SAMIX vs. SHPAX

Last updated Jun 3, 2026

SAMIX (Saratoga Moderately Aggressive Balanced Allocation Portfolio) and SHPAX (Saratoga Health & Biotechnology Fund) are both mutual funds - SAMIX is a Diversified Portfolio fund managed by Saratoga, while SHPAX is a Health & Biotech Equities fund managed by Saratoga. Over the past 5 years, SAMIX returned 7.06%/yr vs 4.92%/yr for SHPAX. A 0.65 correlation means they provide meaningful diversification when combined. SAMIX charges 0.99%/yr vs 2.90%/yr for SHPAX.

Performance

SAMIX vs. SHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX) 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, SAMIX achieves a 5.48% return, which is significantly higher than SHPAX's -2.63% return.

SAMIX

• 1D: 0.16%
• 1M: 2.25%
• YTD: 5.48%
• 6M: 5.84%
• 1Y: 15.73%
• 3Y*: 13.15%
• 5Y*: 7.06%
• 10Y*: —

SHPAX

• 1D: -1.71%
• 1M: -0.53%
• YTD: -2.63%
• 6M: -2.69%
• 1Y: 13.38%
• 3Y*: 6.68%
• 5Y*: 4.92%
• 10Y*: 6.14%

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

SAMIX vs. SHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	5.48%	12.60%	11.53%	13.68%	-10.56%	14.08%	9.36%	17.88%	-7.54%
SHPAX Saratoga Health & Biotechnology Fund	-2.63%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	27.67%	-5.30%

Correlation

The correlation between SAMIX and SHPAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.65

Over the past year, the correlation between SAMIX and SHPAX has dropped to 0.44 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

SAMIX vs. SHPAX — Risk / Return Rank

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

SAMIX

SAMIX Risk / Return Rank: 36
SAMIX Sharpe Ratio Rank: 34
SAMIX Sortino Ratio Rank: 35
SAMIX Omega Ratio Rank: 33
SAMIX Calmar Ratio Rank: 34
SAMIX Martin Ratio Rank: 46

SHPAX

SHPAX Risk / Return Rank: 13
SHPAX Sharpe Ratio Rank: 12
SHPAX Sortino Ratio Rank: 12
SHPAX Omega Ratio Rank: 11
SHPAX Calmar Ratio Rank: 17
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.

SAMIX vs. SHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX) 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.

	SAMIX	SHPAX	Difference
Sharpe ratio Return per unit of total volatility	1.69	0.95	+0.74
Sortino ratio Return per unit of downside risk	2.46	1.43	+1.03
Omega ratio Gain probability vs. loss probability	1.30	1.17	+0.13
Calmar ratio Return relative to maximum drawdown	2.20	1.51	+0.68
Martin ratio Return relative to average drawdown	9.61	3.66	+5.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAMIX vs. SHPAX - Sharpe Ratio Comparison

The current SAMIX Sharpe Ratio is 1.69, which is higher than the SHPAX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SAMIX 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

	SAMIX	SHPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	0.95	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.35	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.29	+0.30

Drawdowns

SAMIX vs. SHPAX - Drawdown Comparison

The maximum SAMIX drawdown since its inception was -26.06%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for SAMIX and SHPAX.

Drawdown Indicators

	SAMIX	SHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.06%	-69.50%	+43.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.29%	-8.45%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	-16.32%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-15.54%	-16.32%	+0.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.05%	—
Current Drawdown Current decline from peak	0.00%	-8.40%	+8.40%
Average Drawdown Average peak-to-trough decline	-3.80%	-27.93%	+24.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	3.49%	-1.82%

Volatility

SAMIX vs. SHPAX - Volatility Comparison

The current volatility for Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX) is 2.73%, while Saratoga Health & Biotechnology Fund (SHPAX) has a volatility of 3.62%. This indicates that SAMIX experiences smaller price fluctuations and is considered to be less risky than SHPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAMIX	SHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	3.62%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	7.47%	10.04%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	14.13%	-4.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.10%	14.27%	-3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	16.58%	-3.92%

SAMIX vs. SHPAX - Expense Ratio Comparison

SAMIX has a 0.99% expense ratio, which is lower than SHPAX's 2.90% expense ratio.

Dividends

SAMIX vs. SHPAX - Dividend Comparison

SAMIX's dividend yield for the trailing twelve months is around 9.72%, more than SHPAX's 3.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	9.72%	10.26%	3.60%	2.78%	5.82%	8.13%	1.66%	2.44%	3.03%	0.00%	0.00%	0.00%
SHPAX Saratoga Health & Biotechnology Fund	3.76%	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 SAMIX and SHPAX in my portfolio?

SAMIX and SHPAX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAMIX or SHPAX?

SHPAX has higher volatility (3.62%) compared to SAMIX (2.73%). In terms of maximum drawdown, SAMIX dropped -26.06% vs SHPAX's -69.50%.

Which has better risk-adjusted returns?

SAMIX currently has the higher Sharpe Ratio (1.69 vs 0.95), 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.