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 10.25%/yr vs 9.04%/yr for SFPAX. Their 0.80 correlation means they have sometimes moved together and sometimes differently. 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 10.25%, while SFPAX has yielded a comparatively lower 9.04% annualized return.
HSFNX
- 1D
- 0.35%
- 1M
- 0.35%
- 6M
- 7.13%
- YTD
- 15.65%
- 1Y
- 36.51%
- 3Y*
- 17.09%
- 5Y*
- 8.70%
- 10Y*
- 10.25%
- ALL TIME*
- 4.59%
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 2.51%
- 3Y*
- 15.10%
- 5Y*
- 6.22%
- 10Y*
- 9.04%
- ALL TIME*
- 3.28%
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 |
HSFNX vs. SFPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSFNX Hennessy Small Cap Financial Fund | 15.65% | 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 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
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 0.38 - 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 | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.98 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | -0.21 | +2.70 |
| Martin ratioReturn relative to average drawdown | 6.67 | -0.42 | +7.09 |
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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 | -2.61% | -2.65% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -25.88% | -20.91% | -4.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 2.32% | +2.76% |
Volatility
HSFNX vs. SFPAX - Volatility Comparison
Hennessy Small Cap Financial Fund (HSFNX) has a higher volatility of 6.06% 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 | 6.06% | 0.00% | +6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 15.28% | 1.96% | +13.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.59% | 9.20% | +14.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.22% | 18.73% | +8.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.31% | 22.51% | +6.80% |
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 9.50%, 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 | 9.50% | 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 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSFNX has higher volatility (6.06%) 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 (1.44 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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