SHPAX vs. SLCGX

Last updated Jun 23, 2026

SHPAX (Saratoga Health & Biotechnology Fund) and SLCGX (Saratoga Large Capitalization Growth Portfolio) are both mutual funds - SHPAX is a Health & Biotech Equities fund managed by Saratoga, while SLCGX is a Large Cap Growth Equities fund managed by Saratoga. Over the past 10 years, SHPAX returned 6.52%/yr vs 19.26%/yr for SLCGX. A 0.65 correlation means they provide meaningful diversification when combined. SHPAX charges 2.90%/yr vs 1.34%/yr for SLCGX.

Performance

SHPAX vs. SLCGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Large Capitalization Growth Portfolio (SLCGX). 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 SLCGX's -0.29% return. Over the past 10 years, SHPAX has underperformed SLCGX with an annualized return of 6.52%, while SLCGX has yielded a comparatively higher 19.26% 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%

SLCGX

• 1D: 1.04%
• 1M: 0.58%
• YTD: -0.29%
• 6M: -1.40%
• 1Y: 17.62%
• 3Y*: 24.59%
• 5Y*: 14.99%
• 10Y*: 19.26%

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

SHPAX vs. SLCGX - 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%
SLCGX Saratoga Large Capitalization Growth Portfolio	-0.29%	22.74%	40.67%	38.79%	-28.77%	32.60%	28.67%	51.18%	-0.28%	30.32%

Correlation

The correlation between SHPAX and SLCGX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000	0.65

Over the past year, the correlation between SHPAX and SLCGX has dropped to 0.19 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

SHPAX vs. SLCGX — 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

SLCGX

SLCGX Risk / Return Rank: 12
SLCGX Sharpe Ratio Rank: 14
SLCGX Sortino Ratio Rank: 13
SLCGX Omega Ratio Rank: 13
SLCGX Calmar Ratio Rank: 10
SLCGX Martin Ratio Rank: 11

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. SLCGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Large Capitalization Growth Portfolio (SLCGX). 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	SLCGX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	0.99	+0.08
Sortino ratio: Return per unit of downside risk	1.62	1.39	+0.22
Omega ratio: Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio: Return relative to maximum drawdown	1.67	0.94	+0.74
Martin ratio: Return relative to average drawdown	4.18	2.85	+1.33

SHPAX vs. SLCGX - Sharpe Ratio Comparison

The current SHPAX Sharpe Ratio is 1.07, which is comparable to the SLCGX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SHPAX and SLCGX, 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. SLCGX - Drawdown Comparison

The maximum SHPAX drawdown since its inception was -69.50%, roughly equal to the maximum SLCGX drawdown of -71.04%. Use the drawdown chart below to compare losses from any high point for SHPAX and SLCGX.

Drawdown Indicators

	SHPAX	SLCGX	Difference
Max Drawdown Largest peak-to-trough decline	-69.50%	-71.04%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-18.18%	+8.85%
Max Drawdown (3Y) Largest decline over 3 years	-16.32%	-24.17%	+7.85%
Max Drawdown (5Y) Largest decline over 5 years	-16.32%	-31.13%	+14.81%
Max Drawdown (10Y) Largest decline over 10 years	-28.05%	-31.16%	+3.11%
Current Drawdown Current decline from peak	-6.59%	-4.26%	-2.33%
Average Drawdown Average peak-to-trough decline	-27.88%	-22.88%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	5.96%	-2.23%

Volatility

SHPAX vs. SLCGX - Volatility Comparison

The current volatility for Saratoga Health & Biotechnology Fund (SHPAX) is 5.10%, while Saratoga Large Capitalization Growth Portfolio (SLCGX) has a volatility of 6.13%. This indicates that SHPAX experiences smaller price fluctuations and is considered to be less risky than SLCGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHPAX	SLCGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	6.13%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	10.41%	13.40%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	17.27%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	21.77%	-7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	22.07%	-5.45%

SHPAX vs. SLCGX - Expense Ratio Comparison

SHPAX has a 2.90% expense ratio, which is higher than SLCGX's 1.34% expense ratio.

Dividends

SHPAX vs. SLCGX - Dividend Comparison

SHPAX's dividend yield for the trailing twelve months is around 3.69%, less than SLCGX's 13.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SLCGX Saratoga Large Capitalization Growth Portfolio	13.87%	13.83%	23.77%	7.53%	7.55%	23.16%	8.91%	31.50%	25.22%	5.81%	23.83%	10.21%

Frequently Asked Questions

Can I hold both SHPAX and SLCGX in my portfolio?

SHPAX and SLCGX have a correlation of 0.19, 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 SLCGX?

SLCGX has higher volatility (6.13%) compared to SHPAX (5.10%). In terms of maximum drawdown, SHPAX dropped -69.50% vs SLCGX's -71.04%.

Which has better risk-adjusted returns?

SHPAX currently has the higher Sharpe Ratio (1.07 vs 0.99), 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.