SHPAX vs. SPMAX
Compare and contrast key facts about Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Mid Capitalization Portfolio (SPMAX).
SHPAX is managed by Saratoga. It was launched on Jul 14, 1999. SPMAX is managed by Saratoga. It was launched on Jun 28, 2002.
Performance
SHPAX vs. SPMAX - Performance Comparison
Loading graphics...
SHPAX vs. SPMAX - 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% |
SPMAX Saratoga Mid Capitalization Portfolio | -2.04% | 9.76% | 17.27% | 15.52% | -11.91% | 19.87% | 9.67% | 29.93% | -16.98% | 12.86% |
Returns By Period
In the year-to-date period, SHPAX achieves a -1.13% return, which is significantly higher than SPMAX's -2.04% return. Over the past 10 years, SHPAX has underperformed SPMAX with an annualized return of 6.84%, while SPMAX has yielded a comparatively higher 8.13% 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%
SPMAX
- 1D
- -2.36%
- 1M
- -11.02%
- YTD
- -2.04%
- 6M
- -0.94%
- 1Y
- 13.05%
- 3Y*
- 12.94%
- 5Y*
- 6.94%
- 10Y*
- 8.13%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
SHPAX vs. SPMAX - Expense Ratio Comparison
SHPAX has a 2.90% expense ratio, which is higher than SPMAX's 2.06% expense ratio.
Return for Risk
SHPAX vs. SPMAX — Risk / Return Rank
SHPAX
SPMAX
SHPAX vs. SPMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Mid Capitalization Portfolio (SPMAX). 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 | SPMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.78 | 0.66 | +0.12 |
Sortino ratioReturn per unit of downside risk | 1.18 | 1.04 | +0.14 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.13 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | 0.95 | +0.61 |
Martin ratioReturn relative to average drawdown | 4.30 | 3.28 | +1.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| SHPAX | SPMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 0.66 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.38 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.41 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.39 | -0.09 |
Correlation
The correlation between SHPAX and SPMAX is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SHPAX vs. SPMAX - Dividend Comparison
SHPAX's dividend yield for the trailing twelve months is around 3.70%, less than SPMAX's 33.57% 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% |
SPMAX Saratoga Mid Capitalization Portfolio | 33.57% | 32.89% | 18.90% | 1.28% | 2.11% | 16.31% | 9.56% | 0.01% | 13.58% | 8.25% | 8.08% | 5.04% |
Drawdowns
SHPAX vs. SPMAX - Drawdown Comparison
The maximum SHPAX drawdown since its inception was -69.50%, which is greater than SPMAX's maximum drawdown of -52.68%. Use the drawdown chart below to compare losses from any high point for SHPAX and SPMAX.
Loading graphics...
Drawdown Indicators
| SHPAX | SPMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.50% | -52.68% | -16.82% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -12.82% | +4.95% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | -23.42% | +7.10% |
Max Drawdown (10Y)Largest decline over 10 years | -28.05% | -42.83% | +14.78% |
Current DrawdownCurrent decline from peak | -6.99% | -12.39% | +5.40% |
Average DrawdownAverage peak-to-trough decline | -28.07% | -8.65% | -19.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.72% | -0.86% |
Volatility
SHPAX vs. SPMAX - Volatility Comparison
The current volatility for Saratoga Health & Biotechnology Fund (SHPAX) is 4.62%, while Saratoga Mid Capitalization Portfolio (SPMAX) has a volatility of 7.80%. This indicates that SHPAX experiences smaller price fluctuations and is considered to be less risky than SPMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| SHPAX | SPMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.62% | 7.80% | -3.18% |
Volatility (6M)Calculated over the trailing 6-month period | 9.76% | 14.18% | -4.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.57% | 21.14% | -4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.19% | 18.16% | -3.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.57% | 20.14% | -3.57% |