SFPAX vs. VTMFX

Last updated Jul 14, 2026

SFPAX (Saratoga Financial Service Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - SFPAX is a Financials Equities fund managed by BlackRock, while VTMFX is a Diversified Portfolio fund tracking the Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index. Over the past 10 years, SFPAX returned 9.04%/yr vs 8.49%/yr for VTMFX. A 0.79 correlation means they provide meaningful diversification when combined. SFPAX charges 3.81%/yr vs 0.05%/yr for VTMFX.

Performance

SFPAX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Financial Service Fund (SFPAX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, SFPAX has outperformed VTMFX with an annualized return of 9.04%, while VTMFX has yielded a comparatively lower 8.49% 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%

VTMFX

• 1D: 0.16%
• 1M: 1.13%
• 6M: 4.62%
• YTD: 6.01%
• 1Y: 13.53%
• 3Y*: 11.95%
• 5Y*: 6.80%
• 10Y*: 8.49%

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

SFPAX vs. VTMFX - 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%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	6.01%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between SFPAX and VTMFX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.79

Over the past year, the correlation between SFPAX and VTMFX has dropped to 0.30 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

SFPAX vs. VTMFX — Risk / Return Rank

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

SFPAX

SFPAX Risk / Return Rank: 2
SFPAX Sharpe Ratio Rank: 3
SFPAX Sortino Ratio Rank: 3
SFPAX Omega Ratio Rank: 2
SFPAX Calmar Ratio Rank: 2
SFPAX Martin Ratio Rank: 2

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 80
VTMFX Sortino Ratio Rank: 78
VTMFX Omega Ratio Rank: 78
VTMFX Calmar Ratio Rank: 65
VTMFX Martin Ratio Rank: 81

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. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Financial Service Fund (SFPAX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	2.06	-2.17
Sortino ratio: Return per unit of downside risk	-0.08	2.91	-2.99
Omega ratio: Gain probability vs. loss probability	0.98	1.39	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.21	2.48	-2.69
Martin ratio: Return relative to average drawdown	-0.42	11.44	-11.86

SFPAX vs. VTMFX - Sharpe Ratio Comparison

The current SFPAX Sharpe Ratio is -0.11, which is lower than the VTMFX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SFPAX and VTMFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SFPAX vs. VTMFX - Drawdown Comparison

The maximum SFPAX drawdown since its inception was -71.98%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for SFPAX and VTMFX.

Drawdown Indicators

	SFPAX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-71.98%	-28.49%	-43.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-5.38%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-17.92%	-10.61%	-7.31%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-17.40%	-10.11%
Max Drawdown (10Y) Largest decline over 10 years	-45.64%	-21.87%	-23.77%
Current Drawdown Current decline from peak	-2.65%	-0.02%	-2.63%
Average Drawdown Average peak-to-trough decline	-20.91%	-3.54%	-17.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	1.16%	+1.16%

Volatility

SFPAX vs. VTMFX - Volatility Comparison

The current volatility for Saratoga Financial Service Fund (SFPAX) is 0.00%, while Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has a volatility of 2.18%. This indicates that SFPAX experiences smaller price fluctuations and is considered to be less risky than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFPAX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.18%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	5.25%	-3.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	6.48%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.73%	8.57%	+10.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.51%	9.13%	+13.38%

SFPAX vs. VTMFX - Expense Ratio Comparison

SFPAX has a 3.81% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

SFPAX vs. VTMFX - Dividend Comparison

SFPAX has not paid dividends to shareholders, while VTMFX's dividend yield for the trailing twelve months is around 2.19%.

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%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.19%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both SFPAX and VTMFX in my portfolio?

SFPAX and VTMFX 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.

Which is riskier, SFPAX or VTMFX?

VTMFX has higher volatility (2.18%) compared to SFPAX (0.00%). In terms of maximum drawdown, SFPAX dropped -71.98% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.06 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.