SFPAX vs. BTO
SFPAX (Saratoga Financial Service Fund) and BTO (John Hancock Financial Opportunities Fund) are both Financials Equities funds. Over the past 10 years, SFPAX returned 9.04%/yr vs 11.20%/yr for BTO. A 0.74 correlation means they provide meaningful diversification when combined. SFPAX charges 3.81%/yr vs 2.01%/yr for BTO.
Performance
SFPAX vs. BTO - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has underperformed BTO with an annualized return of 9.04%, while BTO has yielded a comparatively higher 11.20% 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%
BTO
- 1D
- 0.03%
- 1M
- 3.38%
- 6M
- 12.84%
- YTD
- 15.80%
- 1Y
- 16.15%
- 3Y*
- 21.78%
- 5Y*
- 7.66%
- 10Y*
- 11.20%
SFPAX vs. BTO - 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% |
BTO John Hancock Financial Opportunities Fund | 15.80% | 5.85% | 28.92% | -1.16% | -23.58% | 61.86% | -8.97% | 38.87% | -25.68% | 13.12% |
Correlation
The correlation between SFPAX and BTO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.74 |
Over the past year, the correlation between SFPAX and BTO has dropped to 0.30 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.
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Return for Risk
SFPAX vs. BTO — Risk / Return Rank
SFPAX
BTO
SFPAX vs. BTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and John Hancock Financial Opportunities Fund (BTO). 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 | BTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.15 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.06 | -1.27 |
| Martin ratioReturn relative to average drawdown | -0.42 | 2.65 | -3.07 |
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Drawdowns
SFPAX vs. BTO - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, roughly equal to the maximum BTO drawdown of -72.27%. Use the drawdown chart below to compare losses from any high point for SFPAX and BTO.
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Drawdown Indicators
| SFPAX | BTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -72.27% | +0.29% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -15.26% | +10.40% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -25.19% | +7.27% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -51.80% | +24.29% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -65.70% | +20.06% |
Current DrawdownCurrent decline from peak | -2.65% | -1.63% | -1.02% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -18.95% | -1.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 6.11% | -3.79% |
Volatility
SFPAX vs. BTO - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while John Hancock Financial Opportunities Fund (BTO) has a volatility of 5.01%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than BTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | BTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 5.01% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 15.18% | -13.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 20.48% | -11.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 30.80% | -12.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 36.01% | -13.50% |
SFPAX vs. BTO - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than BTO's 2.01% expense ratio.
Dividends
SFPAX vs. BTO - Dividend Comparison
SFPAX has not paid dividends to shareholders, while BTO's dividend yield for the trailing twelve months is around 6.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTO John Hancock Financial Opportunities Fund | 6.64% | 7.41% | 7.28% | 8.64% | 7.51% | 4.72% | 7.25% | 6.06% | 5.94% | 3.76% | 5.10% | 4.75% |
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 BTO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTO has higher volatility (5.01%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs BTO's -72.27%.
BTO currently has the higher Sharpe Ratio (0.79 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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