SFPAX vs. FSLBX
SFPAX (Saratoga Financial Service Fund) and FSLBX (Fidelity Select Brokerage & Invmt Mgmt Portfolio) are both Financials Equities funds. Over the past 10 years, SFPAX returned 9.07%/yr vs 15.30%/yr for FSLBX. Their correlation of 0.89 suggests significant overlap in exposure. SFPAX charges 3.81%/yr vs 0.75%/yr for FSLBX.
Performance
SFPAX vs. FSLBX - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has underperformed FSLBX with an annualized return of 9.07%, while FSLBX has yielded a comparatively higher 15.30% annualized return.
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 4.16%
- 3Y*
- 15.05%
- 5Y*
- 6.91%
- 10Y*
- 9.07%
FSLBX
- 1D
- -0.26%
- 1M
- 0.62%
- YTD
- -11.05%
- 6M
- -13.11%
- 1Y
- -6.88%
- 3Y*
- 17.20%
- 5Y*
- 9.00%
- 10Y*
- 15.30%
SFPAX vs. FSLBX - 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% |
FSLBX Fidelity Select Brokerage & Invmt Mgmt Portfolio | -11.05% | 5.78% | 35.74% | 27.77% | -17.54% | 40.61% | 22.66% | 31.60% | -15.37% | 27.74% |
Correlation
The correlation between SFPAX and FSLBX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.89 |
Over the past year, the correlation between SFPAX and FSLBX has dropped to 0.45 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.
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Return for Risk
SFPAX vs. FSLBX — Risk / Return Rank
SFPAX
FSLBX
SFPAX vs. FSLBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and Fidelity Select Brokerage & Invmt Mgmt Portfolio (FSLBX). 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 | FSLBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.97 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | -0.27 | +1.60 |
| Martin ratioReturn relative to average drawdown | 2.72 | -0.54 | +3.26 |
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Drawdowns
SFPAX vs. FSLBX - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, which is greater than FSLBX's maximum drawdown of -68.20%. Use the drawdown chart below to compare losses from any high point for SFPAX and FSLBX.
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Drawdown Indicators
| SFPAX | FSLBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -68.20% | -3.78% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -24.67% | +19.81% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -26.06% | +8.14% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -30.87% | +3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -40.56% | -5.08% |
Current DrawdownCurrent decline from peak | -2.65% | -16.98% | +14.33% |
Average DrawdownAverage peak-to-trough decline | -20.93% | -14.88% | -6.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 12.28% | -9.94% |
Volatility
SFPAX vs. FSLBX - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while Fidelity Select Brokerage & Invmt Mgmt Portfolio (FSLBX) has a volatility of 5.82%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than FSLBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | FSLBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 5.82% | -5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 17.27% | -13.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.55% | 21.72% | -12.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.80% | 22.96% | -4.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.62% | 23.66% | -1.04% |
SFPAX vs. FSLBX - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than FSLBX's 0.75% expense ratio.
Dividends
SFPAX vs. FSLBX - Dividend Comparison
SFPAX has not paid dividends to shareholders, while FSLBX's dividend yield for the trailing twelve months is around 2.20%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSLBX Fidelity Select Brokerage & Invmt Mgmt Portfolio | 2.20% | 0.67% | 0.69% | 1.22% | 2.09% | 1.39% | 3.08% | 4.25% | 8.94% | 5.46% | 1.25% | 6.37% |
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 FSLBX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSLBX has higher volatility (5.82%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs FSLBX's -68.20%.
SFPAX currently has the higher Sharpe Ratio (0.68 vs -0.31), 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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