SFPAX vs. VTCLX
SFPAX (Saratoga Financial Service Fund) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both mutual funds - SFPAX is a Financials Equities fund managed by BlackRock, while VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index. Over the past 10 years, SFPAX returned 9.04%/yr vs 14.86%/yr for VTCLX. Their correlation of 0.82 means they have usually moved in the same direction. SFPAX charges 3.81%/yr vs 0.05%/yr for VTCLX.
Performance
SFPAX vs. VTCLX - Performance Comparison
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Returns By Period
Over the past 10 years, SFPAX has underperformed VTCLX with an annualized return of 9.04%, while VTCLX has yielded a comparatively higher 14.86% annualized return.
SFPAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.00%
- YTD
- 0.00%
- 1Y
- 2.51%
- 3Y*
- 15.10%
- 5Y*
- 6.22%
- 10Y*
- 9.04%
- ALL TIME*
- 3.28%
VTCLX
- 1D
- 1.63%
- 1M
- -0.80%
- 6M
- 7.72%
- YTD
- 9.27%
- 1Y
- 20.40%
- 3Y*
- 18.54%
- 5Y*
- 11.93%
- 10Y*
- 14.86%
- ALL TIME*
- 10.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SFPAX vs. VTCLX - 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% |
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 9.27% | 17.44% | 23.76% | 26.62% | -19.07% | 26.87% | 21.08% | 31.47% | -4.98% | 22.40% |
Correlation
The correlation between SFPAX and VTCLX is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.82 |
Over the past year, the correlation between SFPAX and VTCLX has dropped to 0.30 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.
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Return for Risk
SFPAX vs. VTCLX — Risk / Return Rank
SFPAX
VTCLX
SFPAX vs. VTCLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). 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 | VTCLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.25 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 2.07 | -2.27 |
| Martin ratioReturn relative to average drawdown | -0.42 | 8.96 | -9.38 |
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Drawdowns
SFPAX vs. VTCLX - Drawdown Comparison
The maximum SFPAX drawdown since its inception was -71.98%, which is greater than VTCLX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for SFPAX and VTCLX.
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Drawdown Indicators
| SFPAX | VTCLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.98% | -55.18% | -16.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.86% | -8.79% | +3.93% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -19.01% | +1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -24.98% | -2.53% |
Max Drawdown (10Y)Largest decline over 10 years | -45.64% | -34.56% | -11.08% |
Current DrawdownCurrent decline from peak | -2.65% | -1.83% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -20.91% | -7.53% | -13.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.02% | +0.30% |
Volatility
SFPAX vs. VTCLX - Volatility Comparison
The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has a volatility of 3.41%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than VTCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SFPAX | VTCLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 3.41% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 10.16% | -8.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 12.97% | -3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.73% | 17.33% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 18.27% | +4.24% |
SFPAX vs. VTCLX - Expense Ratio Comparison
SFPAX has a 3.81% expense ratio, which is higher than VTCLX's 0.05% expense ratio.
Dividends
SFPAX vs. VTCLX - Dividend Comparison
SFPAX has not paid dividends to shareholders, while VTCLX's dividend yield for the trailing twelve months is around 0.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 0.91% | 0.93% | 1.04% | 1.24% | 1.47% | 1.04% | 1.32% | 1.52% | 1.83% | 1.57% | 1.76% | 1.69% |
Frequently Asked Questions
SFPAX and VTCLX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTCLX has higher volatility (3.41%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs VTCLX's -55.18%.
VTCLX currently has the higher Sharpe Ratio (1.40 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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