58%/yr vs 3.81%/yr for SFPAX.
Performance
HSFNX vs. SFPAX - Performance Comparison
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Returns By Period
Over the past 10 years, HSFNX has outperformed SFPAX with an annualized return of 10.26%, while SFPAX has yielded a comparatively lower 9.07% annualized return.
HSFNX
- 1D
- 0.73%
- 1M
- 4.45%
- YTD
- 11.31%
- 6M
- 8.11%
- 1Y
- 34.15%
- 3Y*
- 22.93%
- 5Y*
- 6.75%
- 10Y*
- 10.26%
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 4.16%
- 3Y*
- 15.05%
- 5Y*
- 6.91%
- 10Y*
- 9.07%
HSFNX vs. SFPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSFNX Hennessy Small Cap Financial Fund | 11.31% | 12.79% | 10.76% | 4.64% | -11.14% | 42.76% | 2.56% | 19.91% | -15.88% | -0.20% |
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 HSFNX and SFPAX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.80 |
Over the past year, the correlation between HSFNX and SFPAX has dropped to 0.48 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.
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Return for Risk
HSFNX vs. SFPAX — Risk / Return Rank
HSFNX
SFPAX
HSFNX vs. SFPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hennessy Small Cap Financial Fund (HSFNX) 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.
| HSFNX | SFPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.18 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 1.33 | +1.41 |
| Martin ratioReturn relative to average drawdown | 7.19 | 2.72 | +4.47 |
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Drawdowns
HSFNX vs. SFPAX - Drawdown Comparison
The maximum HSFNX drawdown since its inception was -70.18%, roughly equal to the maximum SFPAX drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for HSFNX and SFPAX.
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Drawdown Indicators
| HSFNX | SFPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.18% | -71.98% | +1.80% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -4.86% | -8.75% |
Max Drawdown (3Y)Largest decline over 3 years | -27.33% | -17.92% | -9.41% |
Max Drawdown (5Y)Largest decline over 5 years | -43.00% | -27.51% | -15.49% |
Max Drawdown (10Y)Largest decline over 10 years | -50.68% | -45.64% | -5.04% |
Current DrawdownCurrent decline from peak | -1.39% | -2.65% | +1.26% |
Average DrawdownAverage peak-to-trough decline | -25.97% | -20.93% | -5.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.18% | 2.34% | +2.84% |
Volatility
HSFNX vs. SFPAX - Volatility Comparison
Hennessy Small Cap Financial Fund (HSFNX) has a higher volatility of 6.21% compared to Saratoga Financial Service Fund (SFPAX) at 0.00%. This indicates that HSFNX'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
| HSFNX | SFPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.21% | 0.00% | +6.21% |
Volatility (6M)Calculated over the trailing 6-month period | 16.00% | 3.50% | +12.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.15% | 9.55% | +14.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.36% | 18.80% | +8.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.35% | 22.62% | +6.73% |
HSFNX vs. SFPAX - Expense Ratio Comparison
HSFNX has a 1.58% expense ratio, which is lower than SFPAX's 3.81% expense ratio.
Dividends
HSFNX vs. SFPAX - Dividend Comparison
HSFNX's dividend yield for the trailing twelve months is around 9.87%, while SFPAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSFNX Hennessy Small Cap Financial Fund | 9.87% | 10.99% | 5.97% | 4.63% | 9.14% | 0.97% | 0.91% | 3.43% | 7.34% | 8.19% | 12.46% | 7.38% |
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
HSFNX and SFPAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSFNX has higher volatility (6.21%) compared to SFPAX (0.00%). In terms of maximum drawdown, HSFNX dropped -70.18% vs SFPAX's -71.98%.
HSFNX currently has the higher Sharpe Ratio (1.55 vs 0.68), 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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