SFPAX vs. BSIIX
SFPAX (Saratoga Financial Service Fund) and BSIIX (BlackRock Strategic Income Opportunities Fund Class I) are both mutual funds - SFPAX is a Financials Equities fund managed by BlackRock, while BSIIX is a Total Bond Market fund managed by BlackRock. Over the past 10 years, SFPAX returned 9.04%/yr vs 3.60%/yr for BSIIX. Their 0.16 correlation means their historical movements had little consistent relationship. SFPAX charges 3.81%/yr vs 0.69%/yr for BSIIX.
Performance
SFPAX vs. BSIIX - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has outperformed BSIIX with an annualized return of 9.04%, while BSIIX has yielded a comparatively lower 3.60% annualized return.
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 2.51%
- 3Y*
- 15.10%
- 5Y*
- 6.22%
- 10Y*
- 9.04%
- ALL TIME*
- 3.28%
BSIIX
- 1D
- 0.10%
- 1M
- -1.13%
- 6M
- 0.11%
- YTD
- 1.03%
- 1Y
- 4.24%
- 3Y*
- 6.24%
- 5Y*
- 2.75%
- 10Y*
- 3.60%
- ALL TIME*
- 3.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SFPAX vs. BSIIX - 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% |
BSIIX BlackRock Strategic Income Opportunities Fund Class I | 1.03% | 8.59% | 5.22% | 6.18% | -6.14% | 0.80% | 7.22% | 7.65% | -0.42% | 4.89% |
Correlation
The correlation between SFPAX and BSIIX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.20 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2008 | 0.16 |
The correlation between SFPAX and BSIIX shifts across timeframes, from 0.05 (1 year) to 0.21 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SFPAX vs. BSIIX — Risk / Return Rank
SFPAX
BSIIX
SFPAX vs. BSIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and BlackRock Strategic Income Opportunities Fund Class I (BSIIX). 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 | BSIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.33 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.76 | -1.97 |
| Martin ratioReturn relative to average drawdown | -0.42 | 6.43 | -6.85 |
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Drawdowns
SFPAX vs. BSIIX - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, which is greater than BSIIX's maximum drawdown of -18.76%. Use the drawdown chart below to compare losses from any high point for SFPAX and BSIIX.
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Drawdown Indicators
| SFPAX | BSIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -18.76% | -53.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -2.84% | -2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -2.84% | -15.08% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -9.13% | -18.38% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -9.91% | -35.73% |
Current DrawdownCurrent decline from peak | -2.65% | -1.25% | -1.40% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -1.80% | -19.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 0.78% | +1.54% |
Volatility
SFPAX vs. BSIIX - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while BlackRock Strategic Income Opportunities Fund Class I (BSIIX) has a volatility of 0.69%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than BSIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | BSIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.69% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 2.44% | -0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 2.99% | +6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 3.04% | +15.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 3.15% | +19.36% |
SFPAX vs. BSIIX - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than BSIIX's 0.69% expense ratio.
Dividends
SFPAX vs. BSIIX - Dividend Comparison
SFPAX has not paid dividends to shareholders, while BSIIX's dividend yield for the trailing twelve months is around 4.83%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSIIX BlackRock Strategic Income Opportunities Fund Class I | 4.83% | 5.07% | 4.75% | 3.33% | 3.58% | 2.98% | 2.92% | 3.54% | 3.32% | 3.45% | 2.91% | 3.19% |
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 BSIIX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSIIX has higher volatility (0.69%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs BSIIX's -18.76%.
BSIIX currently has the higher Sharpe Ratio (1.67 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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