SFPAX vs. HSFNX
SFPAX (Saratoga Financial Service Fund) and HSFNX (Hennessy Small Cap Financial Fund) are both Financials Equities funds from BlackRock. Over the past 10 years, SFPAX returned 9.04%/yr vs 9.96%/yr for HSFNX. A 0.80 correlation means they provide meaningful diversification when combined. SFPAX charges 3.81%/yr vs 1.58%/yr for HSFNX.
Performance
SFPAX vs. HSFNX - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has underperformed HSFNX with an annualized return of 9.04%, while HSFNX has yielded a comparatively higher 9.96% 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%
HSFNX
- 1D
- 0.45%
- 1M
- 1.29%
- 6M
- 12.33%
- YTD
- 14.33%
- 1Y
- 26.33%
- 3Y*
- 22.43%
- 5Y*
- 7.92%
- 10Y*
- 9.96%
SFPAX vs. HSFNX - 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% |
HSFNX Hennessy Small Cap Financial Fund | 14.33% | 12.79% | 10.76% | 4.64% | -11.14% | 42.76% | 2.56% | 19.91% | -15.88% | -0.20% |
Correlation
The correlation between SFPAX and HSFNX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.80 |
Over the past year, the correlation between SFPAX and HSFNX has dropped to 0.43 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.
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Return for Risk
SFPAX vs. HSFNX — Risk / Return Rank
SFPAX
HSFNX
SFPAX vs. HSFNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and Hennessy Small Cap Financial Fund (HSFNX). 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 | HSFNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.20 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 1.80 | -2.01 |
| Martin ratioReturn relative to average drawdown | -0.42 | 4.70 | -5.12 |
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Drawdowns
SFPAX vs. HSFNX - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, roughly equal to the maximum HSFNX drawdown of -70.18%. Use the drawdown chart below to compare losses from any high point for SFPAX and HSFNX.
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Drawdown Indicators
| SFPAX | HSFNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -70.18% | -1.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -13.61% | +8.75% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -27.33% | +9.41% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -43.00% | +15.49% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -50.68% | +5.04% |
Current DrawdownCurrent decline from peak | -2.65% | -2.55% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -25.93% | +5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 5.20% | -2.88% |
Volatility
SFPAX vs. HSFNX - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while Hennessy Small Cap Financial Fund (HSFNX) has a volatility of 5.60%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than HSFNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | HSFNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 5.60% | -5.60% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 16.32% | -14.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 23.84% | -14.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 27.30% | -8.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 29.29% | -6.78% |
SFPAX vs. HSFNX - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than HSFNX's 1.58% expense ratio.
Dividends
SFPAX vs. HSFNX - Dividend Comparison
SFPAX has not paid dividends to shareholders, while HSFNX's dividend yield for the trailing twelve months is around 9.61%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSFNX Hennessy Small Cap Financial Fund | 9.61% | 10.99% | 5.97% | 4.63% | 9.14% | 0.97% | 0.91% | 3.43% | 7.34% | 8.19% | 12.46% | 7.38% |
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 HSFNX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSFNX has higher volatility (5.60%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs HSFNX's -70.18%.
HSFNX currently has the higher Sharpe Ratio (1.03 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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