SABIX vs. SPMAX

Last updated Jun 5, 2026

SABIX (Saratoga Aggressive Balanced Allocation Portfolio) and SPMAX (Saratoga Mid Capitalization Portfolio) are both mutual funds - SABIX is a Diversified Portfolio fund managed by Saratoga, while SPMAX is a Mid Cap Blend Equities fund managed by Saratoga. Over the past 5 years, SABIX returned 7.55%/yr vs 9.81%/yr for SPMAX. Their correlation of 0.90 suggests significant overlap in exposure. SABIX charges 0.99%/yr vs 2.06%/yr for SPMAX.

Performance

SABIX vs. SPMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Aggressive Balanced Allocation Portfolio (SABIX) and Saratoga Mid Capitalization Portfolio (SPMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SABIX achieves a 6.28% return, which is significantly lower than SPMAX's 19.55% return.

SABIX

• 1D: -0.46%
• 1M: 2.06%
• YTD: 6.28%
• 6M: 5.97%
• 1Y: 16.54%
• 3Y*: 14.25%
• 5Y*: 7.55%
• 10Y*: —

SPMAX

• 1D: 0.27%
• 1M: 4.02%
• YTD: 19.55%
• 6M: 17.33%
• 1Y: 33.95%
• 3Y*: 20.73%
• 5Y*: 9.81%
• 10Y*: 10.10%

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

SABIX vs. SPMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SABIX Saratoga Aggressive Balanced Allocation Portfolio	6.28%	13.01%	12.49%	15.20%	-11.36%	14.93%	9.53%	18.72%	-8.74%
SPMAX Saratoga Mid Capitalization Portfolio	19.55%	9.76%	17.27%	15.52%	-11.91%	19.87%	9.67%	29.93%	-20.06%

Correlation

The correlation between SABIX and SPMAX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.90

The correlation between SABIX and SPMAX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

SABIX vs. SPMAX — Risk / Return Rank

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

SABIX

SABIX Risk / Return Rank: 36
SABIX Sharpe Ratio Rank: 34
SABIX Sortino Ratio Rank: 34
SABIX Omega Ratio Rank: 33
SABIX Calmar Ratio Rank: 34
SABIX Martin Ratio Rank: 46

SPMAX

SPMAX Risk / Return Rank: 43
SPMAX Sharpe Ratio Rank: 38
SPMAX Sortino Ratio Rank: 37
SPMAX Omega Ratio Rank: 35
SPMAX Calmar Ratio Rank: 53
SPMAX Martin Ratio Rank: 52

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.

SABIX vs. SPMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Aggressive Balanced Allocation Portfolio (SABIX) and Saratoga Mid Capitalization Portfolio (SPMAX). 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.

	SABIX	SPMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.77	-0.13
Sortino ratio: Return per unit of downside risk	2.37	2.53	-0.16
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.14	2.74	-0.60
Martin ratio: Return relative to average drawdown	9.39	10.44	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SABIX vs. SPMAX - Sharpe Ratio Comparison

The current SABIX Sharpe Ratio is 1.64, which is comparable to the SPMAX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SABIX and SPMAX, 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

	SABIX	SPMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	1.77	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.53	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.42	+0.12

Drawdowns

SABIX vs. SPMAX - Drawdown Comparison

The maximum SABIX drawdown since its inception was -29.06%, smaller than the maximum SPMAX drawdown of -52.68%. Use the drawdown chart below to compare losses from any high point for SABIX and SPMAX.

Drawdown Indicators

	SABIX	SPMAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.06%	-52.68%	+23.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.87%	-12.39%	+4.52%
Max Drawdown (3Y) Largest decline over 3 years	-14.58%	-23.42%	+8.84%
Max Drawdown (5Y) Largest decline over 5 years	-17.20%	-23.42%	+6.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.83%	—
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-4.13%	-8.60%	+4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	3.25%	-1.46%

Volatility

SABIX vs. SPMAX - Volatility Comparison

The current volatility for Saratoga Aggressive Balanced Allocation Portfolio (SABIX) is 2.97%, while Saratoga Mid Capitalization Portfolio (SPMAX) has a volatility of 6.76%. This indicates that SABIX experiences smaller price fluctuations and is considered to be less risky than SPMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SABIX	SPMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	6.76%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	15.37%	-7.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	19.26%	-8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.46%	18.51%	-6.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.31%	20.34%	-6.03%

SABIX vs. SPMAX - Expense Ratio Comparison

SABIX has a 0.99% expense ratio, which is lower than SPMAX's 2.06% expense ratio.

Dividends

SABIX vs. SPMAX - Dividend Comparison

SABIX's dividend yield for the trailing twelve months is around 9.25%, less than SPMAX's 27.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SABIX Saratoga Aggressive Balanced Allocation Portfolio	9.25%	9.83%	3.12%	2.81%	7.12%	9.63%	1.82%	3.72%	3.06%	0.00%	0.00%	0.00%
SPMAX Saratoga Mid Capitalization Portfolio	27.51%	32.89%	18.90%	1.28%	2.11%	16.31%	9.56%	0.01%	13.58%	8.25%	8.08%	5.04%

Frequently Asked Questions

Can I hold both SABIX and SPMAX in my portfolio?

SABIX and SPMAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SABIX or SPMAX?

SPMAX has higher volatility (6.76%) compared to SABIX (2.97%). In terms of maximum drawdown, SABIX dropped -29.06% vs SPMAX's -52.68%.

Which has better risk-adjusted returns?

SPMAX currently has the higher Sharpe Ratio (1.77 vs 1.64), 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.