SFPAX vs. SBFAX
SFPAX (Saratoga Financial Service Fund) and SBFAX (1919 Financial Services Fund) are both Financials Equities funds from BlackRock. Over the past 10 years, SFPAX returned 9.04%/yr vs 9.21%/yr for SBFAX. Their correlation of 0.90 suggests significant overlap in exposure. SFPAX charges 3.81%/yr vs 1.36%/yr for SBFAX.
Performance
SFPAX vs. SBFAX - Performance Comparison
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Returns By Period
Both investments have delivered pretty close results over the past 10 years, with SFPAX having a 9.04% annualized return and SBFAX not far ahead at 9.21%.
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%
SBFAX
- 1D
- 0.33%
- 1M
- 4.67%
- 6M
- 2.78%
- YTD
- 3.52%
- 1Y
- 3.94%
- 3Y*
- 15.42%
- 5Y*
- 4.90%
- 10Y*
- 9.21%
SFPAX vs. SBFAX - 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% |
SBFAX 1919 Financial Services Fund | 3.52% | 4.29% | 24.86% | 1.50% | -13.99% | 30.74% | 0.14% | 29.11% | -14.94% | 14.65% |
Correlation
The correlation between SFPAX and SBFAX 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 | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
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 SBFAX 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. SBFAX — Risk / Return Rank
SFPAX
SBFAX
SFPAX vs. SBFAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and 1919 Financial Services Fund (SBFAX). 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 | SBFAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.05 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 0.27 | -0.47 |
| Martin ratioReturn relative to average drawdown | -0.42 | 0.61 | -1.03 |
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Drawdowns
SFPAX vs. SBFAX - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, which is greater than SBFAX's maximum drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for SFPAX and SBFAX.
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Drawdown Indicators
| SFPAX | SBFAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -49.33% | -22.65% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -11.03% | +6.17% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -16.41% | -1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -33.94% | +6.43% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -43.58% | -2.06% |
Current DrawdownCurrent decline from peak | -2.65% | -0.80% | -1.85% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -9.49% | -11.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 4.80% | -2.48% |
Volatility
SFPAX vs. SBFAX - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while 1919 Financial Services Fund (SBFAX) has a volatility of 4.21%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than SBFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | SBFAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 4.21% | -4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 10.82% | -8.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 14.62% | -5.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 19.24% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 22.73% | -0.22% |
SFPAX vs. SBFAX - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than SBFAX's 1.36% expense ratio.
Dividends
SFPAX vs. SBFAX - Dividend Comparison
SFPAX has not paid dividends to shareholders, while SBFAX's dividend yield for the trailing twelve months is around 14.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SBFAX 1919 Financial Services Fund | 14.01% | 14.51% | 10.60% | 10.93% | 2.40% | 4.83% | 5.09% | 3.84% | 1.58% | 0.00% | 2.93% | 7.25% |
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 SBFAX 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.
SBFAX has higher volatility (4.21%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs SBFAX's -49.33%.
SBFAX currently has the higher Sharpe Ratio (0.20 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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