SBMIX vs. VTMFX

Last updated Jun 25, 2026

SBMIX (Saratoga Moderate Balanced Allocation Portfolio) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 5 years, SBMIX returned 6.43%/yr vs 6.79%/yr for VTMFX. Their correlation of 0.94 suggests significant overlap in exposure. SBMIX charges 0.99%/yr vs 0.05%/yr for VTMFX.

Performance

SBMIX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Moderate Balanced Allocation Portfolio (SBMIX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SBMIX having a 4.70% return and VTMFX slightly lower at 4.50%.

SBMIX

• 1D: -1.09%
• 1M: 1.44%
• YTD: 4.70%
• 6M: 3.59%
• 1Y: 11.97%
• 3Y*: 11.82%
• 5Y*: 6.43%
• 10Y*: —

VTMFX

• 1D: -0.70%
• 1M: 0.06%
• YTD: 4.50%
• 6M: 3.95%
• 1Y: 13.59%
• 3Y*: 11.82%
• 5Y*: 6.79%
• 10Y*: 8.63%

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

SBMIX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SBMIX Saratoga Moderate Balanced Allocation Portfolio	4.70%	12.25%	11.36%	11.96%	-10.38%	13.50%	9.84%	17.05%	-6.88%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	4.50%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-2.51%

Correlation

The correlation between SBMIX and VTMFX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.94

The correlation between SBMIX and VTMFX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

SBMIX vs. VTMFX — Risk / Return Rank

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

SBMIX

SBMIX Risk / Return Rank: 32
SBMIX Sharpe Ratio Rank: 30
SBMIX Sortino Ratio Rank: 30
SBMIX Omega Ratio Rank: 28
SBMIX Calmar Ratio Rank: 31
SBMIX Martin Ratio Rank: 41

VTMFX

VTMFX Risk / Return Rank: 64
VTMFX Sharpe Ratio Rank: 67
VTMFX Sortino Ratio Rank: 66
VTMFX Omega Ratio Rank: 67
VTMFX Calmar Ratio Rank: 53
VTMFX Martin Ratio Rank: 68

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. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Moderate Balanced Allocation Portfolio (SBMIX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	SBMIX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.20	-0.81
Sortino ratio: Return per unit of downside risk	2.03	3.10	-1.07
Omega ratio: Gain probability vs. loss probability	1.25	1.42	-0.17
Calmar ratio: Return relative to maximum drawdown	1.89	2.65	-0.75
Martin ratio: Return relative to average drawdown	8.13	12.34	-4.20

SBMIX vs. VTMFX - Sharpe Ratio Comparison

The current SBMIX Sharpe Ratio is 1.39, which is lower than the VTMFX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SBMIX and VTMFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SBMIX vs. VTMFX - Drawdown Comparison

The maximum SBMIX drawdown since its inception was -23.97%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for SBMIX and VTMFX.

Drawdown Indicators

	SBMIX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-23.97%	-28.49%	+4.52%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-5.38%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	-12.14%	-10.61%	-1.53%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	-17.40%	+2.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.87%	—
Current Drawdown Current decline from peak	-1.09%	-1.45%	+0.36%
Average Drawdown Average peak-to-trough decline	-3.46%	-3.54%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.15%	+0.44%

Volatility

SBMIX vs. VTMFX - Volatility Comparison

Saratoga Moderate Balanced Allocation Portfolio (SBMIX) has a higher volatility of 3.76% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.56%. This indicates that SBMIX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBMIX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	2.56%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	7.58%	5.22%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	6.49%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.60%	8.57%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	9.14%	+2.78%

SBMIX vs. VTMFX - Expense Ratio Comparison

SBMIX has a 0.99% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

SBMIX vs. VTMFX - Dividend Comparison

SBMIX's dividend yield for the trailing twelve months is around 9.67%, more than VTMFX's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBMIX Saratoga Moderate Balanced Allocation Portfolio	9.67%	10.12%	3.70%	1.32%	5.93%	8.04%	1.35%	3.40%	3.11%	0.00%	0.00%	0.00%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.14%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both SBMIX and VTMFX in my portfolio?

With a correlation of 0.93, SBMIX and VTMFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SBMIX or VTMFX?

SBMIX has higher volatility (3.76%) compared to VTMFX (2.56%). In terms of maximum drawdown, SBMIX dropped -23.97% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.20 vs 1.39), 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.