SCHLX vs. SHPAX

Last updated Jun 23, 2026

SCHLX (DWS Health and Wellness Fund) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, SCHLX returned 7.73%/yr vs 6.52%/yr for SHPAX. Their correlation of 0.89 suggests significant overlap in exposure. SCHLX charges 0.84%/yr vs 2.90%/yr for SHPAX.

Performance

SCHLX vs. SHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS Health and Wellness Fund (SCHLX) 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, SCHLX achieves a -6.63% return, which is significantly lower than SHPAX's -0.71% return. Over the past 10 years, SCHLX has outperformed SHPAX with an annualized return of 7.73%, while SHPAX has yielded a comparatively lower 6.52% annualized return.

SCHLX

• 1D: -0.69%
• 1M: -0.81%
• YTD: -6.63%
• 6M: -7.02%
• 1Y: 9.01%
• 3Y*: 4.45%
• 5Y*: 3.42%
• 10Y*: 7.73%

SHPAX

• 1D: -0.94%
• 1M: -1.58%
• YTD: -0.71%
• 6M: -1.86%
• 1Y: 15.99%
• 3Y*: 6.73%
• 5Y*: 4.70%
• 10Y*: 6.52%

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

SCHLX vs. SHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHLX DWS Health and Wellness Fund	-6.63%	12.67%	3.62%	5.56%	-7.22%	15.43%	15.40%	22.40%	3.50%	19.37%
SHPAX Saratoga Health & Biotechnology Fund	-0.71%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	27.67%	-5.30%	11.78%

Correlation

The correlation between SCHLX and SHPAX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000	0.89

The correlation between SCHLX and SHPAX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

SCHLX vs. SHPAX — Risk / Return Rank

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

SCHLX

SCHLX Risk / Return Rank: 7
SCHLX Sharpe Ratio Rank: 7
SCHLX Sortino Ratio Rank: 8
SCHLX Omega Ratio Rank: 7
SCHLX Calmar Ratio Rank: 7
SCHLX Martin Ratio Rank: 6

SHPAX

SHPAX Risk / Return Rank: 18
SHPAX Sharpe Ratio Rank: 16
SHPAX Sortino Ratio Rank: 17
SHPAX Omega Ratio Rank: 15
SHPAX Calmar Ratio Rank: 24
SHPAX Martin Ratio Rank: 17

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.

SCHLX vs. SHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS Health and Wellness Fund (SCHLX) 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.

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.

	SCHLX	SHPAX	Difference
Sharpe ratio: Return per unit of total volatility	0.57	1.07	-0.50
Sortino ratio: Return per unit of downside risk	0.96	1.62	-0.65
Omega ratio: Gain probability vs. loss probability	1.11	1.19	-0.08
Calmar ratio: Return relative to maximum drawdown	0.65	1.67	-1.02
Martin ratio: Return relative to average drawdown	1.49	4.18	-2.69

SCHLX vs. SHPAX - Sharpe Ratio Comparison

The current SCHLX Sharpe Ratio is 0.57, which is lower than the SHPAX Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of SCHLX 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.

Drawdowns

SCHLX vs. SHPAX - Drawdown Comparison

The maximum SCHLX drawdown since its inception was -45.46%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for SCHLX and SHPAX.

Drawdown Indicators

	SCHLX	SHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-45.46%	-69.50%	+24.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.08%	-9.33%	-3.75%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-16.32%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-18.62%	-16.32%	-2.30%
Max Drawdown (10Y) Largest decline over 10 years	-27.47%	-28.05%	+0.58%
Current Drawdown Current decline from peak	-9.83%	-6.59%	-3.24%
Average Drawdown Average peak-to-trough decline	-9.17%	-27.88%	+18.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	3.73%	+1.97%

Volatility

SCHLX vs. SHPAX - Volatility Comparison

DWS Health and Wellness Fund (SCHLX) and Saratoga Health & Biotechnology Fund (SHPAX) have volatilities of 5.14% and 5.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHLX	SHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	5.10%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	10.41%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.97%	14.60%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	14.34%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	16.62%	+0.09%

SCHLX vs. SHPAX - Expense Ratio Comparison

SCHLX has a 0.84% expense ratio, which is lower than SHPAX's 2.90% expense ratio.

Dividends

SCHLX vs. SHPAX - Dividend Comparison

SCHLX's dividend yield for the trailing twelve months is around 5.58%, more than SHPAX's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHLX DWS Health and Wellness Fund	5.58%	5.21%	1.19%	5.29%	1.77%	9.02%	9.13%	9.88%	11.48%	6.52%	2.84%	16.39%
SHPAX Saratoga Health & Biotechnology Fund	3.69%	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 SCHLX and SHPAX in my portfolio?

SCHLX and SHPAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHLX or SHPAX?

SCHLX has higher volatility (5.14%) compared to SHPAX (5.10%). In terms of maximum drawdown, SCHLX dropped -45.46% vs SHPAX's -69.50%.

Which has better risk-adjusted returns?

SHPAX currently has the higher Sharpe Ratio (1.07 vs 0.57), 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.