SFPAX vs. HLFNX
SFPAX (Saratoga Financial Service Fund) and HLFNX (Hennessy Large Cap Financial Fund) are both Financials Equities funds from BlackRock. Over the past 10 years, SFPAX returned 9.04%/yr vs 11.84%/yr for HLFNX. Their correlation of 0.90 suggests significant overlap in exposure. SFPAX charges 3.81%/yr vs 1.68%/yr for HLFNX.
Performance
SFPAX vs. HLFNX - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has underperformed HLFNX with an annualized return of 9.04%, while HLFNX has yielded a comparatively higher 11.84% 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%
HLFNX
- 1D
- 0.41%
- 1M
- 3.37%
- 6M
- 1.22%
- YTD
- 2.53%
- 1Y
- 8.04%
- 3Y*
- 22.95%
- 5Y*
- 5.02%
- 10Y*
- 11.84%
SFPAX vs. HLFNX - 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% |
HLFNX Hennessy Large Cap Financial Fund | 2.53% | 22.07% | 28.45% | 4.58% | -24.88% | 18.96% | 16.55% | 29.75% | -11.78% | 19.42% |
Correlation
The correlation between SFPAX and HLFNX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.90 |
Over the past year, the correlation between SFPAX and HLFNX has dropped to 0.51 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.
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Return for Risk
SFPAX vs. HLFNX — Risk / Return Rank
SFPAX
HLFNX
SFPAX vs. HLFNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and Hennessy Large Cap Financial Fund (HLFNX). 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 | HLFNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.07 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 0.36 | -0.57 |
| Martin ratioReturn relative to average drawdown | -0.42 | 0.88 | -1.30 |
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Drawdowns
SFPAX vs. HLFNX - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, roughly equal to the maximum HLFNX drawdown of -71.74%. Use the drawdown chart below to compare losses from any high point for SFPAX and HLFNX.
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Drawdown Indicators
| SFPAX | HLFNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -71.74% | -0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -18.44% | +13.58% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -24.02% | +6.10% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -44.03% | +16.52% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -44.03% | -1.61% |
Current DrawdownCurrent decline from peak | -2.65% | -1.84% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -21.23% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 7.56% | -5.24% |
Volatility
SFPAX vs. HLFNX - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while Hennessy Large Cap Financial Fund (HLFNX) has a volatility of 5.05%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than HLFNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | HLFNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 5.05% | -5.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 14.77% | -12.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 19.81% | -10.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 23.93% | -5.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 24.14% | -1.63% |
SFPAX vs. HLFNX - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than HLFNX's 1.68% expense ratio.
Dividends
SFPAX vs. HLFNX - Dividend Comparison
SFPAX has not paid dividends to shareholders, while HLFNX's dividend yield for the trailing twelve months is around 7.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HLFNX Hennessy Large Cap Financial Fund | 7.72% | 7.92% | 0.56% | 1.72% | 7.39% | 5.16% | 0.00% | 0.00% | 3.15% | 4.60% | 0.54% | 10.23% |
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 HLFNX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HLFNX has higher volatility (5.05%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs HLFNX's -71.74%.
HLFNX currently has the higher Sharpe Ratio (0.34 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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