HSSAX vs. SFPAX
HSSAX (Emerald Finance and Banking Innovation Fund) and SFPAX (Saratoga Financial Service Fund) are both Financials Equities funds. Over the past 10 years, HSSAX returned 4.92%/yr vs 9.04%/yr for SFPAX. A 0.79 correlation means they provide meaningful diversification when combined. HSSAX charges 1.71%/yr vs 3.81%/yr for SFPAX.
Performance
HSSAX vs. SFPAX - Performance Comparison
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Returns By Period
Over the past 10 years, HSSAX has underperformed SFPAX with an annualized return of 4.92%, while SFPAX has yielded a comparatively higher 9.04% annualized return.
HSSAX
- 1D
- 0.09%
- 1M
- 8.39%
- 6M
- 5.05%
- YTD
- 8.50%
- 1Y
- 10.77%
- 3Y*
- 20.56%
- 5Y*
- -4.33%
- 10Y*
- 4.92%
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%
HSSAX vs. SFPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSSAX Emerald Finance and Banking Innovation Fund | 8.50% | 12.11% | 16.47% | 15.58% | -55.87% | 38.83% | 11.94% | 20.55% | -19.86% | 12.63% |
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 HSSAX and SFPAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.79 |
Over the past year, the correlation between HSSAX and SFPAX has dropped to 0.40 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.
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Return for Risk
HSSAX vs. SFPAX — Risk / Return Rank
HSSAX
SFPAX
HSSAX vs. SFPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Emerald Finance and Banking Innovation Fund (HSSAX) 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.
| HSSAX | SFPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.98 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.48 | -0.21 | +0.69 |
| Martin ratioReturn relative to average drawdown | 1.04 | -0.42 | +1.46 |
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Drawdowns
HSSAX vs. SFPAX - Drawdown Comparison
The maximum HSSAX drawdown since its inception was -73.01%, roughly equal to the maximum SFPAX drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for HSSAX and SFPAX.
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Drawdown Indicators
| HSSAX | SFPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.01% | -71.98% | -1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -19.61% | -4.86% | -14.75% |
Max Drawdown (3Y)Largest decline over 3 years | -22.17% | -17.92% | -4.25% |
Max Drawdown (5Y)Largest decline over 5 years | -73.01% | -27.51% | -45.50% |
Max Drawdown (10Y)Largest decline over 10 years | -73.01% | -45.64% | -27.37% |
Current DrawdownCurrent decline from peak | -43.68% | -2.65% | -41.03% |
Average DrawdownAverage peak-to-trough decline | -19.06% | -20.91% | +1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.14% | 2.32% | +6.82% |
Volatility
HSSAX vs. SFPAX - Volatility Comparison
Emerald Finance and Banking Innovation Fund (HSSAX) has a higher volatility of 6.13% compared to Saratoga Financial Service Fund (SFPAX) at 0.00%. This indicates that HSSAX'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
| HSSAX | SFPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.13% | 0.00% | +6.13% |
Volatility (6M)Calculated over the trailing 6-month period | 17.88% | 1.96% | +15.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.64% | 9.20% | +15.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.34% | 18.73% | +10.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.19% | 22.51% | +5.68% |
HSSAX vs. SFPAX - Expense Ratio Comparison
HSSAX has a 1.71% expense ratio, which is lower than SFPAX's 3.81% expense ratio.
Dividends
HSSAX vs. SFPAX - Dividend Comparison
Neither HSSAX nor SFPAX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HSSAX Emerald Finance and Banking Innovation Fund | 0.00% | 0.00% | 1.98% | 0.00% | 0.00% | 11.48% | 0.00% | 0.00% | 26.56% | 2.83% |
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% |
Frequently Asked Questions
HSSAX and SFPAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSSAX has higher volatility (6.13%) compared to SFPAX (0.00%). In terms of maximum drawdown, HSSAX dropped -73.01% vs SFPAX's -71.98%.
HSSAX currently has the higher Sharpe Ratio (0.39 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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