SHPAX vs. BHCHX

Last updated Aug 1, 2026

SHPAX (Saratoga Health & Biotechnology Fund) and BHCHX (Baron Health Care Fund) are both Health & Biotech Equities funds. Over the past 5 years, SHPAX returned 5.82%/yr vs 0.76%/yr for BHCHX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. SHPAX charges 2.90%/yr vs 0.85%/yr for BHCHX.

Performance

SHPAX vs. BHCHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Health & Biotechnology Fund (SHPAX) and Baron Health Care Fund (BHCHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHPAX achieves a 8.70% return, which is significantly higher than BHCHX's 4.47% return.

SHPAX

• 1D: -0.43%
• 1M: 0.61%
• 6M: 6.99%
• YTD: 8.70%
• 1Y: 28.95%
• 3Y*: 9.65%
• 5Y*: 5.82%
• 10Y*: 6.90%
• ALL TIME*: 6.58%

BHCHX

• 1D: -0.36%
• 1M: -2.42%
• 6M: 6.22%
• YTD: 4.47%
• 1Y: 25.44%
• 3Y*: 5.67%
• 5Y*: 0.76%
• 10Y*: —
• ALL TIME*: 10.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BHCHX Baron Health Care Fund	$0.00	$0.00	$0.00
SHPAX Saratoga Health & Biotechnology Fund	$0.00	$0.00	$0.00

SHPAX vs. BHCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SHPAX Saratoga Health & Biotechnology Fund	8.70%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	29.64%
BHCHX Baron Health Care Fund	4.47%	10.28%	1.55%	6.42%	-16.90%	15.71%	47.71%	18.75%

Correlation

The correlation between SHPAX and BHCHX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (All Time) Calculated using the full available price history since May 17, 2019	0.78

The correlation between SHPAX and BHCHX has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

SHPAX vs. BHCHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHPAX

SHPAX Risk / Return Rank: 71
SHPAX Sharpe Ratio Rank: 75
SHPAX Sortino Ratio Rank: 75
SHPAX Omega Ratio Rank: 69
SHPAX Calmar Ratio Rank: 83
SHPAX Martin Ratio Rank: 53

BHCHX

BHCHX Risk / Return Rank: 49
BHCHX Sharpe Ratio Rank: 61
BHCHX Sortino Ratio Rank: 63
BHCHX Omega Ratio Rank: 53
BHCHX Calmar Ratio Rank: 42
BHCHX Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHPAX vs. BHCHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and Baron Health Care Fund (BHCHX). 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.

	SHPAX	BHCHX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.50	+0.28
Sortino ratio: Return per unit of downside risk	2.60	2.21	+0.39
Omega ratio: Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio: Return relative to maximum drawdown	2.85	1.72	+1.13
Martin ratio: Return relative to average drawdown	7.30	3.79	+3.51

SHPAX vs. BHCHX - Sharpe Ratio Comparison

The current SHPAX Sharpe Ratio is 1.78, which is comparable to the BHCHX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of SHPAX and BHCHX, 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

SHPAX vs. BHCHX - Drawdown Comparison

The maximum SHPAX drawdown since its inception was -69.50%, which is greater than BHCHX's maximum drawdown of -28.53%. Use the drawdown chart below to compare losses from any high point for SHPAX and BHCHX.

Drawdown Indicators

	SHPAX	BHCHX	Difference
Max Drawdown Largest peak-to-trough decline	-69.50%	-28.53%	-40.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-14.24%	+4.91%
Max Drawdown (3Y) Largest decline over 3 years	-16.32%	-20.51%	+4.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.32%	-28.53%	+12.21%
Max Drawdown (10Y) Largest decline over 10 years	-28.05%	—	—
Current Drawdown Current decline from peak	-1.20%	-2.93%	+1.73%
Average Drawdown Average peak-to-trough decline	-27.78%	-10.92%	-16.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	6.46%	-2.81%

Volatility

SHPAX vs. BHCHX - Volatility Comparison

Saratoga Health & Biotechnology Fund (SHPAX) has a higher volatility of 5.55% compared to Baron Health Care Fund (BHCHX) at 4.89%. This indicates that SHPAX's price experiences larger fluctuations and is considered to be riskier than BHCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHPAX	BHCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	4.89%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	13.28%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	16.38%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.53%	17.20%	-2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	19.72%	-3.07%

SHPAX vs. BHCHX - Expense Ratio Comparison

SHPAX has a 2.90% expense ratio, which is higher than BHCHX's 0.85% expense ratio.

Dividends

SHPAX vs. BHCHX - Dividend Comparison

SHPAX's dividend yield for the trailing twelve months is around 3.37%, while BHCHX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHCHX Baron Health Care Fund	0.00%	0.00%	0.49%	0.00%	0.00%	1.41%	0.99%	0.00%	0.00%	0.00%	0.00%	0.00%
SHPAX Saratoga Health & Biotechnology Fund	3.37%	3.66%	1.35%	5.38%	6.34%	3.76%	13.82%	13.24%	22.00%	17.98%	12.52%	10.70%

Frequently Asked Questions

Can I hold both SHPAX and BHCHX in my portfolio?

SHPAX and BHCHX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHPAX or BHCHX?

SHPAX has higher volatility (5.55%) compared to BHCHX (4.89%). In terms of maximum drawdown, SHPAX dropped -69.50% vs BHCHX's -28.53%.

Which has better risk-adjusted returns?

SHPAX currently has the higher Sharpe Ratio (1.78 vs 1.50), 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.