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 11.85%/yr for BTO. Their 0.74 correlation means they have sometimes moved together and sometimes differently. 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 11.85% 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%
BTO
- 1D
- -1.01%
- 1M
- 1.54%
- 6M
- 11.28%
- YTD
- 19.05%
- 1Y
- 25.47%
- 3Y*
- 18.96%
- 5Y*
- 8.83%
- 10Y*
- 11.85%
- ALL TIME*
- 9.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.88M | $1.88M | $1.75M | |
| $0.00 | $0.00 | $0.00 |
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 | 19.05% | 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 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.27 - 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 | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.21 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.54 | -1.74 |
| Martin ratioReturn relative to average drawdown | -0.42 | 3.88 | -4.30 |
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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% | -2.96% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -18.91% | -2.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 6.03% | -3.71% |
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 5.39%. 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% | 5.39% | -5.39% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 15.07% | -13.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 20.73% | -11.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 30.79% | -12.06% |
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 6.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTO John Hancock Financial Opportunities Fund | 6.45% | 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 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTO has higher volatility (5.39%) 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 (1.13 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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