SHPAX vs. SMBPX
SHPAX (Saratoga Health & Biotechnology Fund) and SMBPX (Saratoga Municipal Bond Portfolio) are both mutual funds - SHPAX is a Health & Biotech Equities fund managed by Saratoga, while SMBPX is a Ultrashort Bond fund managed by Saratoga. Over the past 10 years, SHPAX returned 6.52%/yr vs -0.22%/yr for SMBPX. At a correlation of -0.03, they often move in opposite directions. SHPAX charges 2.90%/yr vs 3.16%/yr for SMBPX.
Performance
SHPAX vs. SMBPX - Performance Comparison
Loading charts...
Returns By Period
Over the past 10 years, SHPAX has outperformed SMBPX with an annualized return of 6.52%, while SMBPX has yielded a comparatively lower -0.22% 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%
SMBPX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 3.51%
- 3Y*
- 1.66%
- 5Y*
- 0.17%
- 10Y*
- -0.22%
SHPAX vs. SMBPX - 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% |
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% |
Correlation
The correlation between SHPAX and SMBPX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000 | -0.03 |
The correlation between SHPAX and SMBPX shifts across timeframes, from -0.03 (all time) to 0.09 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | SMBPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 2.18 | -0.99 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 5.74 | -4.07 |
| Martin ratioReturn relative to average drawdown | 4.18 | 12.96 | -8.79 |
Loading charts...
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.
Loading charts...
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 | -9.33% | -0.69% | -8.64% |
Max Drawdown (3Y)Largest decline over 3 years | -16.32% | -4.48% | -11.84% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | -6.31% | -10.01% |
Max Drawdown (10Y)Largest decline over 10 years | -28.05% | -9.99% | -18.06% |
Current DrawdownCurrent decline from peak | -6.59% | -2.99% | -3.60% |
Average DrawdownAverage peak-to-trough decline | -27.88% | -2.47% | -25.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 0.29% | +3.44% |
Volatility
SHPAX vs. SMBPX - Volatility Comparison
Saratoga Health & Biotechnology Fund (SHPAX) has a higher volatility of 5.10% 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.
Loading charts...
Volatility by Period
| SHPAX | SMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.10% | 0.00% | +5.10% |
Volatility (6M)Calculated over the trailing 6-month period | 10.41% | 0.30% | +10.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.60% | 1.37% | +13.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.34% | 2.21% | +12.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.62% | 1.96% | +14.66% |
SHPAX vs. SMBPX - Expense Ratio Comparison
SHPAX has a 2.90% expense ratio, which is lower than SMBPX's 3.16% expense ratio.
Dividends
SHPAX vs. SMBPX - Dividend Comparison
SHPAX's dividend yield for the trailing twelve months is around 3.69%, more than SMBPX's 2.69% 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% |
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% |
Frequently Asked Questions
SHPAX and SMBPX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHPAX has higher volatility (5.10%) compared to SMBPX (0.00%). In terms of maximum drawdown, SHPAX dropped -69.50% vs SMBPX's -9.99%.
SMBPX currently has the higher Sharpe Ratio (2.88 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.
Find the right allocation for SHPAX and SMBPX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer