RAGHX vs. SHPAX

Last updated Jun 5, 2026

RAGHX (Virtus Health Sciences Fund) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, RAGHX returned 5.97%/yr vs 6.19%/yr for SHPAX. Their correlation of 0.87 suggests significant overlap in exposure. RAGHX charges 1.37%/yr vs 2.90%/yr for SHPAX.

Performance

RAGHX vs. SHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Health Sciences Fund (RAGHX) 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, RAGHX achieves a -10.65% return, which is significantly lower than SHPAX's -2.16% return. Both investments have delivered pretty close results over the past 10 years, with RAGHX having a 5.97% annualized return and SHPAX not far ahead at 6.19%.

RAGHX

• 1D: 0.53%
• 1M: -1.16%
• YTD: -10.65%
• 6M: -10.20%
• 1Y: 1.18%
• 3Y*: -0.66%
• 5Y*: -0.45%
• 10Y*: 5.97%

SHPAX

• 1D: 1.51%
• 1M: -0.05%
• YTD: -2.16%
• 6M: -1.56%
• 1Y: 13.68%
• 3Y*: 6.85%
• 5Y*: 4.80%
• 10Y*: 6.19%

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

RAGHX vs. SHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RAGHX Virtus Health Sciences Fund	-10.65%	7.23%	-2.33%	2.57%	-11.64%	25.44%	13.76%	26.69%	4.37%	17.33%
SHPAX Saratoga Health & Biotechnology Fund	-2.16%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	27.67%	-5.30%	11.78%

Correlation

The correlation between RAGHX and SHPAX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.87

The correlation between RAGHX and SHPAX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

RAGHX vs. SHPAX — Risk / Return Rank

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

RAGHX

RAGHX Risk / Return Rank: 3
RAGHX Sharpe Ratio Rank: 3
RAGHX Sortino Ratio Rank: 3
RAGHX Omega Ratio Rank: 3
RAGHX Calmar Ratio Rank: 3
RAGHX Martin Ratio Rank: 3

SHPAX

SHPAX Risk / Return Rank: 14
SHPAX Sharpe Ratio Rank: 13
SHPAX Sortino Ratio Rank: 14
SHPAX Omega Ratio Rank: 12
SHPAX Calmar Ratio Rank: 18
SHPAX Martin Ratio Rank: 14

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.

RAGHX vs. SHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Health Sciences Fund (RAGHX) 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.

	RAGHX	SHPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.11	0.96	-0.85
Sortino ratio: Return per unit of downside risk	0.28	1.46	-1.18
Omega ratio: Gain probability vs. loss probability	1.03	1.17	-0.14
Calmar ratio: Return relative to maximum drawdown	0.11	1.47	-1.36
Martin ratio: Return relative to average drawdown	0.27	3.82	-3.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAGHX vs. SHPAX - Sharpe Ratio Comparison

The current RAGHX Sharpe Ratio is 0.11, which is lower than the SHPAX Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of RAGHX 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

	RAGHX	SHPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	0.96	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.34	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.37	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.30	+0.17

Drawdowns

RAGHX vs. SHPAX - Drawdown Comparison

The maximum RAGHX drawdown since its inception was -40.23%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for RAGHX and SHPAX.

Drawdown Indicators

	RAGHX	SHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.23%	-69.50%	+29.27%
Max Drawdown (1Y) Largest decline over 1 year	-15.94%	-9.33%	-6.61%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-16.32%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-22.14%	-16.32%	-5.82%
Max Drawdown (10Y) Largest decline over 10 years	-28.01%	-28.05%	+0.04%
Current Drawdown Current decline from peak	-15.68%	-7.96%	-7.72%
Average Drawdown Average peak-to-trough decline	-7.12%	-27.93%	+20.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.57%	3.57%	+3.00%

Volatility

RAGHX vs. SHPAX - Volatility Comparison

Virtus Health Sciences Fund (RAGHX) has a higher volatility of 4.70% compared to Saratoga Health & Biotechnology Fund (SHPAX) at 4.02%. This indicates that RAGHX's price experiences larger fluctuations and is considered to be riskier than SHPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAGHX	SHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.02%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	10.07%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	14.22%	+1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	14.29%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	16.59%	+0.90%

RAGHX vs. SHPAX - Expense Ratio Comparison

RAGHX has a 1.37% expense ratio, which is lower than SHPAX's 2.90% expense ratio.

Dividends

RAGHX vs. SHPAX - Dividend Comparison

RAGHX has not paid dividends to shareholders, while SHPAX's dividend yield for the trailing twelve months is around 3.74%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RAGHX Virtus Health Sciences Fund	0.00%	0.00%	0.00%	0.00%	9.51%	21.85%	14.50%	6.89%	16.12%	0.00%	0.00%	23.19%
SHPAX Saratoga Health & Biotechnology Fund	3.74%	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 RAGHX and SHPAX in my portfolio?

RAGHX and SHPAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAGHX or SHPAX?

RAGHX has higher volatility (4.70%) compared to SHPAX (4.02%). In terms of maximum drawdown, RAGHX dropped -40.23% vs SHPAX's -69.50%.

Which has better risk-adjusted returns?

SHPAX currently has the higher Sharpe Ratio (0.96 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.