PSCNX vs. SSCPX

Last updated Jun 24, 2026

PSCNX (Penn Capital Special Situations Small Cap Equity Fund) and SSCPX (Saratoga Small Capitalization Portfolio) are both Small Cap Growth Equities funds. Over the past 10 years, PSCNX returned 13.80%/yr vs 12.10%/yr for SSCPX. Their correlation of 0.92 suggests significant overlap in exposure. PSCNX charges 1.71%/yr vs 1.70%/yr for SSCPX.

Performance

PSCNX vs. SSCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn Capital Special Situations Small Cap Equity Fund (PSCNX) and Saratoga Small Capitalization Portfolio (SSCPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSCNX achieves a 24.83% return, which is significantly lower than SSCPX's 27.15% return. Over the past 10 years, PSCNX has outperformed SSCPX with an annualized return of 13.80%, while SSCPX has yielded a comparatively lower 12.10% annualized return.

PSCNX

• 1D: -0.15%
• 1M: 5.41%
• YTD: 24.83%
• 6M: 22.74%
• 1Y: 39.46%
• 3Y*: 18.64%
• 5Y*: 7.10%
• 10Y*: 13.80%

SSCPX

• 1D: 1.04%
• 1M: 8.20%
• YTD: 27.15%
• 6M: 23.90%
• 1Y: 40.72%
• 3Y*: 19.24%
• 5Y*: 9.19%
• 10Y*: 12.10%

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

PSCNX vs. SSCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCNX Penn Capital Special Situations Small Cap Equity Fund	24.83%	12.07%	8.04%	14.14%	-17.98%	32.82%	27.62%	30.69%	-16.22%	15.97%
SSCPX Saratoga Small Capitalization Portfolio	27.15%	6.41%	10.79%	15.16%	-17.56%	24.53%	25.39%	23.71%	-16.14%	15.58%

Correlation

The correlation between PSCNX and SSCPX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 17, 2015	0.92

The correlation between PSCNX and SSCPX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

PSCNX vs. SSCPX — Risk / Return Rank

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

PSCNX

PSCNX Risk / Return Rank: 57
PSCNX Sharpe Ratio Rank: 51
PSCNX Sortino Ratio Rank: 47
PSCNX Omega Ratio Rank: 43
PSCNX Calmar Ratio Rank: 77
PSCNX Martin Ratio Rank: 65

SSCPX

SSCPX Risk / Return Rank: 63
SSCPX Sharpe Ratio Rank: 60
SSCPX Sortino Ratio Rank: 56
SSCPX Omega Ratio Rank: 49
SSCPX Calmar Ratio Rank: 83
SSCPX Martin Ratio Rank: 69

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.

PSCNX vs. SSCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Capital Special Situations Small Cap Equity Fund (PSCNX) and Saratoga Small Capitalization Portfolio (SSCPX). 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.

	PSCNX	SSCPX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.09	-0.15
Sortino ratio: Return per unit of downside risk	2.65	2.88	-0.23
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	3.31	3.67	-0.36
Martin ratio: Return relative to average drawdown	12.04	12.49	-0.46

PSCNX vs. SSCPX - Sharpe Ratio Comparison

The current PSCNX Sharpe Ratio is 1.95, which is comparable to the SSCPX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of PSCNX and SSCPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSCNX vs. SSCPX - Drawdown Comparison

The maximum PSCNX drawdown since its inception was -50.15%, smaller than the maximum SSCPX drawdown of -53.65%. Use the drawdown chart below to compare losses from any high point for PSCNX and SSCPX.

Drawdown Indicators

	PSCNX	SSCPX	Difference
Max Drawdown Largest peak-to-trough decline	-50.15%	-53.65%	+3.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-11.54%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-27.88%	-27.78%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-32.09%	-27.78%	-4.31%
Max Drawdown (10Y) Largest decline over 10 years	-50.15%	-43.59%	-6.56%
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	-9.79%	-10.23%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.39%	+0.03%

Volatility

PSCNX vs. SSCPX - Volatility Comparison

Penn Capital Special Situations Small Cap Equity Fund (PSCNX) has a higher volatility of 6.90% compared to Saratoga Small Capitalization Portfolio (SSCPX) at 6.15%. This indicates that PSCNX's price experiences larger fluctuations and is considered to be riskier than SSCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCNX	SSCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	6.15%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	15.17%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	20.28%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	22.22%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.96%	23.05%	+2.91%

PSCNX vs. SSCPX - Expense Ratio Comparison

PSCNX has a 1.71% expense ratio, which is higher than SSCPX's 1.70% expense ratio.

Dividends

PSCNX vs. SSCPX - Dividend Comparison

PSCNX's dividend yield for the trailing twelve months is around 6.00%, less than SSCPX's 7.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSCNX Penn Capital Special Situations Small Cap Equity Fund	6.00%	7.49%	1.56%	0.24%	1.76%	23.64%	0.00%	1.24%	9.83%	11.93%	7.11%	0.00%
SSCPX Saratoga Small Capitalization Portfolio	7.09%	9.02%	11.37%	0.00%	10.18%	24.67%	0.02%	0.00%	17.42%	0.00%	0.00%	58.90%

Frequently Asked Questions

Can I hold both PSCNX and SSCPX in my portfolio?

With a correlation of 0.91, PSCNX and SSCPX 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, PSCNX or SSCPX?

PSCNX has higher volatility (6.90%) compared to SSCPX (6.15%). In terms of maximum drawdown, PSCNX dropped -50.15% vs SSCPX's -53.65%.

Which has better risk-adjusted returns?

SSCPX currently has the higher Sharpe Ratio (2.09 vs 1.95), 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.