SBFAX vs. SFPAX
SBFAX (1919 Financial Services Fund) and SFPAX (Saratoga Financial Service Fund) are both Financials Equities funds from BlackRock. Over the past 10 years, SBFAX returned 9.22%/yr vs 9.04%/yr for SFPAX. Their correlation of 0.90 suggests significant overlap in exposure. SBFAX charges 1.36%/yr vs 3.81%/yr for SFPAX.
Performance
SBFAX vs. SFPAX - Performance Comparison
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Returns By Period
Both investments have delivered pretty close results over the past 10 years, with SBFAX having a 9.22% annualized return and SFPAX not far behind at 9.04%.
SBFAX
- 1D
- 0.44%
- 1M
- 5.53%
- 6M
- 4.53%
- YTD
- 4.73%
- 1Y
- 5.75%
- 3Y*
- 15.48%
- 5Y*
- 5.46%
- 10Y*
- 9.22%
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 1.29%
- 3Y*
- 15.10%
- 5Y*
- 6.22%
- 10Y*
- 9.04%
SBFAX vs. SFPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBFAX 1919 Financial Services Fund | 4.73% | 4.29% | 24.86% | 1.50% | -13.99% | 30.74% | 0.14% | 29.11% | -14.94% | 14.65% |
SFPAX Saratoga Financial Service Fund | 0.00% | 7.00% | 26.05% | 10.58% | -14.36% | 31.17% | -5.81% | 29.63% | -19.23% | 19.28% |
Correlation
The correlation between SBFAX and SFPAX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.90 |
Over the past year, the correlation between SBFAX and SFPAX has dropped to 0.49 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.
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Return for Risk
SBFAX vs. SFPAX — Risk / Return Rank
SBFAX
SFPAX
SBFAX vs. SFPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 1919 Financial Services Fund (SBFAX) and Saratoga Financial Service Fund (SFPAX). 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.
| SBFAX | SFPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.98 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | -0.21 | +0.79 |
| Martin ratioReturn relative to average drawdown | 1.33 | -0.42 | +1.75 |
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Drawdowns
SBFAX vs. SFPAX - Drawdown Comparison
The maximum SBFAX drawdown since its inception was -49.33%, smaller than the maximum SFPAX drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for SBFAX and SFPAX.
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Drawdown Indicators
| SBFAX | SFPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.33% | -71.98% | +22.65% |
Max Drawdown (1Y)Largest decline over 1 year | -11.03% | -4.86% | -6.17% |
Max Drawdown (3Y)Largest decline over 3 years | -16.41% | -17.92% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -33.94% | -27.51% | -6.43% |
Max Drawdown (10Y)Largest decline over 10 years | -43.58% | -45.64% | +2.06% |
Current DrawdownCurrent decline from peak | 0.00% | -2.65% | +2.65% |
Average DrawdownAverage peak-to-trough decline | -9.49% | -20.91% | +11.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.78% | 2.32% | +2.46% |
Volatility
SBFAX vs. SFPAX - Volatility Comparison
1919 Financial Services Fund (SBFAX) has a higher volatility of 4.14% compared to Saratoga Financial Service Fund (SFPAX) at 0.00%. This indicates that SBFAX's price experiences larger fluctuations and is considered to be riskier than SFPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBFAX | SFPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 0.00% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.77% | 1.96% | +8.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.59% | 9.20% | +5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.24% | 18.73% | +0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.73% | 22.51% | +0.22% |
SBFAX vs. SFPAX - Expense Ratio Comparison
SBFAX has a 1.36% expense ratio, which is lower than SFPAX's 3.81% expense ratio.
Dividends
SBFAX vs. SFPAX - Dividend Comparison
SBFAX's dividend yield for the trailing twelve months is around 13.85%, while SFPAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SBFAX 1919 Financial Services Fund | 13.85% | 14.51% | 10.60% | 10.93% | 2.40% | 4.83% | 5.09% | 3.84% | 1.58% | 0.00% | 2.93% | 7.25% |
SFPAX Saratoga Financial Service Fund | 0.00% | 0.00% | 5.91% | 5.05% | 5.71% | 5.03% | 4.18% | 7.10% | 22.58% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBFAX and SFPAX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBFAX has higher volatility (4.14%) compared to SFPAX (0.00%). In terms of maximum drawdown, SBFAX dropped -49.33% vs SFPAX's -71.98%.
SBFAX currently has the higher Sharpe Ratio (0.44 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.
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