SFPAX vs. NASDX
SFPAX (Saratoga Financial Service Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both mutual funds - SFPAX is a Financials Equities fund managed by BlackRock, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 10 years, SFPAX returned 9.04%/yr vs 22.08%/yr for NASDX. A 0.65 correlation means they provide meaningful diversification when combined. SFPAX charges 3.81%/yr vs 0.63%/yr for NASDX.
Performance
SFPAX vs. NASDX - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has underperformed NASDX with an annualized return of 9.04%, while NASDX has yielded a comparatively higher 22.08% 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%
NASDX
- 1D
- 0.32%
- 1M
- 0.83%
- 6M
- 15.89%
- YTD
- 18.34%
- 1Y
- 31.64%
- 3Y*
- 29.81%
- 5Y*
- 17.65%
- 10Y*
- 22.08%
SFPAX vs. NASDX - 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% |
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares | 18.34% | 21.00% | 36.91% | 54.69% | -32.57% | 27.32% | 48.59% | 38.22% | -1.21% | 31.27% |
Correlation
The correlation between SFPAX and NASDX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.65 |
Over the past year, the correlation between SFPAX and NASDX has dropped to 0.20 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
SFPAX vs. NASDX — Risk / Return Rank
SFPAX
NASDX
SFPAX vs. NASDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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 | NASDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.82 | ||
| Sortino ratioReturn per unit of downside risk | -2.38 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.30 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 2.65 | -2.86 |
| Martin ratioReturn relative to average drawdown | -0.42 | 9.64 | -10.06 |
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Drawdowns
SFPAX vs. NASDX - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for SFPAX and NASDX.
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Drawdown Indicators
| SFPAX | NASDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -83.16% | +11.18% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -11.90% | +7.04% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -22.71% | +4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -35.33% | +7.82% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -35.33% | -10.31% |
Current DrawdownCurrent decline from peak | -2.65% | -2.50% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -34.24% | +13.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 3.26% | -0.94% |
Volatility
SFPAX vs. NASDX - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) has a volatility of 8.38%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than NASDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | NASDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 8.38% | -8.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 15.13% | -13.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 18.42% | -9.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 23.41% | -4.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 22.80% | -0.29% |
SFPAX vs. NASDX - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than NASDX's 0.63% expense ratio.
Dividends
SFPAX vs. NASDX - Dividend Comparison
SFPAX has not paid dividends to shareholders, while NASDX's dividend yield for the trailing twelve months is around 3.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares | 3.05% | 3.76% | 16.95% | 7.61% | 3.75% | 2.59% | 1.28% | 7.09% | 2.47% | 1.65% | 0.75% | 0.85% |
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 NASDX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NASDX has higher volatility (8.38%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs NASDX's -83.16%.
NASDX currently has the higher Sharpe Ratio (1.71 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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