SHPAX vs. SMBPX
Compare and contrast key facts about Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Municipal Bond Portfolio (SMBPX).
SHPAX is managed by Saratoga. It was launched on Jul 14, 1999. SMBPX is managed by Saratoga. It was launched on Sep 1, 1994.
Performance
SHPAX vs. SMBPX - Performance Comparison
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SHPAX vs. SMBPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHPAX Saratoga Health & Biotechnology Fund | -1.13% | 17.43% | 0.26% | -0.36% | 1.93% | 16.71% | 3.52% | 27.67% | -5.30% | 11.78% |
SMBPX Saratoga Municipal Bond Portfolio | 0.00% | 2.92% | -0.11% | 1.84% | -2.57% | -1.39% | 0.77% | 1.00% | -2.38% | 2.12% |
Returns By Period
Over the past 10 years, SHPAX has outperformed SMBPX with an annualized return of 6.84%, while SMBPX has yielded a comparatively lower -0.09% annualized return.
SHPAX
- 1D
- 0.96%
- 1M
- -6.99%
- YTD
- -1.13%
- 6M
- 10.24%
- 1Y
- 12.17%
- 3Y*
- 6.93%
- 5Y*
- 5.73%
- 10Y*
- 6.84%
SMBPX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.73%
- 1Y
- 3.27%
- 3Y*
- 1.35%
- 5Y*
- 0.13%
- 10Y*
- -0.09%
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SHPAX vs. SMBPX - Expense Ratio Comparison
SHPAX has a 2.90% expense ratio, which is lower than SMBPX's 3.16% expense ratio.
Return for Risk
SHPAX vs. SMBPX — Risk / Return Rank
SHPAX
SMBPX
SHPAX vs. SMBPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Municipal Bond Portfolio (SMBPX). 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.
| SHPAX | SMBPX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.78 | 1.11 | -0.33 |
Sortino ratioReturn per unit of downside risk | 1.18 | 1.46 | -0.29 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.37 | -0.22 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | 0.59 | +0.97 |
Martin ratioReturn relative to average drawdown | 4.30 | 2.15 | +2.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHPAX | SMBPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 1.11 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.06 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | -0.05 | +0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.88 | -0.58 |
Correlation
The correlation between SHPAX and SMBPX is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
SHPAX vs. SMBPX - Dividend Comparison
SHPAX's dividend yield for the trailing twelve months is around 3.70%, more than SMBPX's 2.69% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHPAX Saratoga Health & Biotechnology Fund | 3.70% | 3.66% | 1.35% | 5.38% | 6.34% | 3.76% | 13.82% | 13.24% | 22.00% | 17.98% | 12.52% | 10.70% |
SMBPX Saratoga Municipal Bond Portfolio | 2.69% | 2.69% | 1.16% | 0.00% | 0.00% | 0.04% | 0.10% | 0.10% | 0.36% | 0.23% | 4.23% | 1.50% |
Drawdowns
SHPAX vs. SMBPX - Drawdown Comparison
The maximum SHPAX drawdown since its inception was -69.50%, which is greater than SMBPX's maximum drawdown of -9.99%. Use the drawdown chart below to compare losses from any high point for SHPAX and SMBPX.
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Drawdown Indicators
| SHPAX | SMBPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.50% | -9.99% | -59.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -3.63% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | -6.72% | -9.60% |
Max Drawdown (10Y)Largest decline over 10 years | -28.05% | -9.99% | -18.06% |
Current DrawdownCurrent decline from peak | -6.99% | -2.99% | -4.00% |
Average DrawdownAverage peak-to-trough decline | -28.07% | -2.47% | -25.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 1.03% | +1.83% |
Volatility
SHPAX vs. SMBPX - Volatility Comparison
Saratoga Health & Biotechnology Fund (SHPAX) has a higher volatility of 4.62% compared to Saratoga Municipal Bond Portfolio (SMBPX) at 0.00%. This indicates that SHPAX's price experiences larger fluctuations and is considered to be riskier than SMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHPAX | SMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 0.00% | +4.62% |
Volatility (6M)Calculated over the trailing 6-month period | 9.76% | 0.86% | +8.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.57% | 3.38% | +13.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.19% | 2.20% | +11.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.57% | 1.97% | +14.60% |