SAPEX vs. UPAAX

Last updated Jun 4, 2026

SAPEX (Spectrum Active Advantage Fund) and UPAAX (Upright Assets Allocation Plus Fund) are both Tactical Allocation funds. A 0.50 correlation means they provide meaningful diversification when combined. SAPEX charges 1.69%/yr vs 2.49%/yr for UPAAX.

Performance

SAPEX vs. UPAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spectrum Active Advantage Fund (SAPEX) and Upright Assets Allocation Plus Fund (UPAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SAPEX

• 1D: 0.41%
• 1M: 4.22%
• YTD: 0.25%
• 6M: 1.91%
• 1Y: 12.41%
• 3Y*: 10.47%
• 5Y*: -1.83%
• 10Y*: 5.16%

UPAAX

• 1D: 2.35%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAPEX vs. UPAAX - Yearly Performance Comparison

	2026 (YTD)
SAPEX Spectrum Active Advantage Fund	1.59%
UPAAX Upright Assets Allocation Plus Fund	3.87%

Correlation

The correlation between SAPEX and UPAAX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.50

Return for Risk

SAPEX vs. UPAAX — Risk / Return Rank

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

SAPEX

SAPEX Risk / Return Rank: 21
SAPEX Sharpe Ratio Rank: 22
SAPEX Sortino Ratio Rank: 21
SAPEX Omega Ratio Rank: 23
SAPEX Calmar Ratio Rank: 21
SAPEX Martin Ratio Rank: 15

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.

SAPEX vs. UPAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spectrum Active Advantage Fund (SAPEX) and Upright Assets Allocation Plus Fund (UPAAX). 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.

	SAPEX	UPAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	—	—
Sortino ratio: Return per unit of downside risk	1.90	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	1.69	—	—
Martin ratio: Return relative to average drawdown	4.34	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SAPEX	UPAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	132.47	-132.14

Drawdowns

SAPEX vs. UPAAX - Drawdown Comparison

The maximum SAPEX drawdown since its inception was -40.48%, which is greater than UPAAX's maximum drawdown of -0.25%. Use the drawdown chart below to compare losses from any high point for SAPEX and UPAAX.

Drawdown Indicators

	SAPEX	UPAAX	Difference
Max Drawdown Largest peak-to-trough decline	-40.48%	-0.25%	-40.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-40.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.48%	—	—
Current Drawdown Current decline from peak	-17.33%	0.00%	-17.33%
Average Drawdown Average peak-to-trough decline	-14.62%	-0.08%	-14.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	—	—

Volatility

Volatility by Period

	SAPEX	UPAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	21.58%	-12.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	21.58%	-7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	21.58%	-4.83%

SAPEX vs. UPAAX - Expense Ratio Comparison

SAPEX has a 1.69% expense ratio, which is lower than UPAAX's 2.49% expense ratio.

Dividends

SAPEX vs. UPAAX - Dividend Comparison

SAPEX's dividend yield for the trailing twelve months is around 4.34%, while UPAAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SAPEX Spectrum Active Advantage Fund	4.34%	4.77%	2.23%	0.88%	0.00%	33.33%	1.43%	0.74%	3.09%	4.26%	0.17%
UPAAX Upright Assets Allocation Plus Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SAPEX and UPAAX in my portfolio?

SAPEX and UPAAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.