LOGSX vs. SHPAX

Last updated Jun 4, 2026

LOGSX (Live Oak Health Sciences Fund) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, LOGSX returned 6.37%/yr vs 6.03%/yr for SHPAX. With a 0.95 correlation, they move nearly in lockstep. LOGSX charges 1.02%/yr vs 2.90%/yr for SHPAX.

Performance

LOGSX vs. SHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Live Oak Health Sciences Fund (LOGSX) and Saratoga Health & Biotechnology Fund (SHPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LOGSX achieves a -3.06% return, which is significantly higher than SHPAX's -3.62% return. Over the past 10 years, LOGSX has outperformed SHPAX with an annualized return of 6.37%, while SHPAX has yielded a comparatively lower 6.03% annualized return.

LOGSX

• 1D: -1.13%
• 1M: -1.34%
• YTD: -3.06%
• 6M: -2.57%
• 1Y: 13.04%
• 3Y*: 7.87%
• 5Y*: 5.71%
• 10Y*: 6.37%

SHPAX

• 1D: -1.01%
• 1M: -1.58%
• YTD: -3.62%
• 6M: -3.51%
• 1Y: 11.93%
• 3Y*: 6.32%
• 5Y*: 4.65%
• 10Y*: 6.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LOGSX vs. SHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LOGSX Live Oak Health Sciences Fund	-3.06%	19.63%	0.16%	1.21%	3.71%	17.59%	6.01%	18.98%	-3.84%	13.42%
SHPAX Saratoga Health & Biotechnology Fund	-3.62%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	27.67%	-5.30%	11.78%

Correlation

The correlation between LOGSX and SHPAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jul 2, 2001	0.95

The correlation between LOGSX and SHPAX has been stable across timeframes, ranging from 0.95 to 1.00 - a consistent structural relationship.

Return for Risk

LOGSX vs. SHPAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LOGSX

LOGSX Risk / Return Rank: 14
LOGSX Sharpe Ratio Rank: 12
LOGSX Sortino Ratio Rank: 13
LOGSX Omega Ratio Rank: 12
LOGSX Calmar Ratio Rank: 20
LOGSX Martin Ratio Rank: 15

SHPAX

SHPAX Risk / Return Rank: 12
SHPAX Sharpe Ratio Rank: 11
SHPAX Sortino Ratio Rank: 11
SHPAX Omega Ratio Rank: 11
SHPAX Calmar Ratio Rank: 15
SHPAX Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LOGSX vs. SHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Live Oak Health Sciences Fund (LOGSX) 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.

	LOGSX	SHPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.87	+0.09
Sortino ratio: Return per unit of downside risk	1.44	1.32	+0.12
Omega ratio: Gain probability vs. loss probability	1.17	1.16	+0.01
Calmar ratio: Return relative to maximum drawdown	1.65	1.32	+0.34
Martin ratio: Return relative to average drawdown	4.23	3.46	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LOGSX vs. SHPAX - Sharpe Ratio Comparison

The current LOGSX Sharpe Ratio is 0.96, which is comparable to the SHPAX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of LOGSX and SHPAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LOGSX	SHPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.87	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.33	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.36	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.29	+0.13

Drawdowns

LOGSX vs. SHPAX - Drawdown Comparison

The maximum LOGSX drawdown since its inception was -45.85%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for LOGSX and SHPAX.

Drawdown Indicators

	LOGSX	SHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-45.85%	-69.50%	+23.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-9.33%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	-16.32%	+1.99%
Max Drawdown (5Y) Largest decline over 5 years	-15.03%	-16.32%	+1.29%
Max Drawdown (10Y) Largest decline over 10 years	-27.28%	-28.05%	+0.77%
Current Drawdown Current decline from peak	-8.13%	-9.33%	+1.20%
Average Drawdown Average peak-to-trough decline	-7.61%	-27.93%	+20.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.54%	-0.37%

Volatility

LOGSX vs. SHPAX - Volatility Comparison

Live Oak Health Sciences Fund (LOGSX) and Saratoga Health & Biotechnology Fund (SHPAX) have volatilities of 3.70% and 3.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOGSX	SHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.70%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	10.08%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	14.14%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	14.28%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	16.58%	-0.45%

LOGSX vs. SHPAX - Expense Ratio Comparison

LOGSX has a 1.02% expense ratio, which is lower than SHPAX's 2.90% expense ratio.

Dividends

LOGSX vs. SHPAX - Dividend Comparison

LOGSX's dividend yield for the trailing twelve months is around 2.14%, less than SHPAX's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LOGSX Live Oak Health Sciences Fund	2.14%	2.07%	2.64%	6.28%	0.55%	7.02%	7.04%	0.85%	15.20%	6.45%	2.10%	15.52%
SHPAX Saratoga Health & Biotechnology Fund	3.80%	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

Can I hold both LOGSX and SHPAX in my portfolio?

With a correlation of 1.00, LOGSX and SHPAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LOGSX or SHPAX?

SHPAX has higher volatility (3.70%) compared to LOGSX (3.70%). In terms of maximum drawdown, LOGSX dropped -45.85% vs SHPAX's -69.50%.

Which has better risk-adjusted returns?

LOGSX currently has the higher Sharpe Ratio (0.96 vs 0.87), 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.