SFPAX vs. BDJ
SFPAX (Saratoga Financial Service Fund) and BDJ (BlackRock Enhanced Equity Dividend Fund) are both mutual funds - SFPAX is a Financials Equities fund managed by BlackRock, while BDJ is a Derivative Income fund managed by BlackRock. Over the past 10 years, SFPAX returned 9.04%/yr vs 10.45%/yr for BDJ. A 0.62 correlation means they provide meaningful diversification when combined. SFPAX charges 3.81%/yr vs 0.86%/yr for BDJ.
Performance
SFPAX vs. BDJ - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has underperformed BDJ with an annualized return of 9.04%, while BDJ has yielded a comparatively higher 10.45% annualized return.
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 0.82%
- 3Y*
- 15.10%
- 5Y*
- 6.22%
- 10Y*
- 9.04%
BDJ
- 1D
- -0.21%
- 1M
- 3.78%
- 6M
- 4.97%
- YTD
- 5.97%
- 1Y
- 19.05%
- 3Y*
- 14.82%
- 5Y*
- 8.41%
- 10Y*
- 10.45%
SFPAX vs. BDJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BDJ BlackRock Enhanced Equity Dividend Fund | 5.97% | 26.12% | 16.87% | -6.67% | 0.83% | 26.56% | -7.58% | 37.43% | -10.42% | 20.78% |
Correlation
The correlation between SFPAX and BDJ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2005 | 0.62 |
Over the past year, the correlation between SFPAX and BDJ has dropped to 0.27 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
SFPAX vs. BDJ — Risk / Return Rank
SFPAX
BDJ
SFPAX vs. BDJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and BlackRock Enhanced Equity Dividend Fund (BDJ). 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.
| SFPAX | BDJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.27 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.56 | -1.77 |
| Martin ratioReturn relative to average drawdown | -0.42 | 5.69 | -6.11 |
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Drawdowns
SFPAX vs. BDJ - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, which is greater than BDJ's maximum drawdown of -59.46%. Use the drawdown chart below to compare losses from any high point for SFPAX and BDJ.
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Drawdown Indicators
| SFPAX | BDJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -59.46% | -12.52% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -12.28% | +7.42% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -15.70% | -2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -21.39% | -6.12% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -48.14% | +2.50% |
Current DrawdownCurrent decline from peak | -2.65% | -0.52% | -2.13% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -8.92% | -11.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 3.35% | -1.03% |
Volatility
SFPAX vs. BDJ - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while BlackRock Enhanced Equity Dividend Fund (BDJ) has a volatility of 3.38%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than BDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | BDJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 3.38% | -3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 9.37% | -7.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 12.20% | -3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 16.05% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 18.39% | +4.12% |
SFPAX vs. BDJ - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than BDJ's 0.86% expense ratio.
Dividends
SFPAX vs. BDJ - Dividend Comparison
SFPAX has not paid dividends to shareholders, while BDJ's dividend yield for the trailing twelve months is around 8.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDJ BlackRock Enhanced Equity Dividend Fund | 8.87% | 9.03% | 8.21% | 9.49% | 12.18% | 5.95% | 7.08% | 6.66% | 7.21% | 6.07% | 6.88% | 7.36% |
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
SFPAX and BDJ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDJ has higher volatility (3.38%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs BDJ's -59.46%.
BDJ currently has the higher Sharpe Ratio (1.57 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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