SHPAX vs. SAMIX

Last updated Jun 23, 2026

SHPAX (Saratoga Health & Biotechnology Fund) and SAMIX (Saratoga Moderately Aggressive Balanced Allocation Portfolio) are both mutual funds - SHPAX is a Health & Biotech Equities fund managed by Saratoga, while SAMIX is a Diversified Portfolio fund managed by Saratoga. Over the past 5 years, SHPAX returned 4.70%/yr vs 7.56%/yr for SAMIX. A 0.64 correlation means they provide meaningful diversification when combined. SHPAX charges 2.90%/yr vs 0.99%/yr for SAMIX.

Performance

SHPAX vs. SAMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHPAX achieves a -0.71% return, which is significantly lower than SAMIX's 6.56% 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%

SAMIX

• 1D: 1.10%
• 1M: 2.56%
• YTD: 6.56%
• 6M: 5.60%
• 1Y: 16.05%
• 3Y*: 12.89%
• 5Y*: 7.56%
• 10Y*: —

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

SHPAX vs. SAMIX - 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%	-0.51%
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	6.56%	12.60%	11.53%	13.68%	-10.56%	14.08%	9.36%	17.88%	-7.54%	0.00%

Correlation

The correlation between SHPAX and SAMIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.64

Over the past year, the correlation between SHPAX and SAMIX has dropped to 0.40 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

SHPAX vs. SAMIX — Risk / Return Rank

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

SHPAX

SHPAX Risk / Return Rank: 18
SHPAX Sharpe Ratio Rank: 16
SHPAX Sortino Ratio Rank: 17
SHPAX Omega Ratio Rank: 15
SHPAX Calmar Ratio Rank: 24
SHPAX Martin Ratio Rank: 17

SAMIX

SAMIX Risk / Return Rank: 38
SAMIX Sharpe Ratio Rank: 35
SAMIX Sortino Ratio Rank: 36
SAMIX Omega Ratio Rank: 34
SAMIX Calmar Ratio Rank: 37
SAMIX Martin Ratio Rank: 49

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.

SHPAX vs. SAMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX). 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	SAMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.61	-0.53
Sortino ratio: Return per unit of downside risk	1.62	2.32	-0.71
Omega ratio: Gain probability vs. loss probability	1.19	1.29	-0.10
Calmar ratio: Return relative to maximum drawdown	1.67	2.21	-0.53
Martin ratio: Return relative to average drawdown	4.18	9.50	-5.32

SHPAX vs. SAMIX - Sharpe Ratio Comparison

The current SHPAX Sharpe Ratio is 1.07, which is lower than the SAMIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SHPAX and SAMIX, 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. SAMIX - Drawdown Comparison

The maximum SHPAX drawdown since its inception was -69.50%, which is greater than SAMIX's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for SHPAX and SAMIX.

Drawdown Indicators

	SHPAX	SAMIX	Difference
Max Drawdown Largest peak-to-trough decline	-69.50%	-26.06%	-43.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-7.29%	-2.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.32%	-12.90%	-3.42%
Max Drawdown (5Y) Largest decline over 5 years	-16.32%	-15.54%	-0.78%
Max Drawdown (10Y) Largest decline over 10 years	-28.05%	—	—
Current Drawdown Current decline from peak	-6.59%	-0.08%	-6.51%
Average Drawdown Average peak-to-trough decline	-27.88%	-3.78%	-24.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	1.69%	+2.04%

Volatility

SHPAX vs. SAMIX - Volatility Comparison

Saratoga Health & Biotechnology Fund (SHPAX) has a higher volatility of 5.10% compared to Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX) at 3.98%. This indicates that SHPAX's price experiences larger fluctuations and is considered to be riskier than SAMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHPAX	SAMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	3.98%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	8.13%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	10.03%	+4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	11.20%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	12.68%	+3.94%

SHPAX vs. SAMIX - Expense Ratio Comparison

SHPAX has a 2.90% expense ratio, which is higher than SAMIX's 0.99% expense ratio.

Dividends

SHPAX vs. SAMIX - Dividend Comparison

SHPAX's dividend yield for the trailing twelve months is around 3.69%, less than SAMIX's 9.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	9.63%	10.26%	3.60%	2.78%	5.82%	8.13%	1.66%	2.44%	3.03%	0.00%	0.00%	0.00%
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

Can I hold both SHPAX and SAMIX in my portfolio?

SHPAX and SAMIX have a correlation of 0.40, 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 SAMIX?

SHPAX has higher volatility (5.10%) compared to SAMIX (3.98%). In terms of maximum drawdown, SHPAX dropped -69.50% vs SAMIX's -26.06%.

Which has better risk-adjusted returns?

SAMIX currently has the higher Sharpe Ratio (1.61 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.