SHSSX vs. SHPAX
SHSSX (Health Sciences Opportunities Fund Class Institutional) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, SHSSX returned 9.93%/yr vs 6.52%/yr for SHPAX. Their correlation of 0.88 suggests significant overlap in exposure. SHSSX charges 0.84%/yr vs 2.90%/yr for SHPAX.
Performance
SHSSX vs. SHPAX - Performance Comparison
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Returns By Period
In the year-to-date period, SHSSX achieves a -2.83% return, which is significantly lower than SHPAX's -0.71% return. Over the past 10 years, SHSSX has outperformed SHPAX with an annualized return of 9.93%, while SHPAX has yielded a comparatively lower 6.52% annualized return.
SHSSX
- 1D
- -0.65%
- 1M
- 0.40%
- YTD
- -2.83%
- 6M
- -3.58%
- 1Y
- 16.61%
- 3Y*
- 6.39%
- 5Y*
- 4.04%
- 10Y*
- 9.93%
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%
SHSSX vs. SHPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHSSX Health Sciences Opportunities Fund Class Institutional | -2.83% | 16.13% | 4.00% | 3.86% | -5.72% | 12.17% | 19.54% | 25.63% | 8.24% | 25.02% |
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% |
Correlation
The correlation between SHSSX and SHPAX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001 | 0.88 |
The correlation between SHSSX and SHPAX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
SHSSX vs. SHPAX — Risk / Return Rank
SHSSX
SHPAX
SHSSX vs. SHPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Health Sciences Opportunities Fund Class Institutional (SHSSX) and Saratoga Health & Biotechnology Fund (SHPAX). 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.
| SHSSX | SHPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.19 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.67 | -0.02 |
| Martin ratioReturn relative to average drawdown | 4.02 | 4.18 | -0.16 |
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Drawdowns
SHSSX vs. SHPAX - Drawdown Comparison
The maximum SHSSX drawdown since its inception was -35.40%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for SHSSX and SHPAX.
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Drawdown Indicators
| SHSSX | SHPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.40% | -69.50% | +34.10% |
Max Drawdown (1Y)Largest decline over 1 year | -9.83% | -9.33% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -15.95% | -16.32% | +0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -17.90% | -16.32% | -1.58% |
Max Drawdown (10Y)Largest decline over 10 years | -28.34% | -28.05% | -0.29% |
Current DrawdownCurrent decline from peak | -5.63% | -6.59% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -5.98% | -27.88% | +21.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 3.73% | +0.32% |
Volatility
SHSSX vs. SHPAX - Volatility Comparison
Health Sciences Opportunities Fund Class Institutional (SHSSX) and Saratoga Health & Biotechnology Fund (SHPAX) have volatilities of 4.96% and 5.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHSSX | SHPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.96% | 5.10% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.65% | 10.41% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.15% | 14.60% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.44% | 14.34% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.56% | 16.62% | -0.06% |
SHSSX vs. SHPAX - Expense Ratio Comparison
SHSSX has a 0.84% expense ratio, which is lower than SHPAX's 2.90% expense ratio.
Dividends
SHSSX vs. SHPAX - Dividend Comparison
SHSSX's dividend yield for the trailing twelve months is around 10.19%, more than SHPAX's 3.69% 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% |
SHSSX Health Sciences Opportunities Fund Class Institutional | 10.19% | 9.90% | 8.68% | 3.82% | 7.20% | 8.96% | 4.18% | 3.87% | 8.44% | 3.59% | 2.33% | 12.29% |
Frequently Asked Questions
SHSSX and SHPAX have a correlation of 0.86, 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 SHSSX (4.96%). In terms of maximum drawdown, SHSSX dropped -35.40% vs SHPAX's -69.50%.
SHSSX currently has the higher Sharpe Ratio (1.15 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.
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