SMBPX vs. SAMIX

Last updated Jun 3, 2026

SMBPX (Saratoga Municipal Bond Portfolio) and SAMIX (Saratoga Moderately Aggressive Balanced Allocation Portfolio) are both mutual funds - SMBPX is a Ultrashort Bond fund managed by Saratoga, while SAMIX is a Diversified Portfolio fund managed by Saratoga. Over the past 5 years, SMBPX returned 0.17%/yr vs 7.06%/yr for SAMIX. At a 0.09 correlation, their price movements are largely independent. SMBPX charges 3.16%/yr vs 0.99%/yr for SAMIX.

Performance

SMBPX vs. SAMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Municipal Bond Portfolio (SMBPX) and Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMBPX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.23%
• 1Y: 3.99%
• 3Y*: 1.73%
• 5Y*: 0.17%
• 10Y*: -0.15%

SAMIX

• 1D: 0.16%
• 1M: 2.25%
• YTD: 5.48%
• 6M: 5.84%
• 1Y: 15.73%
• 3Y*: 13.15%
• 5Y*: 7.06%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMBPX vs. SAMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SMBPX Saratoga Municipal Bond Portfolio	0.00%	2.92%	-0.11%	1.84%	-2.57%	-1.39%	0.77%	1.00%	-2.38%
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	5.48%	12.60%	11.53%	13.68%	-10.56%	14.08%	9.36%	17.88%	-7.54%

Correlation

The correlation between SMBPX and SAMIX 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	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.09

Return for Risk

SMBPX vs. SAMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMBPX

SMBPX Risk / Return Rank: 93
SMBPX Sharpe Ratio Rank: 89
SMBPX Sortino Ratio Rank: 96
SMBPX Omega Ratio Rank: 98
SMBPX Calmar Ratio Rank: 96
SMBPX Martin Ratio Rank: 83

SAMIX

SAMIX Risk / Return Rank: 36
SAMIX Sharpe Ratio Rank: 34
SAMIX Sortino Ratio Rank: 35
SAMIX Omega Ratio Rank: 33
SAMIX Calmar Ratio Rank: 34
SAMIX Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMBPX vs. SAMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Municipal Bond Portfolio (SMBPX) and Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX). 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.

	SMBPX	SAMIX	Difference
Sharpe ratio Return per unit of total volatility	2.91	1.69	+1.22
Sortino ratio Return per unit of downside risk	5.57	2.46	+3.11
Omega ratio Gain probability vs. loss probability	2.09	1.30	+0.78
Calmar ratio Return relative to maximum drawdown	6.52	2.20	+4.32
Martin ratio Return relative to average drawdown	15.86	9.61	+6.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMBPX vs. SAMIX - Sharpe Ratio Comparison

The current SMBPX Sharpe Ratio is 2.91, which is higher than the SAMIX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of SMBPX and SAMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMBPX	SAMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	1.69	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.64	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.59	+0.29

Drawdowns

SMBPX vs. SAMIX - Drawdown Comparison

The maximum SMBPX drawdown since its inception was -9.99%, smaller than the maximum SAMIX drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for SMBPX and SAMIX.

Drawdown Indicators

	SMBPX	SAMIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.99%	-26.06%	+16.07%
Max Drawdown (1Y) Largest decline over 1 year	-0.69%	-7.29%	+6.60%
Max Drawdown (3Y) Largest decline over 3 years	-4.48%	-12.90%	+8.42%
Max Drawdown (5Y) Largest decline over 5 years	-6.52%	-15.54%	+9.02%
Max Drawdown (10Y) Largest decline over 10 years	-9.99%	—	—
Current Drawdown Current decline from peak	-2.99%	0.00%	-2.99%
Average Drawdown Average peak-to-trough decline	-2.47%	-3.80%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	1.67%	-1.39%

Volatility

SMBPX vs. SAMIX - Volatility Comparison

The current volatility for Saratoga Municipal Bond Portfolio (SMBPX) is 0.00%, while Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX) has a volatility of 2.73%. This indicates that SMBPX experiences smaller price fluctuations and is considered to be less risky than SAMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMBPX	SAMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.73%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	0.39%	7.47%	-7.08%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	9.46%	-8.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.21%	11.10%	-8.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.96%	12.66%	-10.70%

SMBPX vs. SAMIX - Expense Ratio Comparison

SMBPX has a 3.16% expense ratio, which is higher than SAMIX's 0.99% expense ratio.

Dividends

SMBPX vs. SAMIX - Dividend Comparison

SMBPX's dividend yield for the trailing twelve months is around 2.69%, less than SAMIX's 9.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	9.72%	10.26%	3.60%	2.78%	5.82%	8.13%	1.66%	2.44%	3.03%	0.00%	0.00%	0.00%
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

Can I hold both SMBPX and SAMIX in my portfolio?

SMBPX and SAMIX 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.

Which is riskier, SMBPX or SAMIX?

SAMIX has higher volatility (2.73%) compared to SMBPX (0.00%). In terms of maximum drawdown, SMBPX dropped -9.99% vs SAMIX's -26.06%.

Which has better risk-adjusted returns?

SMBPX currently has the higher Sharpe Ratio (2.91 vs 1.69), 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.