SHPAX vs. STPAX
SHPAX (Saratoga Health & Biotechnology Fund) and STPAX (Saratoga Technology & Communications Portfolio) are both mutual funds - SHPAX is a Health & Biotech Equities fund managed by Saratoga, while STPAX is a Technology Equities fund managed by Saratoga. Over the past 10 years, SHPAX returned 6.90%/yr vs 15.40%/yr for STPAX. Their 0.61 correlation means they have sometimes moved together and sometimes differently. SHPAX charges 2.90%/yr vs 2.53%/yr for STPAX.
Performance
SHPAX vs. STPAX - Performance Comparison
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Returns By Period
In the year-to-date period, SHPAX achieves a 8.70% return, which is significantly higher than STPAX's 4.03% return. Over the past 10 years, SHPAX has underperformed STPAX with an annualized return of 6.90%, while STPAX has yielded a comparatively higher 15.40% annualized return.
SHPAX
- 1D
- -0.43%
- 1M
- 0.61%
- 6M
- 6.99%
- YTD
- 8.70%
- 1Y
- 28.95%
- 3Y*
- 9.65%
- 5Y*
- 5.82%
- 10Y*
- 6.90%
- ALL TIME*
- 6.58%
STPAX
- 1D
- 2.05%
- 1M
- -1.88%
- 6M
- 5.10%
- YTD
- 4.03%
- 1Y
- 11.59%
- 3Y*
- 16.19%
- 5Y*
- 7.73%
- 10Y*
- 15.40%
- ALL TIME*
- 7.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SHPAX vs. STPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHPAX Saratoga Health & Biotechnology Fund | 8.70% | 17.43% | 0.26% | -0.36% | 1.93% | 16.71% | 3.52% | 27.67% | -5.30% | 11.78% |
STPAX Saratoga Technology & Communications Portfolio | 4.03% | 16.20% | 20.02% | 45.01% | -31.89% | 16.54% | 26.75% | 45.00% | 0.06% | 27.77% |
Correlation
The correlation between SHPAX and STPAX is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000 | 0.61 |
Over the past year, the correlation between SHPAX and STPAX has dropped to 0.06 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
SHPAX vs. STPAX — Risk / Return Rank
SHPAX
STPAX
SHPAX vs. STPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Health & Biotechnology Fund (SHPAX) and Saratoga Technology & Communications Portfolio (STPAX). 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 | STPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.28 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.10 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 0.59 | +2.25 |
| Martin ratioReturn relative to average drawdown | 7.30 | 1.76 | +5.54 |
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Drawdowns
SHPAX vs. STPAX - Drawdown Comparison
The maximum SHPAX drawdown since its inception was -69.50%, smaller than the maximum STPAX drawdown of -94.25%. Use the drawdown chart below to compare losses from any high point for SHPAX and STPAX.
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Drawdown Indicators
| SHPAX | STPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.50% | -94.25% | +24.75% |
Max Drawdown (1Y)Largest decline over 1 year | -9.33% | -15.49% | +6.16% |
Max Drawdown (3Y)Largest decline over 3 years | -16.32% | -22.78% | +6.46% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | -37.07% | +20.75% |
Max Drawdown (10Y)Largest decline over 10 years | -28.05% | -37.07% | +9.02% |
Current DrawdownCurrent decline from peak | -1.20% | -7.82% | +6.62% |
Average DrawdownAverage peak-to-trough decline | -27.78% | -58.46% | +30.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 5.18% | -1.53% |
Volatility
SHPAX vs. STPAX - Volatility Comparison
Saratoga Health & Biotechnology Fund (SHPAX) has a higher volatility of 5.55% compared to Saratoga Technology & Communications Portfolio (STPAX) at 5.24%. This indicates that SHPAX's price experiences larger fluctuations and is considered to be riskier than STPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHPAX | STPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 5.24% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 14.55% | -3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.93% | 18.28% | -3.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.53% | 21.96% | -7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.65% | 22.12% | -5.47% |
SHPAX vs. STPAX - Expense Ratio Comparison
SHPAX has a 2.90% expense ratio, which is higher than STPAX's 2.53% expense ratio.
Dividends
SHPAX vs. STPAX - Dividend Comparison
SHPAX's dividend yield for the trailing twelve months is around 3.37%, less than STPAX's 16.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHPAX Saratoga Health & Biotechnology Fund | 3.37% | 3.66% | 1.35% | 5.38% | 6.34% | 3.76% | 13.82% | 13.24% | 22.00% | 17.98% | 12.52% | 10.70% |
STPAX Saratoga Technology & Communications Portfolio | 16.63% | 17.30% | 13.90% | 7.63% | 22.55% | 13.94% | 14.21% | 12.52% | 4.84% | 8.32% | 9.28% | 12.58% |
Frequently Asked Questions
SHPAX and STPAX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHPAX has higher volatility (5.55%) compared to STPAX (5.24%). In terms of maximum drawdown, SHPAX dropped -69.50% vs STPAX's -94.25%.
SHPAX currently has the higher Sharpe Ratio (1.78 vs 0.50), 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.
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