SBMIX vs. FRGAX

Last updated Apr 2, 2026

Compare and contrast key facts about Saratoga Moderate Balanced Allocation Portfolio (SBMIX) and Fidelity 70% Allocation Fund (FRGAX).

SBMIX is managed by Saratoga. It was launched on Dec 28, 2017. FRGAX is an actively managed fund by Fidelity. It was launched on Jan 1, 2022.

Performance

SBMIX vs. FRGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Moderate Balanced Allocation Portfolio (SBMIX) and Fidelity 70% Allocation Fund (FRGAX). The values are adjusted to include any dividend payments, if applicable.

SBMIX vs. FRGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SBMIX Saratoga Moderate Balanced Allocation Portfolio	-2.80%	12.25%	11.36%	11.96%	-1.83%
FRGAX Fidelity 70% Allocation Fund	-1.44%	17.10%	12.91%	17.57%	-1.63%

Returns By Period

In the year-to-date period, SBMIX achieves a -2.80% return, which is significantly lower than FRGAX's -1.44% return.

SBMIX

• 1D: 2.08%
• 1M: -4.38%
• YTD: -2.80%
• 6M: -1.34%
• 1Y: 11.06%
• 3Y*: 9.82%
• 5Y*: 5.51%
• 10Y*: —

FRGAX

• 1D: 2.16%
• 1M: -4.28%
• YTD: -1.44%
• 6M: 0.52%
• 1Y: 15.52%
• 3Y*: 13.10%
• 5Y*: —
• 10Y*: —

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

SBMIX vs. FRGAX - Expense Ratio Comparison

SBMIX has a 0.99% expense ratio, which is higher than FRGAX's 0.02% expense ratio.

SBMIX

Saratoga Moderate Balanced Allocation Portfolio

FRGAX

Fidelity 70% Allocation Fund

Return for Risk

SBMIX vs. FRGAX — Risk / Return Rank

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

SBMIX

SBMIX Risk / Return Rank: 47
SBMIX Sharpe Ratio Rank: 46
SBMIX Sortino Ratio Rank: 47
SBMIX Omega Ratio Rank: 42
SBMIX Calmar Ratio Rank: 50
SBMIX Martin Ratio Rank: 53

FRGAX

FRGAX Risk / Return Rank: 67
FRGAX Sharpe Ratio Rank: 67
FRGAX Sortino Ratio Rank: 68
FRGAX Omega Ratio Rank: 67
FRGAX Calmar Ratio Rank: 62
FRGAX Martin Ratio Rank: 70

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.

SBMIX vs. FRGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Moderate Balanced Allocation Portfolio (SBMIX) and Fidelity 70% Allocation Fund (FRGAX). 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.

	SBMIX	FRGAX	Difference
Sharpe ratio Return per unit of total volatility	1.01	1.33	-0.32
Sortino ratio Return per unit of downside risk	1.50	1.93	-0.43
Omega ratio Gain probability vs. loss probability	1.21	1.28	-0.08
Calmar ratio Return relative to maximum drawdown	1.43	1.74	-0.31
Martin ratio Return relative to average drawdown	5.89	7.96	-2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBMIX vs. FRGAX - Sharpe Ratio Comparison

The current SBMIX Sharpe Ratio is 1.01, which is comparable to the FRGAX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of SBMIX and FRGAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SBMIX	FRGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	1.33	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.27	-0.74

Correlation

The correlation between SBMIX and FRGAX is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SBMIX vs. FRGAX - Dividend Comparison

SBMIX's dividend yield for the trailing twelve months is around 10.41%, more than FRGAX's 2.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SBMIX Saratoga Moderate Balanced Allocation Portfolio	10.41%	10.12%	3.70%	1.32%	5.93%	8.04%	1.35%	3.40%	3.11%
FRGAX Fidelity 70% Allocation Fund	2.03%	2.00%	2.01%	1.77%	1.71%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SBMIX vs. FRGAX - Drawdown Comparison

The maximum SBMIX drawdown since its inception was -23.97%, which is greater than FRGAX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for SBMIX and FRGAX.

Drawdown Indicators

	SBMIX	FRGAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.97%	-11.77%	-12.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-8.53%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	—	—
Current Drawdown Current decline from peak	-4.92%	-5.02%	+0.10%
Average Drawdown Average peak-to-trough decline	-3.53%	-1.62%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.87%	-0.07%

Volatility

SBMIX vs. FRGAX - Volatility Comparison

The current volatility for Saratoga Moderate Balanced Allocation Portfolio (SBMIX) is 4.13%, while Fidelity 70% Allocation Fund (FRGAX) has a volatility of 4.51%. This indicates that SBMIX experiences smaller price fluctuations and is considered to be less risky than FRGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBMIX	FRGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	4.51%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	6.86%	7.04%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	11.46%	12.09%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.46%	10.33%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.94%	10.33%	+1.61%