SHPAX vs. FBTTX
SHPAX (Saratoga Health & Biotechnology Fund) and FBTTX (Fidelity Advisor Biotechnology Fund Class M) are both Health & Biotech Equities funds. Over the past 10 years, SHPAX returned 6.52%/yr vs 11.96%/yr for FBTTX. A 0.73 correlation means they provide meaningful diversification when combined. SHPAX charges 2.90%/yr vs 1.28%/yr for FBTTX.
Performance
SHPAX vs. FBTTX - Performance Comparison
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Returns By Period
In the year-to-date period, SHPAX achieves a -0.71% return, which is significantly lower than FBTTX's 6.42% return. Over the past 10 years, SHPAX has underperformed FBTTX with an annualized return of 6.52%, while FBTTX has yielded a comparatively higher 11.96% annualized return.
SHPAX
- 1D
- -0.94%
- 1M
- -1.58%
- YTD
- -0.71%
- 6M
- -1.86%
- 1Y
- 15.99%
- 3Y*
- 6.73%
- 5Y*
- 4.70%
- 10Y*
- 6.52%
FBTTX
- 1D
- 0.03%
- 1M
- 2.85%
- YTD
- 6.42%
- 6M
- 3.58%
- 1Y
- 55.44%
- 3Y*
- 19.09%
- 5Y*
- 9.28%
- 10Y*
- 11.96%
SHPAX vs. FBTTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHPAX Saratoga Health & Biotechnology Fund | -0.71% | 17.43% | 0.26% | -0.36% | 1.93% | 16.71% | 3.52% | 27.67% | -5.30% | 11.78% |
FBTTX Fidelity Advisor Biotechnology Fund Class M | 6.42% | 39.21% | 5.08% | 10.43% | -8.22% | -3.35% | 31.82% | 25.39% | -4.19% | 25.37% |
Correlation
The correlation between SHPAX and FBTTX is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2000 | 0.73 |
The correlation between SHPAX and FBTTX shifts across timeframes, from 0.53 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SHPAX vs. FBTTX — Risk / Return Rank
SHPAX
FBTTX
SHPAX vs. FBTTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and Fidelity Advisor Biotechnology Fund Class M (FBTTX). 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 | FBTTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.39 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 6.26 | -4.59 |
| Martin ratioReturn relative to average drawdown | 4.18 | 17.20 | -13.02 |
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Drawdowns
SHPAX vs. FBTTX - Drawdown Comparison
The maximum SHPAX drawdown since its inception was -69.50%, which is greater than FBTTX's maximum drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for SHPAX and FBTTX.
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Drawdown Indicators
| SHPAX | FBTTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.50% | -63.75% | -5.75% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -8.94% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -16.32% | -32.91% | +16.59% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | -36.64% | +20.32% |
Max Drawdown (10Y)Largest decline over 10 years | -28.05% | -39.04% | +10.99% |
Current DrawdownCurrent decline from peak | -6.59% | -2.17% | -4.42% |
Average DrawdownAverage peak-to-trough decline | -27.88% | -21.80% | -6.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 3.25% | +0.48% |
Volatility
SHPAX vs. FBTTX - Volatility Comparison
The current volatility for Saratoga Health & Biotechnology Fund (SHPAX) is 5.10%, while Fidelity Advisor Biotechnology Fund Class M (FBTTX) has a volatility of 8.12%. This indicates that SHPAX experiences smaller price fluctuations and is considered to be less risky than FBTTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHPAX | FBTTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.10% | 8.12% | -3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.41% | 17.34% | -6.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.60% | 22.62% | -8.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.34% | 23.56% | -9.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.62% | 24.44% | -7.82% |
SHPAX vs. FBTTX - Expense Ratio Comparison
SHPAX has a 2.90% expense ratio, which is higher than FBTTX's 1.28% expense ratio.
Dividends
SHPAX vs. FBTTX - Dividend Comparison
SHPAX's dividend yield for the trailing twelve months is around 3.69%, more than FBTTX's 1.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBTTX Fidelity Advisor Biotechnology Fund Class M | 1.44% | 1.53% | 6.41% | 0.93% | 0.00% | 21.60% | 8.79% | 7.10% | 2.64% | 0.00% | 0.00% | 5.42% |
SHPAX Saratoga Health & Biotechnology Fund | 3.69% | 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
SHPAX and FBTTX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBTTX has higher volatility (8.12%) compared to SHPAX (5.10%). In terms of maximum drawdown, SHPAX dropped -69.50% vs FBTTX's -63.75%.
FBTTX currently has the higher Sharpe Ratio (2.47 vs 1.07), 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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