SFPAX vs. RYFIX

Last updated Jun 3, 2026

SFPAX (Saratoga Financial Service Fund) and RYFIX (Rydex Financial Services Fund) are both Financials Equities funds from BlackRock. Over the past 10 years, SFPAX returned 8.74%/yr vs 9.75%/yr for RYFIX. Their correlation of 0.94 suggests significant overlap in exposure. SFPAX charges 3.81%/yr vs 1.36%/yr for RYFIX.

Performance

SFPAX vs. RYFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Financial Service Fund (SFPAX) and Rydex Financial Services Fund (RYFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, SFPAX has underperformed RYFIX with an annualized return of 8.74%, while RYFIX has yielded a comparatively higher 9.75% annualized return.

SFPAX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 4.56%
• 3Y*: 16.07%
• 5Y*: 5.12%
• 10Y*: 8.74%

RYFIX

• 1D: -0.44%
• 1M: -1.01%
• YTD: -2.51%
• 6M: -0.07%
• 1Y: 4.36%
• 3Y*: 16.22%
• 5Y*: 6.07%
• 10Y*: 9.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SFPAX vs. RYFIX - 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%
RYFIX Rydex Financial Services Fund	-2.51%	11.21%	22.86%	14.54%	-18.03%	35.83%	0.27%	28.32%	-12.05%	15.74%

Correlation

The correlation between SFPAX and RYFIX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.94

Over the past year, the correlation between SFPAX and RYFIX has dropped to 0.61 - well below their long-term average of 0.94, suggesting their price drivers have been diverging.

Return for Risk

SFPAX vs. RYFIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SFPAX

SFPAX Risk / Return Rank: 14
SFPAX Sharpe Ratio Rank: 6
SFPAX Sortino Ratio Rank: 6
SFPAX Omega Ratio Rank: 8
SFPAX Calmar Ratio Rank: 33
SFPAX Martin Ratio Rank: 16

RYFIX

RYFIX Risk / Return Rank: 4
RYFIX Sharpe Ratio Rank: 4
RYFIX Sortino Ratio Rank: 4
RYFIX Omega Ratio Rank: 4
RYFIX Calmar Ratio Rank: 4
RYFIX Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SFPAX vs. RYFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and Rydex Financial Services Fund (RYFIX). 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.

	SFPAX	RYFIX	Difference
Sharpe ratio Return per unit of total volatility	0.52	0.33	+0.19
Sortino ratio Return per unit of downside risk	0.74	0.54	+0.20
Omega ratio Gain probability vs. loss probability	1.13	1.07	+0.07
Calmar ratio Return relative to maximum drawdown	2.17	0.35	+1.82
Martin ratio Return relative to average drawdown	4.64	1.04	+3.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SFPAX vs. RYFIX - Sharpe Ratio Comparison

The current SFPAX Sharpe Ratio is 0.52, which is higher than the RYFIX Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of SFPAX and RYFIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SFPAX	RYFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	0.33	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.33	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.47	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.18	-0.04

Drawdowns

SFPAX vs. RYFIX - Drawdown Comparison

The maximum SFPAX drawdown since its inception was -71.98%, smaller than the maximum RYFIX drawdown of -77.63%. Use the drawdown chart below to compare losses from any high point for SFPAX and RYFIX.

Drawdown Indicators

	SFPAX	RYFIX	Difference
Max Drawdown Largest peak-to-trough decline	-71.98%	-77.63%	+5.65%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-13.52%	+8.66%
Max Drawdown (3Y) Largest decline over 3 years	-17.92%	-18.14%	+0.22%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-27.08%	-0.43%
Max Drawdown (10Y) Largest decline over 10 years	-45.64%	-44.01%	-1.63%
Current Drawdown Current decline from peak	-2.65%	-5.45%	+2.80%
Average Drawdown Average peak-to-trough decline	-20.96%	-18.40%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	4.50%	-2.23%

Volatility

SFPAX vs. RYFIX - Volatility Comparison

The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while Rydex Financial Services Fund (RYFIX) has a volatility of 3.07%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than RYFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFPAX	RYFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	3.07%	-3.07%
Volatility (6M) Calculated over the trailing 6-month period	4.14%	10.37%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	13.91%	-3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.90%	18.50%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.64%	20.99%	+1.65%

SFPAX vs. RYFIX - Expense Ratio Comparison

SFPAX has a 3.81% expense ratio, which is higher than RYFIX's 1.36% expense ratio.

Dividends

SFPAX vs. RYFIX - Dividend Comparison

SFPAX has not paid dividends to shareholders, while RYFIX's dividend yield for the trailing twelve months is around 1.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYFIX Rydex Financial Services Fund	1.24%	1.21%	0.76%	0.00%	25.45%	0.83%	0.00%	0.41%	5.14%	0.51%	0.71%	1.65%
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

Can I hold both SFPAX and RYFIX in my portfolio?

SFPAX and RYFIX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFPAX or RYFIX?

RYFIX has higher volatility (3.07%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs RYFIX's -77.63%.

Which has better risk-adjusted returns?

SFPAX currently has the higher Sharpe Ratio (0.52 vs 0.33), 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.