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 9.07%/yr vs 9.87%/yr for HSFNX. Their correlation of 0.80 suggests significant overlap in exposure. 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 9.07%, while HSFNX has yielded a comparatively higher 9.87% annualized return.
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 5.46%
- 3Y*
- 15.05%
- 5Y*
- 6.91%
- 10Y*
- 9.07%
HSFNX
- 1D
- 0.87%
- 1M
- 3.70%
- YTD
- 10.50%
- 6M
- 6.36%
- 1Y
- 36.20%
- 3Y*
- 20.18%
- 5Y*
- 7.22%
- 10Y*
- 9.87%
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 | 10.50% | 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 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
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 0.48 - 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 | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.28 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 2.74 | -1.41 |
| Martin ratioReturn relative to average drawdown | 2.72 | 7.17 | -4.45 |
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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% | -2.10% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -20.93% | -25.98% | +5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 5.18% | -2.84% |
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 6.55%. 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% | 6.55% | -6.55% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 15.99% | -12.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.55% | 24.12% | -14.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.80% | 27.39% | -8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.62% | 29.35% | -6.73% |
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 9.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSFNX Hennessy Small Cap Financial Fund | 9.94% | 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 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSFNX has higher volatility (6.55%) 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 (1.55 vs 0.68), 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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