SIEPX vs. SMBPX
SIEPX (Saratoga International Equity Portfolio) and SMBPX (Saratoga Municipal Bond Portfolio) are both mutual funds - SIEPX is a Foreign Large Cap Equities fund managed by Saratoga, while SMBPX is a Ultrashort Bond fund managed by Saratoga. Over the past 10 years, SIEPX returned 7.35%/yr vs -0.22%/yr for SMBPX. At a correlation of -0.01, they often move in opposite directions. SIEPX charges 2.47%/yr vs 3.16%/yr for SMBPX.
Performance
SIEPX vs. SMBPX - Performance Comparison
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Returns By Period
Over the past 10 years, SIEPX has outperformed SMBPX with an annualized return of 7.35%, while SMBPX has yielded a comparatively lower -0.22% annualized return.
SIEPX
- 1D
- 1.29%
- 1M
- 3.73%
- YTD
- 15.65%
- 6M
- 15.96%
- 1Y
- 28.60%
- 3Y*
- 18.73%
- 5Y*
- 8.51%
- 10Y*
- 7.35%
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%
SIEPX vs. SMBPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SIEPX Saratoga International Equity Portfolio | 15.65% | 31.89% | 5.25% | 14.80% | -21.85% | 19.33% | 5.87% | 19.77% | -23.89% | 18.63% |
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 SIEPX and SMBPX is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995 | -0.01 |
The correlation between SIEPX and SMBPX shifts across timeframes, from -0.01 (all time) to 0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SIEPX vs. SMBPX — Risk / Return Rank
SIEPX
SMBPX
SIEPX vs. SMBPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga International Equity Portfolio (SIEPX) 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.
| SIEPX | SMBPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 2.18 | -0.84 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 5.74 | -3.30 |
| Martin ratioReturn relative to average drawdown | 9.06 | 12.96 | -3.90 |
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Drawdowns
SIEPX vs. SMBPX - Drawdown Comparison
The maximum SIEPX drawdown since its inception was -62.81%, which is greater than SMBPX's maximum drawdown of -9.99%. Use the drawdown chart below to compare losses from any high point for SIEPX and SMBPX.
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Drawdown Indicators
| SIEPX | SMBPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.81% | -9.99% | -52.82% |
Max Drawdown (1Y)Largest decline over 1 year | -11.41% | -0.69% | -10.72% |
Max Drawdown (3Y)Largest decline over 3 years | -15.63% | -4.48% | -11.15% |
Max Drawdown (5Y)Largest decline over 5 years | -35.31% | -6.31% | -29.00% |
Max Drawdown (10Y)Largest decline over 10 years | -46.47% | -9.99% | -36.48% |
Current DrawdownCurrent decline from peak | 0.00% | -2.99% | +2.99% |
Average DrawdownAverage peak-to-trough decline | -24.01% | -2.47% | -21.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 0.29% | +2.78% |
Volatility
SIEPX vs. SMBPX - Volatility Comparison
Saratoga International Equity Portfolio (SIEPX) has a higher volatility of 5.70% compared to Saratoga Municipal Bond Portfolio (SMBPX) at 0.00%. This indicates that SIEPX'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
| SIEPX | SMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.70% | 0.00% | +5.70% |
Volatility (6M)Calculated over the trailing 6-month period | 13.07% | 0.30% | +12.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.46% | 1.37% | +14.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.55% | 2.21% | +14.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.66% | 1.96% | +15.70% |
SIEPX vs. SMBPX - Expense Ratio Comparison
SIEPX has a 2.47% expense ratio, which is lower than SMBPX's 3.16% expense ratio.
Dividends
SIEPX vs. SMBPX - Dividend Comparison
SIEPX has not paid dividends to shareholders, while SMBPX's dividend yield for the trailing twelve months is around 2.69%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SIEPX Saratoga International Equity Portfolio | 0.00% | 0.00% | 0.71% | 0.83% | 0.31% | 0.41% | 1.79% | 1.97% | 0.58% | 0.03% | 0.63% | 0.15% |
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
SIEPX and SMBPX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIEPX has higher volatility (5.70%) compared to SMBPX (0.00%). In terms of maximum drawdown, SIEPX dropped -62.81% vs SMBPX's -9.99%.
SMBPX currently has the higher Sharpe Ratio (2.88 vs 1.80), 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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